2018 Sinking Funds Calculation
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- Опубліковано 25 гру 2017
- Hi guys and welcome back to my channel. In this video I calculate my sinking funds for 2018. Hope you enjoy!
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Feels nice to get it all out of the way
Definitely!
So helpful!
Thanks!!
So how do you keep track of how much is in each sinking fund each month? That’s where I get hung up every time I try to do this. I need an easy way to keep track.
Garden Girl the video that went up today is my sinking funds tracker for January. I have a column for beginning balance, additions, subtractions, and my ending balance for each sinking fund. Hope that makes sense!
Helloo from Mongolia. I like your videos and i try to budget from now. But i dont know how to start my sinking fund from 0
Hi! Simply take the amount you need for an item and divide it by the number of months you have until it's due. Then put that amount away until it's due :)
I have no idea how to start this how do you calculate how much you can afford to save. I’m new to this so I’m so lost. My husband is the only one working right now and his income varies :/
Maria Vargas what I do, since my income varies as well,is to take a look back about 3-6 months of his income and base your budget on the lowest months income and make sure it covers all bills and necessities and an emergency fund before setting up a sinking fund. and then anything over will be extra for either the emergency fund or the sinking funds or getting a month ahead on bills (highly recommended) or even extra spending cash
If you're not saving much per month I would just set up sinking funds for the bare minimum and then add as you go. We don't have many sinking funds now because I'm paying for school tuition and we need to start paying off our debt. Once that's done we'll add way more sinking funds for stuff like medical bills, vacations, clothes, etc. Hope that helps!
I’m attempting to do a sinking funds for us, my question is where do you save this money? Do you open a separate savings account or keep a secret cash envelope? How do I differentiate my sinking funds from our regular savings? Thanks for any tips!
Bre-Ann B. That’s a great question and something that I wondered myself. I found the best way to separate the money was to open a separate checking accounting. I actually opened a new one with a different bank. Hopefully that helps 😊
Sara Marie That is helpful! I think that’s what I’ll do, too. Thank you!
You can open a capital 1 360 account, I’ve heard Budget Girl talk about them a lot. Allows you to have a bunch of sinking funds but it’s all in one place.
I'm late to watching this but I do have a separate secondary checking account created for sinking funds. That way you don't get confused or risk spending that money if you just keep it in your primary account. Also, I recommend a checking account over a savings account -- that way you can transfer the money when you need to, worry free. With a savings account, you will get charged eventually for transfer transactions after a certain amount.
How much was the planner and did you account for that in your budget?
My planner was $55 and I used my birthday money for it in 2018 so it's not represented in the budget. Now that UA-cam is a "business" I expense any planning or budgeting supplies I use.
Did you say a week of budgeting videos 😍😍
YESSS! It's awesome right??
Thanks for the tips. Annual is spelled incorrectly fyi.
Shay Mattox glad you enjoyed them! Oops! That’s the cost of doing it while talking 🤷🏻♀️
Sara Marie at least you have an excuse. I do it ALL the time w/o distractions lol
Lol it's so easy to do! Especially when you're trying not to!
Dang. I thought $89 for my two cars tags was high. I live in Ohio. Where are you paying 208 for 2 cars?
Rachel Gibson yeah that’s not bad! I live in Illinois in a suburb of Chicago. Everything is expensive!!
We pay about $450 for tags on two cars in Iowa. :(
Jennifer Lilly OUCH
Is that common for all over Iowa? My grandparents used to live in Spencer Iowa.
I assume so, but I'm not certain it's like that all over the state. It's based on the value of the car and generally gets affordable after 7 years or so - unless you own an SUV. I was pleased my car tags went down to $250 last year. It was almost $400 the year before. Magic year #7 for me! Woohoo! haha!
Uhh... I'm pretty sure I paid $300 for ONE car last year in cali. It sounds absurd. Maybe i'm wrong, but i'm pretty sure.