*Thank you so much for watching today! CIT Bank has great high-yield savings accounts to stash your sinking funds in --> **bit.ly/38aQmEy** and don't forget to join the waitlist for my new money course at **MakeoverHerMoney.com** ...Which of these sinking funds will you set up?*
Sinking funds have been a GAME CHANGER for our family of 7. They keep us from charging on credit cards. Our sinking funds this year are: HOA dues House maintenance Yard work (mowing, weed treatment, etc) Car Insurance (we pay 2 times annually) Car maintenance Medical and dental Clothing Grooming Birthdays Holidays (besides Christmas) Christmas Vacation My son’s graduation (temporary sinking fund) School fees Emergency Fund
Good video, sinking funds also protect your emergency fund so it'll be there for a "dire" emergency. I like medical, car repairs, car replacement, and house repairs sinking funds :).
I have sinking funds for larger expensive. These are the main ones: car repairs, Christmas, new car funds, car insurance, medical, gifts, vacation and sports ( badminton).
Love this! I see sinking funds as a way to prevent you from going into debt! They were a lifesaver especially when I was paying off my student loans. :)
We have many sinking funds too and most of what you mentioned but we also have a few you didn’t mention like insurance to pay for house and car insurance we also use that to pay to get our income taxes done. We have an air conditioner fund in case our a/c breaks, a gas fund not only for gas for our car but gas for our snow blower or our generator and a clothing fund.
When I started DR baby steps I was confused about all this..Dave Ramsey hammers home to only have 1K saved as the emergency fund and never really talks about sinking funds. I wanted more money saved to cover deductibles, home repairs, etc.....so I saved more than the 1k. I guess I thought it was a thing you did after you paid off debt... I had two separate years in my debt payoff that I had to max out my medical expenses... and I am happy I had that 'sinking fund', because deductibles etc... maxed at 4k in the insurance plan I had at that time. My computer died, I had to buy tires for the car, and an unexpected home expense all would have wrecked my budget if I did not have money set aside for those things.
If you have any insurance product (Car, Contents/Renter's...) you NEED a sinking for the excess/deductible. A claim could cost you hundred's of dollars. It's a known foreseeable expense, there's no reason to rely on your emergency fund for this.
*Thank you so much for watching today! CIT Bank has great high-yield savings accounts to stash your sinking funds in --> **bit.ly/38aQmEy** and don't forget to join the waitlist for my new money course at **MakeoverHerMoney.com** ...Which of these sinking funds will you set up?*
Just used my home fund today for a locksmith, HVAC repair and new locks for our front and back door. Glad I had it.
Oh!!! Great one! Atm i live in a apartment but this would be a good add on for when i do have a house!!!
Sinking funds have been a GAME CHANGER for our family of 7. They keep us from charging on credit cards. Our sinking funds this year are:
HOA dues
House maintenance
Yard work (mowing, weed treatment, etc)
Car Insurance (we pay 2 times annually)
Car maintenance
Medical and dental
Clothing
Grooming
Birthdays
Holidays (besides Christmas)
Christmas
Vacation
My son’s graduation (temporary sinking fund)
School fees
Emergency Fund
Good video, sinking funds also protect your emergency fund so it'll be there for a "dire" emergency. I like medical, car repairs, car replacement, and house repairs sinking funds :).
Great point, Kevin! Totally agree :)
agreed.. mine are these exact funds...
Very good content. I am also getting to grips with the sinking fund. Thank you so much.
I have sinking funds for larger expensive. These are the main ones: car repairs, Christmas, new car funds, car insurance, medical, gifts, vacation and sports ( badminton).
I love fine jewelry so I have a fund just for purchases. I don’t buy until i can afford to purchase. This is a huge change for me.
That's a good way to plan it out, and you probably enjoy it even more since it's completely paid for!
Love this! I see sinking funds as a way to prevent you from going into debt! They were a lifesaver especially when I was paying off my student loans. :)
Your one if the few you tubers who keeps the videos short & to the point. Some ramble on for half an hour🙄 Good job👍❤️
this year i used my tax return to fully fund my sinking funds
That was an awesome move, good for you 🙌🏼🙌🏼
Excellent idea to save your medical deductible amount in a sinking fund! I never thought of that! Thank you for these ideas.
Oh good Stephanie, so glad the video gave you some good ideas!
Try and have an HSA if you can for your medical sinking fund.
These are great!! And I love how you explained and broke down each one and very straight to the point 👉!!!
Thanks MeAnna…getting straight to the point isn’t always my strong suit so I appreciate that 😂
Love sinking funds! We use an HSA for medical since we have a high deductible health plan. But I guess that’s a “sinking fund” in a way too!
Yes, totally! I was going to touch on that too but I didn’t want to confuse anyone who can’t use one :)
We have many sinking funds too and most of what you mentioned but we also have a few you didn’t mention like insurance to pay for house and car insurance we also use that to pay to get our income taxes done. We have an air conditioner fund in case our a/c breaks, a gas fund not only for gas for our car but gas for our snow blower or our generator and a clothing fund.
Thanks for sharing these!
Other sinking funds: AAA, medical exp/co-pays, dental expense/co-pays, Barnes & Noble subscription, Amazon Prime subscription, Ring Doorbell subscription, YNAB budgeting app, clothing/shoes, haircut/grooming, Gifts and Non-charitable Donations
Great suggestions, thanks for sharing!!
When I started DR baby steps I was confused about all this..Dave Ramsey hammers home to only have 1K saved as the emergency fund and never really talks about sinking funds. I wanted more money saved to cover deductibles, home repairs, etc.....so I saved more than the 1k. I guess I thought it was a thing you did after you paid off debt... I had two separate years in my debt payoff that I had to max out my medical expenses... and I am happy I had that 'sinking fund', because deductibles etc... maxed at 4k in the insurance plan I had at that time. My computer died, I had to buy tires for the car, and an unexpected home expense all would have wrecked my budget if I did not have money set aside for those things.
Ahhh yes, that’s precisely why I think it’s so important to have much more than 1k set aside…glad you did what you knew was best for your situation!
I have a small medical sinking fund. I use some of it for those high otc medicines
If you have any insurance product (Car, Contents/Renter's...) you NEED a sinking for the excess/deductible. A claim could cost you hundred's of dollars. It's a known foreseeable expense, there's no reason to rely on your emergency fund for this.
Totally agree, Kelly!
I like what Kevin B said in the comments, it protects that all important Emergency fund. Blessings Kristin
I recently separated my car maintenance fund from my new car fund, because that's what works best for me
Smart move!
I have one that’s for my son and one that is school expenses (clothes, shoes, supplies, pictures, yearbook, teacher gifts, etc.)
Perfect! The school ones are so helpful!
I made a sinking fund for a vow renewal that me and my husband are planning to do
That's awesome and congrats!
This was a great video! I like to have sinking funds for larger expenses like for my car
Number one should be emergency fund....
For sure
Braces or glasses expense for children.
Ohh good one!!
Off topic, but I just wanted to tell you you're beautiful 😊
Thank you 😊