SINKING FUNDS - How sinking funds work and why you need them!

All your sinking fund questions answered! How to use sinking funds, how to create them and what sinking funds do you need?? This video is long overdue, explaining how sinking funds work and which sinking fund categories we have!

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[joandichoisi]

Glad I found you. Using it for wedding and cross country relocation

[LaToyaPlansLife]

I have sinking funds, but I find it difficult to contribute to them. I'm still in so much debt until most of my money goes to bills and debt. I've been trying to work through this lately. I think since I started watching Youtubers who didn't have as much debt as myself and higher income and they were putting large amounts into their sinking funds I've gotten caught up in thinking that I have to put large amounts as well and if I don't I feel like I've failed in some way. 😭 During my time working on this, I've found some great channels were they add smaller amounts across all their funds. I think this may work for me, but it's a process I suppose. Great video! 😉

[FantailValleyHomestead]

I did not know this had an actual name! We have 10 accounts for $10 with our bank, so we have a car account, xmas/birthday, holidays, pets/vets, farm development, vacation, bulk meat (we buy a whole cos at a time) and long term savings as well as the kids accounts. They all offset against our mortgage. Works really well for us

[katecampion]

I kind of started doing this last year (without realizing what they were called) for clothing and bills as, for example, I tend to only buy clothes in a massive spree twice a year, and have some big annual bills etc. But I kept dipping into them when I went over in other categories. So this year I have vowed not to touch them except for their intended purpose!

[princesath]

I haven't heard about sinking funds before, thanks for the explanation.

[altaneri]

We love our Sinking Fund. We only use it for the items we have listed for it and use a debit card. It's been a great stress reliever. We have a separate Christmas/gift fund and Emergency fund. Everyone should have them

[kedarbedekar]

If Cooperative Housing Society is going for redevelopment we presume we can withdraw Sinking Fund from Nationalised Bank.
Also Society redevelopment will be done by developer and no self funding involved for constrictive new society.
Correct me Incase wrong

[jablinkhorn]

Great, clear explanation of sinking funds. We currently don't have a sinking fund, but hoping to at some point in the future.

[the.goal.chaser]

Love this! Thanks for the great explanation, because I just can't do cash envelopes - I always forget to take them with me when I need them. Sinking funds sound way more practical.

[StephanieSMGH]

This is great! Everything I wanted to know. Thanks for really getting into it!

[fredswartley]

Great video! I like the idea of sinking funds. I need to get a sinking fund for car insurance. It always sneaks up on me and then I'm scrambling for money. I also need to start one for taxes since I am self employment. How do you feel about saving for your kids college? Do you have a sinking fund for college? I think it's called a 529 or something.

[fredswartley]

Should you keep sinking funds even when you are trying to pay off debt?