SINKING FUNDS 101 | How sinking funds can help you get out of debt! #sinkingfunds #budgeting

Looking to get out of debt for good? In today's video I walk you through sinking funds explaining what they are and why we need them. I hope you enjoy the video!

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Want to learn more about Sinking Funds and how they help keep you out of debt? Click the link below and watch this video next.


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Love ya, mean it.
Kris

[Budgeting_with_Lee]

Love this. As a beginner, it is very overwhelming trying to figure it all out and remember that everyone is on a different level 💚💚💚

[shannonmason]

Love love love this video!!! You are so right I was looking at other budgerters and one lady had 25 sinking funds and I tried to do why she did and got so overwhelmed and quit. But now I only have 5 and that’s enough right now for me to keep me motivated

[erickamakesplans]

Ha! Lemme hold that tech money for my new monitors 😂 I'm with you on not having too many SF's. I started with about 5 broad categories. As my journey progressed, I modified and split categories as needed. Not only have my SF's reeled in my spending, suddenly ya girl is a saver 🤯 I totaled up my SF last week and couldn't believe how much money I have! (I still feel broke though, so don't get excited 😏) Also, as someone who uses digital SF's I'm in favor or earning interest. But you're exactly right that budgeting is not a one size fits all solution. Do what works for you. (But I'm seriously going to try converting you to digital anyway...💳)

[bigqueenbudgets]

I have a lot of sinking funds. My problem is although I need them all, it is being able to decide which ones are most important to save for

[memyselfirenejones]

Replay gang 😊 I feel comfortable transferring from regular bank to high yield account. It keeps me motivated seeing the monthly interest grow. Recently started a miscellaneous fund in my wallet so far going good.

[MCGus]

I really don’t like Christmas because my mother’s side of the family expect expensive gifts. She has passed away and I thought gift giving would end entirely. I was wrong. I decided to narrow it down and send one gift to each family households. The young adult cousins like to receive but do not send gifts. I don’t even send a card. I’m saving money to pay off my credit cards which is my Priority.

[Niensbudget]

Great video! ❤ I have a few sinking funds. These kind of videos helped me when I first started I out. ❤ Happy Monday. 😊

[anasye]

I fill my sinking funds one at a time based on when I need the money. For example I had a $407 annual bill due in June so for the beginning of the year a focused on filling that then moved on to the next fund based on due date. When I try to spread the money across all of the funds, it feels like I'm spinning my wheels and not making progress.

[Lifewithmrsvee]

It took me a while but i finally set a goal for each of my sinking funds and it has been so helpful.

[sandrak]

Hi Kris! Great explanation! My most important sinking funds are Christmas and birthdays. They have made such a difference ! I don’t put everything on a credit card anymore! If I do I pay it off with the money I saved! I don’t like carrying too much cash around!💜

[barbieamica]

Sinking funds are important indeed
I love Christmas so it will always be there
I also added one for my Mom’s birthday because you know mom don’t play lol 😂

I like your sinking funds list
Can you please add it to the description to print?

[carollavalley]

Thank you so much for this video!! I just became debt free and I've been overthinking what/how many sinking funds I should have and how to go about funding them. You explained it so well!!!

[mznik]

Great video Kris! I sent it to my coworker who is “considering” budgeting and cash stuffing. I’m sure this will help! Thanks! ❤

[ruthking]

Happy Sunday Kris. I have a lot of sinking funds and I was looking at them yesterday trying to see if I could incorporate some of them together. For example I have a Christmas and holiday sinking fund that I’m thinking about putting together. Very good information for beginners and seasoned budgeters.

[rickismith]

Great video! I need to reevaluate which sinking funds are used more frequently and budget accordingly.💙

[Lifewithmrsvee]

I love sinking funds ❤❤❤. I initially got the idea to create a sinking fund for tech from another budgeter but the minute i get rid of it I'll need a new camera or laptop.

[donnajo]

Great video Kris! Love ya hugs my friend. 🤗🤗💚💚

[Frugalityislife]

Hey Kris! Tech account 😂 So true, initially we learn from others until we figure out categories out ourselves. Awesome video ❤😊

[daj]

This was such a refresher! I love this video as a great reference for the reset and to prioritize my sinking funds and budget going forward.