What Are Sinking Funds and How Do I Create One?

What are sinking funds? How do I create one? How do I determine how much I need in mine? What's the best way to save for one and add it to your budget?
In today's youtube live, we are going to dive into sinking funds. I'm sharing how to get started, and keep track of your sinking funds for 2024

[mljs]

I determined that I can’t call them “sinking” funds. It makes me think of the Titanic. 🚢 I decided to call them floating funds because the money will float between my checking and savings accounts. I use my floating funds for insurances, taxes, any other non-monthly routine expenses.
A rose by any other name? 🌹

[jenniferfulford]

You’re the only one I’ve heard talk about not perfect sinking funds, and it feels way more doable to me! It doesn’t need to be fully funded to be a win. I can start with just one or two envelopes and then work up. So helpful!

[vickiemendoza]

Thank you for reviewing. Sinking funds has always been confusing me. ❤

[jnso]

You’re vlogmas is on fire this year!! Thank you so much for all of the teaching you have done this month. I can’t wait for each video to come out this year.

[reynauldeshazor]

I am playing catch up and listening to the replays, but I am loving them! The mix up of the lives and the regular videos is nice. Thank you for all of this! 🥰

[priscils]

Loving your vlogmas content. I'm watching replay from your neck of the woods... Harvey, LA 👍🏽🤗

[uqqlnbq]

Hi, Latreshia from Dayton, Ohio. Also thank you for your teaching us, may God continue to bless you unconditionally amen.

[parahgaphanyahu]

Listen!!! Thank you for this. I listen to a few budgeters and you are the only one I've heard say to have a WORKING BUDGET before starting sinking funds. That's very important. 🎉

[shelleyjackson]

This was a great lesson. Thank you for offering so much useful information and insight into structural setup of budgeting. My mind is whirling with ideas and how I can personalize your ideas.

[KeepingMoneyJazzy]

Yes, very interested on videos how to create a more income via various ways.

[lindawoodfill]

Thank you 🙏 for this information. This is where I have been having issues .

[DianneCrouse-jbyy]

Hi from Kingsport Tennessee! Love this encouraging information to get ready for next year!

[wendyhoward]

I love your Vlogmas videos. You explain everything so well. Many blessings.

[LaToyaPlansLife]

Alaina I love these videos and they are so informative.

[vanlifebayou]

Omgosh I need to register for this! Amen thank you thank you!!!

[Mz.reneray]

So like the old school Christmas clubs

[carolgeorge]

Just now finding you! Needed you many years ago. But we start where we are at♥️🙏🏻

[soniafisher]

This is the best explanation of sinking funds and how to get started. Thank you so much 😊
Can I still register for the class tomorrow? I didn't see the link below.

[yvonneanstey]

Hi Alaina, I am from Vancouver, BC Canada

[lania]

I use a PayPal HYSA for sinking funds. You can create different goals in the savings account.