How to start sinking funds when you have no savings.
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- Опубліковано 4 чер 2024
- What are sinking funds? How do they work? Can I start one straight away? I explain sinking funds & yes you can start one straight away!
00:00 Start
01:49 Bills
2:23 Sinking Funds?
03:50 Writing a Budget
07:27 Detailed Budget
09:41 Bare Bones Budget
15:08 Planning
18:17 Forward Thinking
19:53 Future Expenses
29:10 What Could Go Wrong?
34:29 Conclusion with Dolly & Mary
Frugal Queen in France
We are a British couple living in Brittany on a budget.
Frugal recipes, days out, home renovations and day to day making do in France.
We’ll give you hints, tips, advice and an insight into our life in France.
Website www.frugalqueeninfrance.com/
Instagram / frugalqueen. .
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Every week, I write down on paper every purchase from my bank card and every bill paid, and any cash used. This practice really opened my eyes about my spending.
Great
I do this too. Last week I realized I was paying for a t.v. subscription I didn't use and that I can get a senior deduction on my monthly phone bill. This will total about $50 a month so that's pretty good for making 2 phone calls! 😊
I do this as well, keeps me on track, and I really think before any purchases.
I pretty much track every dollar, credit card or checks weekly. We get a small weekly allowance for personal spend that I don't individual track, only total.
Recently I visited my cell phone carrier and changed things and will save about $50 a month. I let items set on the Amazon cart for days to be sure I really want to buy. Just spent an unexpected car repair, for $1400. Necessary as it was a safety issue. I just took frim my saving/sinking funds.
Thanks for all your advice.
This is a fantastic video! I have three kids and have not been able to wrap my head around how to budget for all of their expenses because they seem to always be unexpected, but you made it so clear on how to budget for these expenses, because they are actually more predictable than I previously thought! Thank you so much!
You're welcome
I started using a Christmas fund 40 years ago. I put money in every paycheck, and come November, I have the money I need for presents, parties, and donations. It has made Christmas so enjoyable for me!
That's brilliant
When I was a know-it-all teenager I laughed at my mother when she started watching sales and bought Christmas gifts all year round. It seems I had one smart momma. There was no sinking fund but presents tucked away in a closet are their own type of fund. Oh, and if you do this, remember where you put things. 😆
I am relatively new to sinking funds. I remember the first time I had an unexpected car repair come up. After a few seconds of panic, I remembered that I had the money already set aside. Sinking funds provide such a sense of financial freedom.
That’s brilliant
Totally agree having sinking funds means much less stress and staying debt free.
I have used sinking funds (which I call Planned Spending) for 50+ years. When I first started -- after a particularly chaotic period where so much money was going out the door -- I analysed my spending as you have suggested, came up with my Planned Spending Categories, calculated how much I needed in them to "catch up" to the month I was at that point in the year. And then I had a massive yard sale to raise the seed money to get started on the system. I've modified my categories many times over the years but still use the system today -- and it works. Great video!
Thanks
I have a coffee fund for my weekly coffee with a friend. It's not a lot but means so much to me to be able to get out and be social.
Great
I do the same with lunch dates, feels very nice to go when you want because you have set the money aside
I have a divider envelope case. I put a set amount every pay period in each divider. For example, $40/pay period for gas, $10/gifts, etc.
Some of my categories are Christmas, bulk food groceries, personal spending, clothes/ shoes, haircuts, dentist/ doctor, dog etc. I have money in their so it’s their when I need it
I know it’s old fashion and simple but I can save quite a bit and I can see what I have when I need to get it
That's a great idea!
There’s nothing wrong with old fashioned I still use pen and paper for my budget records! If it works for you that’s all that matters
I'm budgeting and saving for a weekend away in the fall with a friend: we'll share a room which will save us money.
I love watching your videos I have kept my household accounts for the past 42 years! I find having my savings pots really helpful.I know it’s hard to start but you can do it. Also don’t ever get into the habit of robbing Peter to pay Paul . To anyone starting out on their frugal journey you can do it!❤
Well said, thank you
You are a good teacher, Jane. Although I do have sinking funds already, I think this was very clear and helpful for anyone starting sinking funds.
Glad it was helpful!
The first time you do a budget including a emergency and a sinking fund , is brutal. It took me a year of vigorous budgetting to be able to do that. Next step is to stay frugal to the bone.
