How to Set Up Sinking Funds

What is a Sinking Fund? Why do you need Sinking Funds? This video shows you EXACTLY how our large family uses Sinking Funds to keep us out of debt. Consider this Sinking Funds for Beginners if you have never seen them before. These are our 2021 Sinking Funds Explained... Real numbers. Real Income. Real Expenses. I make videos about all things family budgeting, simple living below your means, and doing life differently in a social media driven world. Thank you for joining us on this financial journey we call life!

How to Set Up Your 2020 Sinking Funds - For Beginners!

In this video I will cover:
1. What are Sinking Funds?
2. Why Do You Need Sinking Funds?
3. Sinking Funds Categories.
4. Types of Sinking Funds
5. How Much Money Should be in Your Sinking Fund?

Thank you for watching this video—Please Like & Share it. I like to read comments so please leave a comment and…

GIVEAWAY WINNER FROM LAST VIDEO IS: supermom957

Get 10% Off by Using the Coupon Code: YTTHANKYOU10

Popular Uploads:

Books (and other things) I Love and Recommend:

Connect With Me:

#budget #sinkingfunds #2021money

Help a working mama out and support my work! This description contains affiliate links which if you click on I will receive a small (very small) fee. Please feel free to use them :-)

[desertlove]

Your financial breakdown is life-changing. Your children are very lucky to have you both. I was never taught money management. Your channel is a blessing.

[rev.ruthe.gallot]

Sinking Funds really made a difference in helping me meet my goals because a couple times each year a few big bills would hit all at the same time. My "Big", multi year sinking funds are fo a new car (in 2023), save 1 year of salary and save for a trip (in 2022), which get added to when I get windfalls (stimulus check, tax returns, or gift money). The on-ging ones are Christmas, Annual Vet visits, Car Insurance, Car Maintenance, Car Registration and Taxes, Medical, Gifts, Furniture, Hair cuts and an annual candy making event. Each of these get added to once each month.

[catgodfrey]

Sinking funds: Gifts, Pets, Vacation, Car, Vacation
Now I just need to stay in that budget & not overspend

[whitneyyoung]

Your daughter is so cute! We have a lot of sinking funds. Christmas, Birthdays, Car maint & registration, taxes, subscriptions and annual dues/memberships, vacations/trips, medical copays, vet care, our pet's quarterly food order (we save by bulk buying 🤓), seasonal clothing fund for our kiddo. I love sinking funds because they force us to be real with ourselves and help us really scrutinize our spending. We don't do extended family or friend gifts. We do very small gifts for a handful of neighbors and get our nieces and former foster kids gifts. No adult gifts except a modest budget for the two of us to exchange presents. Neighborhood gift is usually candy and popcorn basket I make and drop off before New Years Eve. Lets me get good deals on Xmas candy after 12/25 😄

[christinewallace]

Property tax and home/life insurance and vacation are our additional sinking funds. Thanks for the great video.

[lindseyb]

Our 2021 sinking funds: Christmas, Life Insurance, and Car Insurance.

Happy 2021!

[robincarter]

OK. I know I have a twisted since of humor but it works for us. Here is an idea for extended family members Christmas. We have talked about family history like, "Remember those dolls we played with..." and they describe things. Well I lock it away and thrift all year with those type items in mind. 2 years ago my husband's sister's talked about creepy dolls they had. They grew up in the 50's. I found a little doll from that time for a quarter. I bought her, cleaned her up, and made a dress for it. Then I looked her up online. Turns out on EBay they sell for $25. I wrapped it and shipped to 1 of the sisters. Our thing is you keep the "family gifts" for a year then re-wrap and give to another family member. So you don't give gifts to all every year. Plus it is loads of fun when they get one of these hideous gifts. Or draw names and set price limits and do 1 person a year. Saves either way and you would be amazed at how others in the family need the help with budget for Christmas so when you step up and say we just can't, they feel relief. Just an idea.

[cindysams]

I'm just getting caught up on your videos. I won one of your bundles of envelopes and I've been using them. I have Christmas, Family Fun, Camp/RV, Household, Car Repairs and Clothing. With our tax refund and the stimulus check, we will have all debt paid off except our house and 2 car loans. We will have an emergency fund plus extra so this year is starting out great money wise. Thank you for your inspiration.

[EmilyVandall]

Your older videos began with you being a Budget Analyst.
I’d really like to know more about that.

[DearDebt]

Great video! Sinking funds are so important and have “saved” my budget soooo many times! 🎉 thanks for sharing!

[creatingbalancefinance]

There is something so incredibly relaxing about your videos. They’re so motivating too. The perfect combo!!

Happy 2021 from a small UK finance YouTuber 🇬🇧 💓

[T_J_Fishin]

Sams includes tire rotation and balance

[NaturalFitNurseRN]

Great video & I love your sheets they are super cute! I agree sinking funds are the absolute best. I didn’t make any changes to mines so I will still have vacay, medical, birthday, HOA, Accountant, car maint, RN licenses, grand babies, date night & clothing whew lol. TFS 🥰

[LadySkippy]

Christmas, car repairs, birthday gifts, and vacations. Those are my sinking funds

[likeastarinyourheart]

Thanks for all your tips. I need to change my financial habits, save money sometimes is difficult but it's necessary.
Have a blessed day.

[mcsweet]

We are saving for Christmas, car maintenance/tags, camping, regular savings and emergency funds. We are also saving for trip to Disney in 2022 so year and half plan. And saving some towards a new washer and dryer, ours is working great but getting old so just trying to plan ahead and put some up for in couple years. Love your videos you have really encouraged me to plan our savings better this year. I would like to see a video on teaching your children about money and finances.

[mj]

You have 4 girls and here I am with 4 boys. 😊 I've been binge watching your channel. 💜

[karinklapproth]

Great video🦋💗
I understand sinking funds better now.

[fijipa]

This is so helpful! Thank you for sharing.

[brandonyoung]

75k miles that’s nothing my old lexus had 300k lmao she was a boat then i got hit by a dump truck