How to Set Up a Sinking Fund | Sinking Funds Explained + Tutorial

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A sinking fund can be used for purchases that you don't make regularly. You can save monthly for a purchase that you don't make frequently and have the money ready to go when you need to pay for that expense. I'm doing a walkthrough of my sinking funds and explaining the top 3 categories you can use to set up a sinking fund of your own!

#sinkingfunds #debtfreecommunity

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[HipHopMovieNews]

Fun money is absolutely the best. I started doing it last year and it made my life so much happier.

[topezrosser]

I loved this breakdown, as someone who gets overwhelmed with so many expenses or goals this helps break it down to more attainable goals. thank you

[judieszydlowski]

I'm new to this, and this was a great explanation. I have "Technology" as a sinking fund category to save for new computer, phone, etc.

[ChrisBanda]

Needed a simplified guide to set up sinking funds and this fit the bill, thank you!

[Libra]

Alliant Credit Union also allows you to have sub accounts within your savings account

[bsquaredbudgets]

I also find it helpful to decide an an annual amount for non-goals as a way to determine what to put to those categories. In general I like seeing things over the course of the year to see percentages and stay mindful of how they impact the bigger picture. Really appreciate your open explainations. 😊

[joymae]

This is a great topic thank you. Also, thank you for just getting straight to the point in the video!

[naturalbeauty_abena]

Great video and the break down. Capital One is great for categorizing your sinking funds.

[alliewu]

Great video topic! Perfect breakdown on how to forecast annual expenses and how to save for it!

[mrsinnizter]

Great video first time watch and subscribing to your channel thank you for the knowledge

[jwoon]

How do you store all of these funds? In one common savings account or one for each

[AngelicDiva]

How do you plan for inflation or price changes?

New subbie 👋🏾😁

[candacebex]

Wow. I’m 51 and I guess my money is a mess. I don’t have debt but I set up an annual budget for these types of annual things. Then I just keep
The whole wad in savings plus adding an extra $340 a month for general savings. When I need to pay something I just transfer money. But I think this system would be helpful for my vacation budget

[smileymileys]

What did you mean at 11:10-11:39? Can you explain further i don’t get it

[MsLee-ohhy]

Thanks so much for making this video <3 IT'S AN EXCELLENT idea to save money each month for a once a year car expenses which includes property taxes and state taxes.

[TheVherna]

Thank you for the information! This is my first time watching and I am truly curious what you and your husband do for a living! I wish I could make this much!

[justforthefunofitfamily]

So do you have a separate savings account for each sinking fund?

[peanutpeanut]

Are you doing this with a bank account? And making separate account.

[naeemajonhson]

Hi there! Was doing some sinking funds research and came across this video and i just wanna know: do/did you put the entire bulk of this list's (the $5, 534) money into that savings/sinking fund one time, every month? Or did you divide it up into sub-categories/have separate savings for the 3 categories??

[latosa]

What kind of car insurance do you have?! I would love to only pay $62/month. We have two vehicles and a motorcycle and its over $300/month