Oh I remember that, it was really tough
It took me awhile too, now I don't even question it, 15 mins a month, it's a no brainer
Excellent video! My husband and I are new to the goal of debt free living and for that reason we have 3 priorities goals: build up emergency fund, eliminate consumer debt, and implement more sinking funds as the year goes on. I am doing things in stages for us so I think it will take me some time before we are as organized as you both. That being said, budgeting and living frugally feels very empowering and freeing!
You got this! It took us a year to really get our budget working and our sinking funds fully set up.
Good for you guys, it is so freeing to be debt free and know where your money goes every month, I am a big spender and it has allowed me to still buy but now I know exactly what I am buying and it makes me feel secure and safe
Great video. Since having sinking funds we've found that we don't want to overspend because we feel in control of our money. When we're feeling out of control, ironically, that's when we're most likely to overspend.
That's super
Company for any holidays, yes food does go up. But lets not forget your utility bill will increase also.
I have shared this video with many people. Great job, excellent, clear, firm, truthful, hopeful, kind delivery of important, life-changing information. Thank you so much. ❤
Wow, thank you!
A good way I save on Christmas for my grandchildren is, I buy a membership for an activity area - they live near a gorgeous botanic park with butterfly pavilion and large, grassy areas, hills, etc. Six people for $300 works for me! Birthdays are $30. They can buy a book!
That's a great idea!
This is so thorough. I thought I had it nailed with four at school back in the day, but then I remembered that I used to aplly to a charity for money for school shoes ... and the three boys handed down the football boots. I applied to another charity for school uniform. I honestly don't know how parents cope these days.
I can distinctly remember after meeting all the children's needs for school that there wasn't much left. Mine are in their 30s and as children their blazers were over £50 each
Reminds me of my parents, they had 12 kids and we all went to Catholic school, I remember getting the hand me school uniform, I didn't even realize it was used, it was new to me, I was thrilled
Thrift stores. And hand me downs. I have 4 still at home and the oldest ones, who are teens, make money. If they want clothing or footwear that is beyond our budget they either pay the difference or pay fpr it altogether
British children are not allowed to work so we had to pay . Plus school uniform is mandatory and worn uniform isn't acceptable.
@@FrugalQueeninFrance wow!!! Thats crazy! I had no idea they could not work? Not even as teens like mine?
I saw how much that I could save by paying my insurance premiums annually instead of monthly. So I began my first sinking fund to save for that, so when automobile and home insurance were due, I already had the money saved for it. Then I added property taxes to my sinking fund as well, and it built up from there over the years. Now we include any large purchases coming up in our fund. We started saving for our next refrigerator the month after we bought our new one.
so smart
When I started out with my sinking funds I had a sinking fund which I put as much as I could into then over the year as thinks came up I made an individual fund for that item. By the end of the year I had captured every irregular payment and had also divided the money up into the separate pots. By doing this it allowed me to have a pot of money to use while I was building the individual pots. Sinking funds have been a game changer for me. Prior to starting sinking funds I would draw on my savings as all my spare money went into one pot. I can now look at buying a waterproof winter coat, first I look at what money is available in my clothing sinking fund. This sets a budget for the kind of coat I can buy. Hope this helps someone out there.
That’s brilliant
Excellent explanations of each thing, I was taking notes. Thank you so very much Jane Mike and Puppies. love seeing puppies at end, thanks
You are so welcome!
Good quality shoes are necessary!
Here, where we walk in all weathers, they have to be waterproof too
IT is the once a year or once a quarter costs that can get you in trouble. they can be forgotten from the monthly budget. I also keep a separate account that i call "periodic and annual bills fund" it covers those types of things you put in the sinking funds and i keep it growing and use it when the time comes to pay the bills. I find that if you take the monthly payment plan instead of paying something once a year, when due, they charge you an additional $5 a month for the convenience. A good example of this in the US is home owners insurance.
What a rip off, that's not allowed here
I had a round of bad luck my stove and refrigerator stopped working on Easter Sunday with a ham in it. My fridge was able to get fixed because it was under warranty but my stove isn’t. The burners work but oven doesn’t. I have a convection oven I can use because it’s just me. Then five days later my toilet won’t flush again 😢. I also have a warranty plan for that so it’s covered thank God🙏. Have a great week ❤
Thanks
My sympathies to you! I have been where you are. I had burners that worked but the oven didn't. We had a large toaster oven so we used that. With only two of us there most of the time, I waited until we were down to one burner before replacing it. It meant a little juggling was in order, but it allowed us to save more for what we wanted.
