7 Essential Sinking Funds EVERYONE Needs (So You Can Be Prepared for ANY Expense!)

7 ESSENTIAL SINKING FUNDS EVERYONE NEEDS (So You Can Be Prepared for ANY Expense!)

Hey guys! Welcome back to my channel. In this video, I'm sharing the 7 essential sinking funds that everyone needs so you can be prepared for any expense. I include 5 short term (+a bonus one we're using that you may want to consider!) and 2 long term sinking funds.

what is a sinking fund? a way of planning what known expenses are coming in the future and saving for them month by month, little by little, so that when that expense comes around you’re not shanghaied by the charge. often times these are expected expenses that are regular but are not monthly expenses. saving for these expenses monthly relieves the burden of having a big charge all at one time.

1. car expense fund
2. home repair fund
3. medical fund
4. vacation fund (or date night fund)
5. holidays fund
bonus: moving fund
6. new car fund
7. down payment on a home

//links:

// my filming equipment:

[AdrienneInvests]

what are some of your money goals that sinking funds could help you plan for?

[rainacherienne]

1. Car expenses 2. Home repair 3. Medical 4. Vacation 5. Holiday 6. Moving 7. New car. I’d add 8. Laptop/electronics

[thatsmyjam]

I agree, but I don't have enough money to add monthly amounts to ALL of those sinking funds. Sigh. Little by little. Little by little. I can do this. $10 is better than $0.

[vickiewilkins]

I would suggest a Death Fund to pay for out of town funerals for family and friends you have to attend. Not an emergency but necessary.

[RaneyForever]

A few of my Buckets are:
Birthdays
Weddings
Christmas
Entertainment
Concerts & Movies
Eating Out
Home Repairs
Maintenance
Minor Repairs
Pets
Food
Vet
Vehicles
Maintenance
Insurance & Registration
Clothing
Kids
Work
School
Supplies
Books
Student Loans
Emergency Fund
Home Improvements
(Major)

[brandonblahnik]

You could use a tax-advantaged account like an FSA or HSA for your medical sinking fund, depending on what type of health insurance you have.

[KarlaCantrell]

This is explained so well!! I’m new to this whole thing and it made so much sense!! Thank you‼️

[TheSilverBackStacker]

You did a great job explaining. Well done

[dawncrawford]

Thank you so much for explaining the sinking fun. I truly didn’t understand it. Just subscribed. Can’t wait to watch more of your videos.👍🏻❤️

[gmarrese]

I’ve been doing this a few years now, never knew it was called a sinking fun. I have a separate savings account for each expense.

[DubTuck]

Education fund is a another idea. Either through 529 or otherwise. This can be used for supplies, registration, kid's sports etc.

[donnacrosby]

great idea for thanksgiving i am always stressed over buying all that food

[ShakeyHuron]

Excellent video full of great information! You explained everything in very easy to understand and relevant ways.

[jamestidmarsh]

Dont forget 'retirement fund' ( pension plan ).

[RayC]

Hi. I would do a spontaneous fund. Around two or three hundred.

[thavonephanthavongsa]

all you did was said you had bills and now pay them