Sinking funds are amazing. My favorite artist of all time is Carrie Underwood, and tickets to see her are outrageously priced. I know every year I'm probably going to go see her concert, so I set a sinking fund up specifically for her tickets. This past week I was able to purchase tickets to see her in April In Nashville at the grand ole opry. When my credit card statement closes I'll just pull the money from my sinking fund to cover the cost of the tickets.
Sinking funds were always great for me in theory but never really worked until I got an account with Ally so I could put all my sinking funds in a separate bucket within my account too. It's helpful to see that they are allocated in my bank account exactly how they are in the spreadsheet. TY for this spreadsheet- I have finally been able to budget for occasional expenses and stopped overdrafting once I set it up this way!
I tend to shop for clothes/shoes in the spring and fall lol but we have sinking funds for car, house, travel, Christmas. It’s really hard to accomplish those things otherwise without going into debt.
Home repairs and renovations are my favorite expenses to use sinking funds for. Also replacing cars. I keep these going constantly in our monthly budget.
Another thing I have allowed myself recently is grabbing any vaguely loose money in my accounts to put towards the materials for a landscaping project I have been working on - as I have the time to work on it now (in New Zealand's Summer) especially as due to the statuary holidays with Christmas and New Year I was able to have four weeks off (actually 31 days - included Wellington Anniversary day) at the cost of only 16 annual leave days (in my Government job we get 25 days per year). Because time is also a rare commodity for a working wife and mother, not just money. I'm content that we will be able to reimburse the accounts as we work through the short, wet Winter days.
What I've been doing might be considered naughty, but its worked for me - I have several Sinking Funds (other than car fund) which I keep in one account. This has meant even annual payments that cropped up before I had the Sinking Funds for many months could be covered by the total amount in the account - and the other Sinking Funds I had 'stolen' from when their item became due for payment I could in turn pay for it from the new total in the Sinking Funds account (which would include the amounts put aside for the initial bill I'd paid for). I would not have had enough income to cover the bills separately from the get go in time for when they occurred - especially as the bills turned up at different times.
I should have said how I keep track of all the different Sinking Funds in one bank account within Google Docs, where I record the running balance for each fund (eg Presents, Holidays, Clothes etc), including purchases and added payments.
I had a brilliant idea during our "money date" to make a sinking fund for tech/gadgets. I hate HATE how frequently my husband insists we "need" to get a new tablet, laptop, computer, cell phone, smart TV, streaming device, Wyze cam, game system, etc. It never ends. Our junior high kids got two new ipads for Christmas and already there's talk about why we "need" to replace one of the two laptops and switch it to a desktop...we already have a desktop. The laptops and desktops are all less than three years old. WHY. My proposal is a sinking fund. Let's add money monthly and that's the budget, that's what you have to work with. Less frustration for both of us once we agree on the dollar amount, I hope.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years
There are many financial coaches who excel in their profession, but for the time being, I employ Eleanor Johnston Sorensen because I adore her methods.
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Sinking funds are amazing. My favorite artist of all time is Carrie Underwood, and tickets to see her are outrageously priced. I know every year I'm probably going to go see her concert, so I set a sinking fund up specifically for her tickets. This past week I was able to purchase tickets to see her in April In Nashville at the grand ole opry. When my credit card statement closes I'll just pull the money from my sinking fund to cover the cost of the tickets.
Sinking funds were always great for me in theory but never really worked until I got an account with Ally so I could put all my sinking funds in a separate bucket within my account too. It's helpful to see that they are allocated in my bank account exactly how they are in the spreadsheet. TY for this spreadsheet- I have finally been able to budget for occasional expenses and stopped overdrafting once I set it up this way!
I tend to shop for clothes/shoes in the spring and fall lol but we have sinking funds for car,
house, travel, Christmas. It’s really hard to accomplish those things otherwise without going into debt.
Home repairs and renovations are my favorite expenses to use sinking funds for. Also replacing cars. I keep these going constantly in our monthly budget.
Another thing I have allowed myself recently is grabbing any vaguely loose money in my accounts to put towards the materials for a landscaping project I have been working on - as I have the time to work on it now (in New Zealand's Summer) especially as due to the statuary holidays with Christmas and New Year I was able to have four weeks off (actually 31 days - included Wellington Anniversary day) at the cost of only 16 annual leave days (in my Government job we get 25 days per year). Because time is also a rare commodity for a working wife and mother, not just money. I'm content that we will be able to reimburse the accounts as we work through the short, wet Winter days.
What I've been doing might be considered naughty, but its worked for me - I have several Sinking Funds (other than car fund) which I keep in one account. This has meant even annual payments that cropped up before I had the Sinking Funds for many months could be covered by the total amount in the account - and the other Sinking Funds I had 'stolen' from when their item became due for payment I could in turn pay for it from the new total in the Sinking Funds account (which would include the amounts put aside for the initial bill I'd paid for). I would not have had enough income to cover the bills separately from the get go in time for when they occurred - especially as the bills turned up at different times.
What could be referred to as a "Robbing Peter to pay Paul" approach to Sinking Funds.
I do the same thing. It works.
Thank you! Good to hear I'm not alone in this approach @@Red_1976
I should have said how I keep track of all the different Sinking Funds in one bank account within Google Docs, where I record the running balance for each fund (eg Presents, Holidays, Clothes etc), including purchases and added payments.
Great video sinking funds are super important
I had a brilliant idea during our "money date" to make a sinking fund for tech/gadgets. I hate HATE how frequently my husband insists we "need" to get a new tablet, laptop, computer, cell phone, smart TV, streaming device, Wyze cam, game system, etc. It never ends. Our junior high kids got two new ipads for Christmas and already there's talk about why we "need" to replace one of the two laptops and switch it to a desktop...we already have a desktop. The laptops and desktops are all less than three years old. WHY.
My proposal is a sinking fund. Let's add money monthly and that's the budget, that's what you have to work with. Less frustration for both of us once we agree on the dollar amount, I hope.
I might have to wash this more than once
lol yeah it’s worth it
i am having trouble with the coding. can you explain that in more detail????
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years
Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
@strategisteleanor
THAT IS HER USER NAME
and she’s active on TE,LE,GR,AM....
Thanks, will get in touch!
There are many financial coaches who excel in their profession, but for the time being, I employ Eleanor Johnston Sorensen because I adore her methods.