Sinking Funds Set Up 2021 | Setting Up My Sinking Funds Tracker To Hit Savings Goals

Setting up my sinking funds for the year will keep us on track with our budgeting and hitting financial goals in 2021. I'm using my sinking funds trackers to keep myself on track with my balances and how I'm saving to hit spending goals and paying annual bills.

GOOD VIDEOS TO WATCH:

SINKING FUNDS EXPLAINED:
➝ Sinking funds are savings accounts where you save up a small amount at a time for a big expense. They can be used for large one time purchases, annual or semi-annual bills, yearly expected expenses, or unexpected expenses. People save sinking funds in multiple ways, from cash envelopes to multiple savings accounts to one big savings account with detailed tracking.

Sinking funds can change your life. They radically transformed our budgeting life once we started using them. It truly makes sticking to a budget much easier because you eliminate the large expenses that wreck most people's budgets.

OUR SINKING FUND CATEGORIES:
➝ Birthdays
➝ Christmas
➝ Car Insurance
➝ Life Insurance
➝ Car Repair
➝ House (And FRIDGE!)
➝ Pet Expenses

Stay safe! Wash your hands! Be kind to people!

#budgeting #sinkingfunds #budgetwithme

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CONTACT ME:

Mary Thompson
P.O. Box 240981
Memphis, TN 38124

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**The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. I am not a professional and this channel is for entertainment purposes only. Do your own research!!

*Affiliate links. I get commissions for purchases you make through links shown here. It doesn't affect your purchase in any way and the commissions help support this channel. I only recommend items I personally use and appreciate the opportunity to share.

[DearDebt]

I used to hate the idea of sinking funds but have found them to be so necessary to be successful on this journey! Thanks for sharing Mary!

[mayraalvarado]

I’ve been waiting for a sinking fund video 😄

[ErinBudgetsAimlessly]

Sinking funds are such a game changer!! If you are hesitant, try setting up just one for something 3 - 6 months down the road. After you access and use those funds and realise the joy and peace it brings instead of the stress of ugh I have to pay this amount. . .you will become a believer!! And I love you reminding us that even if we can cash flow everything from the account, sinking funds will always have a place in the budget 😊📔💲

[inea-fijourney]

Awesome vid! I started my sinking funds in December 2020! It really feels good, allocating money to certain expenses, so whenever the bill comes in, you already have it there.
BTW my bday is in April too!! 🙋🏾‍♀️🤩😁

[Jessics]

Last year I went a little crazy with the sinking funds so this year I went down to 6 to make it more manageable, hopefully!

[NGTire]

Sinking funds changed my finances completely. Paid my car insurance today with one and the biggest inconvenience was transferring the money from savings account to current account. 🥳💞

[sandrafromscotland]

Click 👍😊 Such peace of mind having the money set aside for future dates.

[dvbstbc]

Thabjs for reminding me we are still just auto savibg the last 3 years sinking funds we really ought to review

[krisbennett]

Thanks for this great helpful video Mary. I'm now using your videos to teach my son budgeting skills.

[lolomissa]

congrats on setting up your sinking funds! i love the idea of reviewing at the beginning of the year! 🔥

[JoshuaMackos]

I wish my bank account could have little sub folders or something that allow me to put money into them like a sinking fund. That would be really helpful. I do like the idea. I get to christmas time and my spending balloons way too much. I think sinking funds will really help with that. Thanks for sharing

[lacusgreen]

I am new to your channel. I am watching your old videos. I love your pen 🥰😍 Where did you bought that?

[mommytradertube]

Love love sinking funds! You have a great plan here!! Xoxoxo -Mommy_Trader

[l.w.]

Wonderful Video! Do you save the money in your checking account in one account or do you have an account for each sinking fund? Greetings from Germany! :)

[Je.rone_]

I have a feeling that your YouTube channel is going to kill it you'll probably have a lot more money coming your way then you realize☺

[jessicarossiter]

I am thinking about switching my car insurance instead of monthly to every 6 months. I need to look into how much cheaper it will be I'm sure it's way better then paying monthly but that bill auto pays on the 3rd every month so I don't have to think about it.

[TheKrystube]

Hi! Great video as usual, Ive been watching, wondering if the new baby i will change your finances and by default your sinking finds? We're expecting in March and have slowly been building a fund in case of having to pay for emergency services out of pocket etc.

[vinice]

You should try budgeting with YNAB. It has really changed my life. You don’t have to juggle a bunch of accounts so it is so much easier to manage sinking funds. And we will be debt free (other than the mortgage) next month! 😊