My 9 Sinking Funds | 2021 Sinking Funds to Set Up | How Much I Have Saved

In this video I'm sharing my 9 sinking funds and how much money I have saved in each one for the year 2021! This will help give beginners a good idea of the sinking funds they need to have set up.
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Disclaimer: I’m not a financial expert, accountant, or anything related. I am not qualified or certified to give financial advice. This channel’s content is not to be construed as personalized advice. However, I am sharing my personal experience and individual opinions. If you are looking for financial advice, please seek the services of professional advisers.

[davisamills]

I use Ally (buckets) for all of my Sinking Funds. They allow up to 10 buckets and I have 10. My sinking funds are 1. Rainy Day Fund. 2. Pet Fund (for the Vet or any emergencies regarding my fur baby). 3. Travel/Vacation. 4. Holidays/Christmas Fund. 5. Car Fund to purchase my Honda CRV in cash. 6. Emergency Fund (6 months of living expenses). 7. ROTH IRA Fund (goal is to max out $6, 000 every year). 8. Taxes (every year I owe at least $800-$1000 in taxes). 9. Wedding Fund (planning to get married in 2022). 10. House Down Payment Fund (goal: 20% down).

[glb]

So helpful! I’m working on a single income with two kids and created like 20 sinking funds but the reality is I can’t save for all of them and it’s been stressful. This helped me reframe my budgeting for me.

[LifeUnfiltered]

Hey girl started my cash stuffing channel to keep myself on track! I wanna teach people but also hold myself accountable

[lailathompson]

I have 8 that are in use right now. Taxes, car maintenance, birthdays, medical, vacation, gifts, holidays and HOA

[OdrySoutherland]

Can you do a video about how you budget for your clothes? You always look so nice and put together, i wonder if you have any tips on that . Thank you

[diannesicobin]

What I love ❤️ about this video is you’re starting with small amounts 😩❤️ God bless you on your journey. Love from St.Lucia 🇱🇨

[tamikajones]

My sinking funds include Emergency, Car Maintenance, Car Insurance (to pay the premium 3 - 6 months ahead), Medical, Debt Payoff, Vacation, Taxes (for filing fee), Christmas, Gifts, Holidays (for Thanksgiving, Christmas, & New Year's dinners), Utilities(to offset the summer & winter bills), and Birthdays.

[DearDebt]

Love this! We only keep one savings account and I just digitally track each sinking fund in my budget.

[MJ_Solo]

I’m too scattered to be able to keep up with multiple accounts. I’ve found over the years, I do better to keep things as streamlined as possible possible. One credit card, 1 checking, 1 savings. I can’t even do store cards. I just dump as much into savings as possible after my necessities are paid for

[MsMamamia]

I also have a back to school sinking fund for my daughter and a vacation sinking fund. I’m taking her to Disney World next summer and I’m saving up for that.

[MoneywithGab]

I have about 11 sinking funds at the moment. I really think I can condense them down to about 7 lol Love that summer sinking fund is key Iyou

[acestarone]

thanks for this video. i learned so much. i definitely need to incorporate the sinking fund system. i am going to look into using allied as well.

[mscott]

If you're going to live in one side of the duplex, typically 3% can get you in. You might be ready sooner rather than later if, even with a reserve depending on where you buy. Good content.

[ameliarosetalks]

These were great examples of how to use sinking funds x

[rosefaavesi]

Look into Qube Money, I just started using them for my sinking funds/variable expenses. But I still use my regular bank for my bills. Thank you so much for keeping me motivated to become debt-free!!

[RachelCumberbatch]

You truly are super mum! Childcare is so expensive in the UK! For 3 days a week we pay £700 but when they turn 3 they receive 22 hours a week free which helps a lot. I’m definitely going to set up a giving and rainy day sinking fund this makes so much sense! Thank you love your videos 🙌

[miamiflorida]

Can you go into detail of how you sign up and use those sinking fund apps? I need that, the cash envelopes were a disaster for me.

[blaakcoffee]

Several sinking funds- car fund, car maintenance, house maintenance, vacation, gifts. I use high-yield savings account/ Goldman Sachs

[millennialmoneyprogress]

Where did you open your Roth IRA? This is a great time to open it since you can still contribute to the 2020 tax year (extended to May 17)!

[lee-]

I have three home car lifestyle! I try not to have too much as I get overwhelmed pretty quickly