Wow, it sounds like that old adage "When it rains, it pours," fits your situation! I surely do hope all will be well soon. Diane
well the week ahead has gotta to be better for you guys, we have had those weeks too
I work from different pages in excel. Best decision I ever made to work from a budget - enabled me to pay the mortgage off ten years early a couple of years ago. Always pay myself first for my savings and investments on pay day. Wish I’d learned years ago though that if I don’t tell my money where to go it really will just go.
Thanks Tina, I love a success story
Thats fantastic we have a rental and we did a 15 year mortgage, I so love it, now that it is paid in full we receive $1,525 every month for rent which pays for our utilities and groceries
@@danibryant9318Fantastic Dani! I know from experience that these things aren’t easy. Huge congratulations on your success.
@@FrugalQueeninFrance You’ve built quite the community here Jane. I personally have never missed a video. Great content thank you very much.
@@danibryant9318 great return on your investment
I started my sinking funds about 2 years ago. It was hard and still is. I use it for my auto ins, pest control and HOA fees. Any extra money i may get go to my vacation account. I use a re loadable visa for going out with friends and to treat myself. Sounds like a lot but becomes very easy over time. Working out of one sinking funds account is difficult for me.
Thanks for sharing.
So good to hear that
I have pots for vet bills, holidays, medical bills, DIY & home furnishings, car based things like insurance, tax, MOT etc. Yes guaranteed they will all come up at some point. I have automated standing orders set up each month for these and savings too.
Oh yes they will
I've priced out everything for my dog. Food, treats, grooming, medicine (including her almost $3 a pill allergy meds), vet, toys. She has her own budget line. My question is do you allow for price increases in the budget or just adjust going forward? My 6 month auto insurance just went up 19%. Or as my insurance agent said only 19%. There isn't a price break for paying it yearly even though there would be an additional charge for paying ìt monthly. I'm also seeing places (doctors and restaurants) where they charge a fee if you use your debit or credit card. Your videos and graphics aregetting so professional. All the hard work that both of you are putting in really shows. Thank you again. Most of the time i feel very alone trying to be a good steward of my money
We get the price increase notification in late October in readiness for any I teases with our renewal in February. The price increase starts The first of March. Then, the budget is changed that month. Our insurance is the same price whether we pay monthly or annually. We can’t legally be charged anymore no matter how we pay and it’s all by transfer.
I love it "only 19"
Happy Sunday Jane & Michael. Your videos and tips are so helpful to those who need advise.
Thank you! You too!
Excellent work, I know this took a lot of time preparing, I hope some young families will read and follow your advice, it's worth a million
Yes, thank you
I know in Europe healthcare works differently. We are in the United States. Between the insurance premiums and out-of-pocket expenses, we spend $15,000 a year on health care expenses. We have two family members with chronic conditions that require expensive medicine. By the way, most people would say we have very good quality insurance.
You have robbers/organised criminals running your healthcare. Our French healthcare isn't free and the doctors are not poor. We pay insurance but they don't decide what healthcare we get the doctors do.
@@FrugalQueeninFrancetruth in that! Health care in the US is unreal!😮
That scarf looks stunning on you Jane.
Thanks
You could write a book with all your great suggestions on budgeting.
Thanks
This information is priceless for me going from a spender to a saver was hard but things are getting better each week my husband and our 4 daughters are realizing that we have plenty in the house already that we have not used or thought of and our home has become a treasure trove in and of itself and it feels good to have an extra $10-20 bucks that can be put aside that may not be much but for us it’s amazing so take it from me a person who has NEVER heard of a sinking fund before it can be done slow but steady ❤❤❤❤
Thanks so much
Great video! Thank you! Whenever my current account has an odd pence at the end, I transfer that to a savings account. Could be the odd pence after the decimal, or the odd £1.xx after a round number (ie. if I have an account balance of £151.29, I’ll transfer the £1.29. Of course I can’t do it all the time, but I do when I can spare it and it soon adds up.
I use a credit union rather than a bank. My pay goes straight to my checking account. With a written budget I am able to put the exact amount budgeted for a sinking fund to my savings account with one call transferring the money. It works! I am pretty sure you could do this at a bank as well as a credit union.
That's great, thank you for sharing
I first heard about sinking funds from Angela at Debt Kickin' Mom. I was already keeping a detailed budget by that point, but sinking funds have been a huge help in getting me ahead with things like birthdays and car repairs. I'm glad to hear your take on this topic.
Thanks for sharing!!
I really miss her. She just disappeared from UA-cam
@@mygoodlife204 I gather they paid off their debt and she went back to teaching fulltime.
