How To Set Up Sinking Funds
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- Опубліковано 21 лип 2024
- Hey Guys!
Today's video is on my once again updated sinking fund! Ha! Ha! I am still struggling to find a system that works for me but I think I finally got it! (fingers crossed). I'm sharing with you my current set up as of February 2020. How do you set up your sinking funds?!
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I am an Etsy Shop, The Organized Money (sticker shop). I am an author, speaker, and UA-camr. I love to share videos on planning, productivity, organization, and managing money.
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Hey Guys!
Today's video is on my once again updated sinking funds! Ha! Ha! I am still struggling to find a system that works for me but I think I finally got it! (fingers crossed). I'm sharing with you my current set up as of February 2020. How do you set up your sinking funds?!
Here's a little trick to get started with stashing some cash: aim to save the equivalent of one day's gross pay each month. I don't get paid time off so when my son or I are off sick or if I have to stay home for an emergency, I can look at this number and see that I have X number of days covered.
I love this idea, and will do my best to implement it. I get don't get paid for holidays or any days off.
I REALLY appreciate and needed this very video! I too struggle with saving for sinking funds including feeling like I often don’t have enough money to set aside for them. I truly appreciated your candor with that and absolutely needed to see this alternative method! THANK YOU as always, Alaina.
I have an acct titled “unexpected” for car repairs, oil change, tag renewal, medical bill, if the kids needs something, home repairs ect.... I deposit an amount to each pay period. It works for me because I know that”s what’s for.
This video was so interesting! I really hadn’t thought of prioritizing and focusing on one sinking fund at a time, but I may have to revisit my current operations to try that.
Thank you! This really helped me understand sinking funds. As you said in the beginning it looks like you don’t have enough to put back for important things and things of wanting. I have an example to follow and I have a very large family. I’m 44 with terrible money management skills. I just watched your video about your book and you gave valuable points about successful financial relationship. I start out believing I can but my paycheck tells me you don’t have enough. I will make small steps and do what is necessary to be worry-financial free. Thank you❤️
Thank you so much for this video! I thought I was the only one struggling with sinking funds. This is a great way to do it. Also, I live in Chicagoland and you guys will love visiting. Just know, we can get 3-4 seasons in one day so be prepared - it's not NOLO!
🤣🤣🤣
Thanks so much!! I will definitely pack layers. I’ve been before but it’s my hubby’s first time. We are so excited!!
Watched this again for about the 3rd time. This time I actually had the opportunity to focus on it. Thank you for such good information.
Happy to help!!! 🤗
This was helpful, I like the idea of having a dollar amount set aside and working to keep that amount there versus just putting money to the side for each fund. Thanks for sharing!
This is such a good idea, I’ve never thought of doing my sinking funds this way but im definitely going to start. Thank you!
I love this video! I'm a sign language interpreter on variable income, so this really helps break everything down. Thanks Alaina!
❤️ your videos. Thanks for actually showing the numbers and transparency. I look forward to using your methods & getting the planner. Great job👏🏽
I have the same problem!! I actually started to use this method last month and so far it’s working for me. Thanks for sharing !! ❤️
I am loving your videos, hey are really helping me with wanting to start budgeting. I am wondering if I did buy your dowloaded version of your budget planner can it be printered smaller to fit a classic happy planner (9 rings).
I love it ive been trying to start sinking funds im going to start small thanks for sharing Fav!
I really like how you broke out the priority sinking funds and you keep that as a sinking funds base. Then the sinking funds events are secondary. Thank you
Great video and very helpful.
thank you so much for this video.. i love how realistic it is
I love the pens you use! What kind are they?
You are coming over by me. I live in Indiana about 45 minutes away. Go to the Siganture Room for dinner. The view by the window is wonderful along with the food.
Ooo.... thank you! I love getting recommendations
That's the trick, have a baseline. The safety net amount should be whatever lets you sleep at night. When I saved 1,000 a la every finance guru's advice, it didn't give me any peace of mind. I dispersed that 1k to my sinking funds and built them up until I was satisfied.
I love Chicago and make sure to take a boat ride on the pier at night and watch the fireworks. Happy early birthday!
definitely going to the pier!! Thank you!!
Thanks for your videos
Thank you!
That's spot of money for car insurance. I have 2 cars fully covered from Anchor General for $163 a month. Also have had them for many years and have had nothing but amazing service with them. Highly recommended.
Great information! Thank you! I am looking forward to setting this up this weekend!
This is totally off topic, but what pens do use?
Hey! Papermate Ink Joy Gel 0.7 🤗
Thanks!
Can you make a "Budget Must Haves" video for beginners? I am trying to start budgeting but I watch a lot of videos and I see people using planners/ cash envelopes/ different types of budget sheets with different labels on them. I literally have no clue on what im doing and it would really be helpful if someone could explain it.
Buy someone else system and then craft it to your own
❤️
Sameeeee.... this is emergency fund 1/sinking fund/ checking/ one month ahead...
Thank you for this information. Listening to this, I felt sad for all the lost activities you had... assuming you didn’t get to do many of these... corona ‘d.
Yeah! I didn’t get to do ANY of it...lol. If only I knew then what I know now...
Question. The 14 weeks are you planning months out? I see April and May 2020 for events but when did you start the planning Dec 2019? And do have a budget for self up keep (hair, nails ect..)? I want to start being more effective with my money.
Hey! I actually started around February. It’s 14 weeks out from when I will need the money. Also, my self care budget is separate within my budget it’s under my cash. I take out cash for my envelopes each week and I usually take out cash to ensure I don’t overspend on self care
I think your method is a great one for sinking funds. However someone on a monthly salary would have to save $1020.00 - $1075.00 on average p.m. to achieve the same goal. That's a good chunk of change depending on income. Those categories are basically travel, birthday/anniversary.
Thank you for sharing how you incorporated your sinking funds. I like how you saved the 5,000 first and then worked on your other sinking funds. I also thought it was overwhelming. Thank you for taking the time to make this video.
🤔I wonder if I can save on car insurance if I pay every 6 months.
Virginia Remedi call your insurance to find out. Most do offer a discount bid you pay every 6 months or annual. My insurance is annually and I have a sinking fund for it.
Yes! Call and see. We are with progressive and we save a couple hundred in interest by paying every 6 months
@@TheOrganizedMoney I'm w/Nationwide but I'm going to check. This is why I love your videos! I'm always learning something. 😉
Yes, definitely check with your insurance company. I have State Farm and they stated it would only save me about $1 per month.
I just called my insurance company to increase my deductible for car and homeowners insurance. I hope I can save more money that way
Please tell me you’re not dropping that much monthly or even every other on a car... I about died but I think I misunderstood.
She said every six months for two cars she pays that.
Wooh! Just found your channel. I have been benge watching. #Goals New Subscriber here.
❤ Your contact 🙂
I think you're paying far too much for car insurance - I'm not an insurance agent, but I suggest you shop around.