My November Sinking Funds! | erika_lifevlogs
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- เผยแพร่เมื่อ 10 ก.ย. 2024
- Today I go over what sinking funds Im actively funding for life unexpected surprises. A lot has to do with the holidays and taxes basically but its always better to be prepared than sorry. I prefer this method better just because cash flowing expenses on a paycheck that is already setup & budgeted can really just set me up for failure. Which can ultimately lead to more debt so I prefer to save a little each payday instead of going with the flow of life.
I hope you guys enjoyed this.
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Erika
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I started my sinking funds this month, I am well on my way to financial freedom❤️💛
Let me know if you want some custom envelopes 😌
Nellie Martinez oh thanks, I'd appreciate some
NKECHI ELIZZY just message me on Instagram and we can get it worked out !
NKECHI ELIZZY @nellisha_consuelo
Having sinking funds for taxes is such a great idea (instead of just putting all of the money into savings!). I'm going to start doing that. Great job with this video & I hope you (& your car) are feeling a lot better!!
I wish I could find someone that makes stickers for taxes.
@@jackiefoster6846 these ones are cute!!! I love etsy for stickers
www.etsy.com/au/listing/691276996/taxes-words-and-icons-words-and-icon?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=stickers+tax&ref=sr_gallery-1-36&organic_search_click=1&cns=1
Thank you for your videos. I still have not created a budget, but will soon and you are helping me. Thank u.
Cecilia Carranza isn’t it great?!? Honest so happy I started last year!
Hello! I've been enjoying your channel. I love how thorough and detailed you are with your budget/debt-free journey. Keep up the good work, God bless you!
Good Morning Erika! Always a great way of starting my day. 😊
How do you decide on what you will contribute to each sinking fund? Do you have a certain date or amount? Or do you contribute what you can when you can?
Honestly you can do either one. You can contribute a certain amount by a specific date or you can save what you can as you go along. It’s totally up to you.
I hear you I want to go to Disneyland so bad!!! We are saving for it to go in 2020 but only have $20 funded so far haha.
And agree with you on the car maintenance fund always needing more funding! Even though the maintenance on my Civic is pretty low, it still needs regular maintenance and just had his 200k mile major service a couple months ago! That was big.
What do you do when you put the sinking funds that have gotten large into a bank account? Do you have separate bank accounts for each one or just an additional savings account for each one?
Always love your debt and sinking funds videos. You inspire me! 😊
Hannah Saunders I have a couple separate! So my emergency fund has its own account but car maintenance and taxes are on the same I just keep track!!
I was wondering the same thing, I feel that if I were to put them into one acct I'd forget how much was in each category.... I'll have to think of how I'd want to keep track of each
Erika do you add money every paycheck to a medical fund to pay medical bills?
Have you ever heard of a HSA? I’m not sure if your employer has to offer it for you to get it, but my employer offers it, and basically you can add a set amount every paycheck BEFORE taxes. So that’s just a little bit less money you have to pay taxes on. I have one that my employer contributes to yearly, but I personally don’t contribute any yet. But once I get my debts paid off I plan on starting to contribute a little every month 😊
That's the best type of medical fund to have!
Needing Less agreed! You get a medical fund still that’s tax free. You just can’t use it on anything other than medical purposes though. Does your employer contribute towards yours too? We get $500 dollars a year for just us, but 1000 for spouse/defendants too.
@@steffanie6569 - I don't have one, but my sister does.
Steffanie I have an HSA through my job as well. Super useful to have and even if I leave my job I still get to keep the funds.
Cars can be a pain at times, especially at 04:00 💚
Yes Disney 2020 here we come .....budgeting with sinking funds
Omg, i just LOVE how your hands looks like mine soo much 😍💕
I just started my sinking funds this month ! Btw your cash envelopes are soo cute !
Love your channel. I just ordered my first 2020 stickers from you. Cant wait to receive. I'm getting serious about paying off debt in 2020! Keep inspiring..
Hi, can you tell me where i can get that Gillio ring binder?
I love Disneyland, my pass expires today and I haven’t been able to go the last few months cause i was pregnant and im not renewing since i just had my twins and we dont plan on taking them there any time soon.
Love sinking funds. Especially our travel & auto maintenance ones.
Love the for that holds your envelopes.
I do sinking funds on my actual bank account for bills and general savings for things i want, so i can earn interest on them :) Also loved your debt tracker video!
Im hoping soon I can find a bank thatll allow this for now Im sitting on it until something comes up
@@erikalifevlogs ING and most other banks allow you to have multiple online savings accounts! (however normally only 1 account is eligable for the highest interest rate), i am in australia though.
LOVE THE SINKING FUNDS!
Watching these get me excited to start but I’m waiting until January 😅 the holidays are going to kill me
Now this is a dose of reality! 😁 Best of luck from January 2020.
Same here.
I am trying so hard to figure out how to budget. I am 14 with a job and I’m saving for emancipation and a car. And an emergency fund and all the things in life. I just have a BAD spending problem and I NEED to break it fast
The easiest way to start is by knowing how much you usually get paid. Then setting a plan for your money.
Write out the priorities of where you want your money to go (be realistic. Everything takes time). Then write out what you need to basically survive with. Food, housing etc.
Then jot down a number you know that that sums up how much you spend out of the blue on stuff.
Then break it down
Income - basic survival - savings priority - impulse buying = amount
If you come up negative then adjust the amounts in each category until you find an equation that works for you. But unless you are discipline and begin to tell yourself NO then no planning/budgeting can help you. You are the only one that can control your behavior/habits
Amazing video. Just subscribed! From one Budget channel to another 💙🤗
I always think you're saying "cart maintenance" lol
Enjoyed this. Just subbed
I just saw your vid and I want to have a ring binder planner so bad with cute envelopes! ^_____^ what's the ideal size for ring binder planners? Is that an A6 size?
10k subs!! 👏
I like that ring bound planner.
Those are super nice pens!!!!
Thank you!
Love your videos
Where do they actually shut down ?
Love your nails what did you get on them?
I want to purchase a budget planner like yours, do you do any add ons to your planner or buy as is?
It depends on what you find and buy
Keep it up, you're doing amazing.
Babe ! Have you done your TH-cam pay?! Maybe I missed it ?!? Can you tell me ?!
Oh just finished watching lolol you explained 😂😂😂
You didn’t link anything haha
Your sinking fund for a shut down should be put in a savings account so you earn interest! :)
Yes Disney 2020 here we come .....budgeting with sinking funds