For me the sinking fund commenced on the day I planned my retirement.
Keeping track of all money spent is recorded in a day by day diary, this has helped me balance the books.
I have little interest in online shopping, much prefer seeing the goods before I buy.
Only a few accounts are paid by direct payment, otherwise I try to pay with cash.
I guess being old fashioned suits me.🇦🇺
Sounds good to me
I totally agree..I like in person shopping best and I use cash a lot..you can see thst cash leaving your purse. Card purchases seem invisible until the bill arrives 😅
Thank you so much. You have brought to light many of the Costa I'd forgotten related to kids. Going to start my Christmas sinking fund when I get paid at the end of the month.
Thank you for your feedback
wow this is truly educational and motivating!🥰
I'm so glad!
Really excellent and clear video 👌
I have always lived a frugal life as I was brought up that way and it’s perfectly normal to me. However I think I really began proper budgeting and ‘saving forwards’ when COVID broke out and being home a lot concentrated the mind. I really enjoyed organising the household finances etc otherwise I think I may have gone nuts. Now about 4 years on it’s second nature to meal plan a month ahead and sort out bills that I am responsible for. Between my husband and I we do have an emergency pot we share also. It was hard in the beginning sticking to it but now it’s much easier; plus it’s flexible when it needs to be when my brother visits with his family from the USA and stays a month in the summer and a month at Christmas…. The grocery bill can almost double! (But all anticipated for and budgeted for when it happens 👍)
Like you suggest in your previous posts we shop the sales and stock up for those occasions. Really enjoy every video you and Mike make, this one was brilliant 🏆
Thanks so much for your feedback
It truly is important to know where every cent goes. 👍 BTW, your hair looks great wearing it down.
Thanks
I find after paying bills it’s very hard to save so I decided to pay yearly bills off it’s not easy but getting there slowly x
Just paid yearly phone bill with Mint Mobile. $15 per month. Was $82 per month with Verizon.
I have a sinking fund for a new baby coming in our family.
Congratulations
I write every in and out in my diary every month. Feb, march and this month i had to buy a new fridge, new freezer, new washer and new television. Can you believe that? Its taken every penny of our savings. I hope thats it now at least for this year. 🙄😒
Ouch.
Loved this explanation. We have struggled since day one of budgeting as we had nothing spare to save. However, tiny progress over the year has helped us save enough for some, not all, events. Onwards and upwards 😊
You can do it!
Thanks Jane, another excellent video. I half heartedly budget but what you say makes so much sense.
I hope you're able to put a detailed budget together to better see where you want your money to go
❤i did make some thinking funds but i don't pay in regularly because there is not enough money at the begin of the month🙈but i will start again , doe the first thing and look a year back and look realisticley of all the money that comes in and out , i will look in the eyes of the" beast"🙉 we createt of our selfs. I know it's too much for amazon, clothing, garden ,dekoration.... i know it but it 's easy too look away. We are working so much and so hard we earn enough money for all the needs but not for all the wants🙈🙉🙊 often it's a treat because we are workeing so hard 🤯that's the key in our situation , that's for shure.I hope i can change my mindeset and my habit's but it's not so easy. Thank you for all your help💕
You've answered your own question to your problem. You know where your money goes.
Beautifully explained, thank you Jane and Mike.
Glad it was helpful!
Great explanations for saving sinking funds. Love your channel.
Glad it was helpful!
Love this! It's a total money makeover! You can do this!
Thanks
When it comes to budgeting for house appliances and IT equipment replacement, I use a depreciation (amortization) method - for example, a washing machine has expected working lifetime of 5 years, after 5 years its bookkeeping value is zero and could be written off. So, when I buy new washing machine, I aim to save the amount needed for new one in 5 years. If I paid, say, 600 euros for a washing machine, I plan to put aside 10 euros every month in the next 60 months (5 years). Of course, my machine may last 10 years or even more, and if does, then after 5 years this monthly payment will go to long term savings. The point is, I plan to save up enough to be able to replace every appliance after it's average expected working lifetime.
Great idea
Brilliant video well explained. Am now running for pen and paper to list everything down not in my budget.
Glasses are really expensive for me due to the prescription and I’ve just realised that’s not in my budget. Last time they were £600 and that was the cheapest frames in the shop. Tried online sites and I think I would have saved £20. Any other thoughts?
Asda opticians? Specsavers? Generic not designer in specsavers are £30
Great video! Letting the ads run!
Thank you
Excellent advice, as ever, thank you. I really need to set up an account for the sinking fund money, keeping it separate from the general savings.
