HOW TO SAVE MONEY LIKE A MINIMALIST || MONEY SAVING TIPS || SINKING FUNDS || Part 2

How to save money like a minimalist has been a question I've been trying to answer for months. The pieces are starting to fit together for me financially, and in this video I share a few things I've been doing to save money as a minimalist.

After sharing how to save money like a minimalist, I give a detailed account of each of our sinking funds, how much we are putting in, and how we are doing it (cash envelope or savings account).

Minimalism is about living with less. As a part of evolving to a minimalist, I've cancelled subscriptions that we just didn't need or use anymore, started a budget, created sinking funds, saved money with groceries by meal planning, tracking every dollar, paying with cash, and changing my spending habits.

I hope these minimalist money saving tips will help you achieve your money saving goals. The short-term benefit of minimalism and money will be working to pay off debt. I talk more about that in part 1 of this minimalism and money series.

PART 1: Minimalism and Money: Getting Rid of Debt:

__________________________________________________
HOW TO SAVE MONEY LIKE A MINIMALIST || SINKING FUNDS || MINIMALISM AND MONEY || PART 2

#minimalism #sinking #funds
__________________________________________________
__________________________________________________
Day in the life of a Minimalist Mom:

4 Things I Wish I Knew as a New Minimalist:

3 Month Minimalist Life Update:

Paper Declutter:

Toy Declutter:
___________________________________________________

Music: Epidemic Sound
Photos: Canva (or my own)

Are you a YouTube Content Creator?
Check out my other channel:

FTC Disclaimer: I may receive some products in exchange for my honest review. My opinions are my own and are not influenced by brand, person, or company. Please note that some links may be affiliate links, and I earn a commission from your purchase. These links share products at no extra cost to you.

[gapeach]

My first step is getting everything down in writing. With Flylady Wednesday is anti-procrastination day so I have 2 things on my calendar/to do list on Wednesdays ... work on paper clutter for 15 minutes and 15 minutes on our finances. I'm starting this week. Wish me luck. :)

[kathy]

I have been through several budgeting courses. Your videos are so much better at explaining these things. You are so much more relatable. I hope you will keep doing these types of videos.

[michelle]

We use the envelope system - I didn't know they were also called sinking funds. We currently have 17 (we've had as many as 24): Pay Ourselves, Property Tax, Home Insurance, Auto Insurance, CAA, Vehicle Maintenance, Annual Vehicle Inspection and Registration, Christmas, Homeschool Supplies, Computer Stuff, Annual Portraits, Next Vehicle, and a few more. We've been doing this since 2014 and the satisfaction of paying cash when a bill is due is a-mazing!

[xXBethanyCareyXx]

one good thing that helped me save is i would allow myself a set amount of cash for the food bill .if i could get it cheaper the money i saved went into a pot each week, no matter how small it soon mounted up and taught me to be more frugal

[lesleyharris]

Sounds like you are planning to get it together this year. I've changed how I pay my bills and now it's all done by the bank, and it feels great to not have to worry about forgetting to pay, we have 1 small payment on hubby's credit card and a few months more on mine and we will be depbt free. feels like a weight off my shoulders.

[zeusimad]

I'm a new subscriber, and I am so impressed with your progress and enthusiasm for this journey! I love the humor and realness of your vids (and that channel trailer you made was amazing). One little note on the editing in your videos, it seems like you sometimes cut yourself off short, losing the last word or two when you jump to a new clip. In this video, it ends mid-sentence. Maybe check if your video editing software is cutting things differently than you think it is, and allow a little extra space at the end of each clip. Just a suggestion. Love your channel! <3

[angelacross]

You are so diligent with this project. Very impressive.

[emleigh]

Someone asked a question on a recent Minimal Mom video about where to find decluttering homeschooling videos and I recommended your minimalism journey. 😀

[ANNtique]

You are killing this! Another great video. You’re homeschooling in PA? Wow you are brave! My husband had a job opportunity in PA and I vetoed it because of the strict HS regulations. We unschool mainly and I didn’t want to be scrutinized,
Money management is definitely on my 2020 list. Trying to reign in my spending and so far it is going well. Our UPS guy must be loving it because we have a really awkward rural driveway and he’s hardly been here this year so far!
Keep the awesome content coming ♥️

[lindakhan]

What you call a sinking fund I had also never heard of. But what I have been doing since many many many years, was have designated bank accounts for items/events I wanted to save up for. Example, house taxes, vacation, major repairs which as you say come up and when they do, it's such a stress free time knowing that the funds are waiting for that expense. I'm glad that you are on the path not only to minimalism (ish) because minimalism means different things to different people but the main goal is to recognize the difference between what you need vs what you really want. take one day at a time on this long and rewarding journey.
Linda

[VS-fopy]

Great topic. I have almost the exact same sinking funds. I do take mine out in cash and leave them in envelopes at home. That just helps me keep better track, but a lot of people do well with electronic sinking funds. Some banks/credit unions allow multiple accounts with specific names that you can create for the individual accounts. A few other sinking funds I have are annual car tags/registration (we have three vehicles), annual life insurance premiums (Dave ramsey recommended), and children and adult clothing. Very minimal amount but we still have that fund.

[EzAnderson]

Wow yes!!! Never knew this type of savings had a name. But you’ve set up ones I hadn’t thought to but will now. Had a bank account in New Zealand that had an app attached where you could separate out all your funds. Was awesome for this type of planning

[candicewaller]

Great video, Erica! Such a practical and clean approach to prepare for bills that you know are going to come up. This is such great advice for people just getting started on budgeting and personal finance management. I take it one step farther and charge all purchases (especially larger ones) to a cash rewards credit card, which I then pay off immediately with the money I saved throughout the year. Pay no interest, carry a zero balance, but still reap all the benefits of the credit card rewards! Once you build these amazing foundational habits you're working on now, you can really take off!!! Best of luck on your journey.

[notcountingsheep]

Missing out on so much cash back from CC. I use mine as cash and pay off after each purchase. I have never paid any interest and get around on average $1, 000 annually cash back.

[Maria_O]

That's awesome. You're doing great. I had never heard of sinking funds either, but it's basically what I do. Another way you can save money is by paying for things like car insurance (anything that charges you a service/handling fee) once or twice a year. People don't realize that these brokers charge you every time they send a bill. If you're only billed once or twice a year, that 10-11 months of extra money. It adds up!

[PenniesAndSalt]

We spend quite a bit on piano, dance, and sports. Those are definitely great things to set up sinking funds for so they don’t sneak up on you.

[valeriej]

YNAB App is amazing. No envelopes - no paper. We have several categories; medical, gas, mortgage, grocery, homeschool, utilities, home maintenance, lawn, furniture, birthdays, appliances, kid activities, swim lessons, etc.

[stoicvegan]

You know the vibes you changed my mind fam, I respect these

[leilani]

That’s a lot of sinking fund! I love the cash on hand idea.

[altaneri]

You are doing awesome with the changes. We have 13 sinking funds at a different bank with a debit card. We only use it for future bills. I wish you would do a video with your husband saying how he has been liking the changes. I'm so happy for what you are doing.