Sinking Funds Explained | How to Use Sinking Funds | Sinking Funds Categories | Budgeting Tips

How to use sinking funds in your budget. Ideas for sinking funds categories when you're on a debt free journey. Dave Ramsey budgeting tips, and debt free motivation.

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[RachaelLyn]

This is a great video. I wouldn't consider the emergency fund a sinking fund personally, I see that as separate. Christmas is what I think is the most common sinking fund because it always has a set date that you can easily plan for, but most people don't think about it until November or December and they start freaking out without money for gifts and food and decorations! Another one of my main sinking funds is my car insurance that I pay every 6 months. I save almost $100 by paying 6 months at a time, so I essentially pay myself the monthly payment so I am prepared to pay it when it comes due.

[BradLongCo]

Great video, Shannon! Sinking funds can be confusing for a lot of people at first. Great explanation!!

[npbudgets]

Thanks so much for the link! I just ordered your toolkit.. this 6 figure debt is for the birds!

[npbudgets]

I have to keep switching up my sinking funds as well but I for sure have medical as one because I have 4 kids and that for sure adds up!