We have a separate account for our sinking funds and keep an account book to track our individual sinking funds
Thank you for the sound, practical and helpful advice.
Thank you so much for sharing your advice and expertise. I am going to have a really good look through my families spending to create a more detailed budget and to see where savings can be made. 😊
You are so welcome!
Very well explained, you look nice in blue. I m trying to do an extremely low buy year, and you help to keep me on track!
You can do it!
Thank you a other great video ❤❤
You are so welcome!
Such great info, Jane! Thank you!
You are so welcome!
👍👍👍
Thank you.
You're welcome!
I love how you broke this down and explained it so clearly!
Thank youn
Awesome Info thanks 😊
Glad it was helpful!
One of your best videos. Will come back to it to take notes.
Thanks for the feedback
Excellent video
Thank you very much!
Hi Jane and Mike. Great video. 🤗
Thanks so much
Thanks Jane and Mike, since watching your channel the last 18 months I’ve set up sinking funds and it’s great, I feel much “safer” somehow 😊 If we spend less than our budget for food or fuel I put the money aside in a sinking fund savings account so it’s there for the future if we want to travel more or stock up in a future month. Thanks again for sharing this skill with everyone ⭐️⭐️⭐️
Thanks for the feedback
Good video many thanks 😊
You're welcome 😊
I am so glad you explained what a sinking fund is. We have long-term, we have an emergency fund but I never thought about a sinking fund for christmas, birthdays, grandchildren's birthdays, school pictures blah blah blah😊
You're welcome
This is one of the best videos.
Thanks so much
Fantastic content. Covers all of the areas I struggled with when I was setting up my budget for the first time, amongst other things it made me realise how much I was spending in the food machines at work, though my waist should have given me a clue!
I have to admit that UK inflation over the last 12-18 months has led to quite a bit of juggling amongst my sinking funds to make sure that overall it still works.
Thanks for putting this together.
Glad it was helpful!
This is such a valuable video with detailed explanation, Jane and Michael! It will be so helpful for a lot of people. I have been budgeting for years, but I have learned several tricks from you over the years. Thank you both for all the work you put in your videos. 💜
Glad it was helpful!
I have just started a sinking fund :) my 2nd child is going to secondary school in September and I have looked around online for all the things needed and what items *HAVE* to be school logo and what items do not. It comes to around £225 so I now know what to put away. It feels important to me to be able to buy her new as my 1st child we had everything donated as we were in a Woman and Childs refuge due to domestic violence from their dad. I am donating all the uniform my younger one has now to the school when she leaves so Im paying it forward from a few years ago :) I have managed to save around £250 for 3 new fence panels and items needed to fit them and some money to give to my neighbour for doing it for me. (he said no to money but he helps me out a lot as myself and 10 year old are disabled and I feel £50 is a small gift compared to paying a company to do it). Im going to sit down and write EVERYTHING down now lol. Thank you for your videos they help me a lot. I grew up in Foster Care and I never had a clue how to do anything, sorry for my essay but I had to get it out lol
That's BRILLIANT
Thank you Jane. You are definitely very organize. Salutations from LA
Thanks for watching
Hi Jane! Myself and my partner have recently just started watching your videos with interest as we plan to move to France from the UK in the next 2 years. Thank you for sharing so much insightful and enlightening content 🤩 We love the variety and are both keen to embrace the wholesome and slow-paced way of life in France. Your travel videos are so lovely to watch. They are giving us such great ideas for places to visit. Please keep doing them 🙏🏻 and if you put where you visit in the title that would be super amazing too 😃
Thanks
It's good to always have an upcoming needs list in case you find something free or reduced or someone is giving things away. Especially with regards to children as its hard to keep track.
It is indeed
Hi Jane👋🏽 Mia from Atlanta, Ga
Hello!!
Jane, just love all the info you give us and my husband and I are trying to implement the solid advise you give. Question though, your long term savings where do you put it? ... In bank savings account or an investment account? Same question goes for your years saving in case of loss of retirement monies from government or pension going bust. Some banks here in the states are going bust. Thank you for your lovely program and advise!💗
I researched and banks here have never gone bust. In the UK it happened at the government bought them out. Our emergency fund and long term savings are in an interest earning account where we can get to them if required. We have a limit to how much can go in there and what can't goes into an assurance vie for long term. Our sinking funds are in a regular account.
