The 6 Sinking Funds You NEED In Your Budget To Prepare You For Anything

This video talks about the 6 sinking funds you need in your budget to help you save for short term expense. This will make you more efficient and can stay on top of annual expenses and keep you out of debt!

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Why I'm aiming for seven income streams. I want to have multiple income streams to help our early retirement goals.

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DISCLAIMER: I am not a Financial Adviser and do not offer Financial Advice. I create these videos for education and entertainment purposes.

[tomaustin]

I use sinking funds but slightly differently. I have target amounts for each category calculated on an excel sheet added up then divided by 12 and just transfer that full amount over to a single saving pot. When I need to buy something I check the excel sheet for my budget and transfer that amount over to spend. Any excess can then be transferred into long term investments from what wasn't spent. The savings pot also houses my emergency fund (again calculated on excel) so the money is always available and amounts can be used as it always tops back up over the 12 months from wages.
Slightly more complex perhaps but then I don't have lots of pots of money in different places. By using a credit union account you get a profit share on positive balances and if a catastrophic event occurred and you needed to borrow, it would be possible to take a loan from them also at reasonable rates. Hopefully never as a good emergency fund should cover everything but when starting out it might not.
Better saving rates than most cash ISAs and premium bonds as well. 3-4 working day delays on withdrawals but that helps avoid impulse spending

[ThriftyAsian]

Great advice! I use all the sinking funds and more. It helps alot.

[livysoldana]

Where were you 18 years ago. This is surely helpful lol once I get done paying my 2nd mortgage