How to Setup EveryDollar Sinking Funds

Sinking funds will help you save for future goals and irregular expenses. In this video I show you how to setup and use funds in EveryDollar.

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IG: @brittanyflammer

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📢 FINANCIAL DISCLAIMER:
I am not a financial advisor and the content of this video does not serve as financial advice. Please consult a financial professional before making personal decisions regarding your finances.

[amyasl]

Thank you so much - I have been searching for answers to a few questions I've had about how sinking funds work in ED and this was perfect. My questions answered clearly and concisely... and you have a new subscriber :). Thank you!!

[joeysforza]

thank you so much. I have been worried about losing Mint and how there would be no "rollover" in EveryDollar, but this solves it!! Now if only we did NOT have to "create" a new budget every month.

[fewsproducts]

Wow! The first here! Thanks for the video! How do you use every dollar if you are using it for business like selling online and not a regular paycheck?

[ybzcnic]

Hi,
My Sinking funds are not populating onto the next month's budget. Is it a software issue ?

[jontorr]

Thank you! This was a great video! You’re suggestion about ally is what I’ve been looking for. Gonna look into your other videos for that.

First time watcher suggestion: your audio sounds a bit weird. Would recommend getting a mic to improve it 😇.

[MattBerry-ecyx]

Do you have a solution for pulling from a sinking fund putting you over budget? For instance if Ive spent all my budgeted income and add a transaction of $500 to my vacation sinking fund the app says I’m $500 over budget. Doesn’t seem correct to be over budget for pulling money from a fund which was designed just for that

[maxd]

Amazing info. I was wondering how to get started using sinking funds in Every Dollar.

[alissagrittman]

Thanks for the great tutorial! So I have a sinking fund for my pets expenses. I need $1200 a year for this fund so I put $100 in every month. But this month I paid for some meds for them that cost $266. So in the planned column I have $100 and the spent column turned red because I technically spent more than I budgeted. Is that right? I shouldn’t be changing the planned number to $366 to make it match right? Because the $266 is coming out of what was already in the fund and then I’m still putting in another $100 to add to the fund right?

[beckyalvidrez]

Thank you for this video helping set up sinking funds. I made sinking funds in January, but the piggy bank is not showing on some of the items in the February budget...how do I fix this?

[nancyamati]

Iam confused when i put 300 dollar for vehicle on the planned then set for fund for monthly so where can i put into saving account and how to transfer to saving accout ?

[TaylorFortunato]

How can I add a starting balance to the emergency fund?

[monicalifornia_]

Help. If I draw down from an investment and use some of it for a holiday, is that considered a paycheck or make a fund with that money then take it out for the holiday.? Hope that made sense.
It’s easy to track regular expenses and income but these “one off” from investments confuse me.

[johnhenderson]

Hi Brittany! Getting read to start using the EveryDollar Budget App. I am glad I came across about the sinking funds.

[timothywest]

My big problem is that expenses I track against Sinking Funds throw off my monthly spent amount. Let's say I have $2000 of income and $2000 of planned expenses - a perfect budget. I have a sinking fund that has $500 in it. I spend $400 out of the fund. Now my total spent at the end of the month will show as $2400, so now my Spent summary in ED shows I went over budget. Any suggestions? Thank you.

[bcLmmyers]

This was so helpful! You answered all my questions and your examples were exactly what I needed to see to help me create my sinking funds. Thanks Brittany!

[joeysforza]

Thank you so much. I have been worried about losing Mint and how there would be no "rollover" in EveryDollar, but this solves it!! Now if only we did NOT have to "create" a new budget every month.

[auntmanvlogs]

Thank you for doing these tutorials. I need these haha.

[sandraludwig]

I'm a little confused. I have several "sinking funds" but I do not add money to some of them regularly/monthly. I also don't have a particular goal for some of them. Occasionally, I do need to transfer some of the money to my checking account so I can reimburse myself and cover expenses. What is the best way to set these up in EveryDollar? Thanks!

[shadhanohano]

Were you able to add your Sofi account to every dollar?