Ive been doing the cash stuffing method however ive decided I need to concentrate on an emergency fund first. Once thwtsv in place i will start cash stuffing categories. Its not easy. I was half way into my emergency saving and I've now got to use it al to pay car insurance in full got the year.. so ive got to start all over again.. for me it's been three steps forward then four back.
Keep going, you'll get there
❤️❤️👍👍
Thanks for watching
Great video. New Subbie
Thanks for subbing!
It is hard work to start with but once you get going it is quite fun.
We agree
So, the place to find the $ for theses sinking funds when you have no extra is- earthing for when we might have purchased unnecessary items??
If you do a detailed bare bones budget, to pay only for what has to be paid, there's hopefully money left. This needs allocating into savings for everything that has to be paid for annually such as car tyres or car maintenance. When you've done that, the spare money after saving can be spent. We are debt free and we've paid off the mortgage and on a good month, we might have 129€ spare.
Excellent advice, thank you! After reviewing your sinking fund categories I notice you don't include office supplies - toner/ink ,computers, printers, paper, paper clips, etc.. Where do you put those dollars?
We are totally digital. We don't print anything.
@@FrugalQueeninFrance OK, thank you.
I have a sinking fund for medical expenses. I live in Australia so healthcare is included in our tax system and free when needed but waiting times for elective surgery can be long. My sinking fund allows us to decide if we want to wait and is cheaper than insurance would be as we are generally healthy.
Thankfully not something we need here but I'm pleased you can make the choice.
How can we do this if for example it jusr says Walmart on the transaction. It could be groceries, clothing, or who knows? Great video.i would LOVE it if there was no background music though.
In your budget book. Write the food amount and on your clothes sinking fund track that amount
A sinking fund is what you use to keep your ship from sinking.
Love that
Do you have advice on frugal tips for going on holidays?
Be realistic about whether you have the budget for them at all. If you're debt free, have all your savings and sinking funds sorted and there's spare, create a holiday sinking fund. Go off season, off peak, self cater, take your own food from home.
Hi Jane and Mike,
Thank you for great video. A month ago I retired and moved back to Canada. I am quiet organized with my finances and have all my sinking funds in order. I am within my budget for settling down here. Everything is more expensive here than in UK. Have a couple of silly questions and would love to hear your suggestion.
Emergency fund: is it 3,6, or year is needed?
Grocery shopping. Before I arrived I put aside monthly spending until end of the year, as I prefer paying cash for it. However paying with my new Master card I can earn points which will be useful to spend for Christmas shopping. Paying by cash you don’t earn points.
Any suggestions from readers would be much appreciated.
Best wishes!
Your EF is as big as you need. Ours is 1 year of all our bills, that includes some annual bills on top of our monthly bills.
Start out with a 3month emergency fund, then work toward building up to a 6 month fully funded amt. then shoot for 9 months & then 1 yr. We feel most comfortable with a 2 yr fund but most go with 1 year being optimal.
As for credit card points. Use it for all your automatic charges/bills. Its been said that those who use credit cards for every thing in avg spend 30% more. You can google that. Some ate very good with sticking to their budget & do okay using credit cards. For some its a slippery slope. So do your research & see how you personally do with it. If its not a habit for you to use it, I personally think-do not start making it a habit.
Canada has the reebee app that shows you the flyers for your province. We also have 2 cash back apps called Caddle and Checkout 51. Hope this helps. I use my points credit card to buy discounted grocery gift cards but I pay it off as soon as I get home so that I never go over budget or rack up a credit card debt. Not everyone can do that strategy so please be careful not to get into debt. I have a year of emergency fund.
What about the totally unexpected, unplanned for expenses?
There’s no such thing, everything including death will happen at sometime. Everything in our house will go wrong or need replacing. Everything’s budgeted for.
@@FrugalQueeninFrance how do you budget for that?
@@jbridgehall4 we have savings for: dogs, personal care like hair cuts, we put aside money for repairs and replacements, car maintenance, medical costs, clothing, chimney sweeps, dental check, eye check, Christmas, birthdays, annual bills like water, property tax, rubbish/recycling, wood for heating, garden costs like plants. We total that required amount, divide by 12 and save that amount each month. We also have an emergency fund of 12 months living expenses for anything big. Most things are covered by insurance on our car, home and health. We have a monthly savings amount for our next car. It means we have to save a little each month but then the money is put aside. Watch out previous budgeting videos for more details.
@@FrugalQueeninFrance thank you for the detail.
Student loans
For British students, they're a tax code so didn't think of them and here university is free. Thanks for mentioning that.
Love this! It's a total money makeover! You can do this!