2020 has been challenging & rewarding as well. I paid off $25k of debt, started saving in 7 sinking funds, opened 3 savings accounts, applied and was approved for a new cc, raised my credit score over 100 points... And this is just the beginning of my financal journey!
One tip I have for anyone feeling overwhelmed if they have too many sinking funds it that you can always just do a few of them at a time. If you want to save 200 for Christmas, 200 for Birthdays, 200 for back to school, etc, instead of saving 20 for each of them every month for 10 months you can manage one at a time (whichever is coming first) and then move to the next one. You can save 60 for a birthdays in the first 3 months, in the forth you would save the 20 that it's left and the extra 40 you would put in the next one (maybe back to school). Then you save only for back to school until that is done and move on fully to Christmas. If takes a bit of extra math to make sure you gonna reach every single goal on time or before hand, but I highly recommend, this way you only need to handle a couple of savings a month instead of 10.
I love sinking funds! I have 28 however not all of them are getting funded every month. Some of my sinking funds do not have an end date but I save up every month such as car maintenance, holidays (excluding Christmas), birthdays, clothing, hair care. Honestly, any expenses that is not paid or used every month is a sinking fund for me. So that means whenever I spend money it either comes out from our budget or a sinking fund. Gives peace of mind.
The Sinking Fund Savings methodology goes back to post-WWII. I know because I watched my father do it in 1959. Yes I am old. The term "envelope stuffing" is now "sinking fund savings." The principle is still the same.
Sinking funds are a game changer. Both of my friends live far away, so the vacation sinking fund was the first one I started. Now I have the cash when I go to visit them and that is so reassuring. My general savings account has helped me cash flow so many big expenses this year: a new phone, a lawn mower, a snow blower. 2020 has been a hard year for me in so many different ways, but sinking funds saved me from going into further debt and my goal in 2021 is to rebuild my savings account. Cut expenses, increase income, and pay off debt.
Love your overview! Auto repair and car tag sinking funds made my husband a believer earlier this year. We’ve expanded to include gifts, Christmas, sports, travel, etc. I have used your BBP planner sheets and it has been amazing. Thank you for your products and for sharing your journey and techniques with us all.
I love what you say about being realistic and taking into account your habits from the past to plan for the future. This is super important! Thanks for highlighting this!
@@ashleym1292 I was able to really be strict about how much I actually needed to survive on for food and rent and every remaining penny went into paying off debt
Gosh of all your channels. I've got to tell you- your" You tube" channel is my absolute favorite. Just 👍 and there you go the start of a educational library to pull anytime you need reference,knowledge or just a little shove in the right direction.
Short term sinking funds. Long term sinking funds. Savings. Cash envelopes. This video finally got through to me after one year. Plus, I can no longer do a cashless budget. I'm going back to cash in January. I am thankful for this video!
Made my first sinking funds starting in April 2020. First year were I could buy everything I wanted/planned without going more in debt!!!!! Thanks budgetmom ❤️ Can't wait for my 2021 sinking funds!
Well done! It's so great hearing success stories, and of people making progress on their financial journeys! You should be proud of the hard work you've put in since April!
I have a sinking fund for birthdays with no specific goal. I set aside $20-50 per month for this fund and every time I need to buy a gift for someone I have this to go to.
Miko thanks another get video. I started doing sinking funds in late 2019 and it has been great to be prepared with set aside funds for Christmas Thanksgiving, car registration, a big expense coming up that I have saved over $3000 dollars for 😇. I am so proud of myself for my discipline and enormously thankful to you and my daughter who introduced me to your the budget by paycheck method.
I just started a sinking fund for my dog's care this month. (She's in good health, so this is more for her grooming and any meds that we pick up at the vet.) My other sinking fund is for a trip to Finland whenever travel reopens. Contemplating whether to do one for birthday gifts and/or Christmas.
I wish I can do the plan like you did. I really like this idea. My husband works on commision, so his income changes every months. My budget method is a little bit difference, but it works for us. No debt, except for the house and we're trying to pay it off.
Great video and great explanation on the difference between an emergency fund and sinking funds. Before, I would just have one savings account where I would save ALL of my money. Having different sinking funds is so much more wise in planning for specific goals.
Love the envelopes! I reach my goal for Christmas and didn't have to go into more debt! hopefully by mid 2021 in debt free! I started watching when I realized I needed to change our spending & didn't understand much of cash envelopes. Thanks! 😊 🙏
Mid 2021 is in sight, and it sounds like you have a great plan ahead for success! Congrats on the progress so far Jaany, keep up the great work and you'll be debt free in no time! :)
I find I do so much better cash flowing small stuff like birthdays and holidays and sinking fund saving larger categories like Christmas, car registration, healthcare, etc
It's super hard to save, because I'm disabled / on Social Security and my partner is unemployed at present.... Money is super tight on a monthly basis, but I do whatever I can, by, like you say, stashing money in a separate account at my credit union.... It doesn't work in huge chunks, but any small savings are hugely meaningful...
This was very helpful and inspiring--thank you. I have the BBP boxed set as well and want to make sure I use the system each and every month this year!
A sinking fund is a solid strategy, but saving the money in cash in envelopes is extremely bad advice. Inflation eats away at the value of your cash so you actually end up paying a lot more than you think. It's far better to set up one bank savings account with a credit interest rate and save all of your different sinking funds in the one account to maximise your interest rate return and reduce the impact of inflation. Keep a spreadsheet with a list of your various sinking fund amounts to keep track of how much money you are putting in the account every month and how much you are allocating to each fund, for example imagine you have four sinking funds for a car, a training course, a new kitchen, Xmas presents - work out how much money you need to put into each sinking fund each month, then add them together and put that total amount into the bank account and allocate accordingly on your spreadsheet. The benefits of doing it this way are mitigating inflation, you are earning compound interest, and you are not tempted to spend the cash sitting in your house.
This can be done through a online bank name Ally they call it buckets. I do the sinking funds with that online bank and least you get some interest even though covid has caused the intrest rate to drop but at least your getting something.
there are barely any decent high yield savings accounts so its not really a big deal in terms of gaining interest on your savings. not to mention some of those accounts also have limits, like for cds a few have a 3k limit. also alot of savings funds are meant to be spent eventually not all are for savings. for example you will probably spend the holiday sinking fund by the holidays...so no need to gain a few cents in interest. also once any sinking fund reaches 1k i would 100% put it in the bank..but the sinking fund system is amazing bc you literally cannot spend money you dont have on you!
Just changed about I save monthly going to savings account! When I need to pay taxes it will be there! Insurance ? It will be there too! As well as Birthdays Christmas, emergency’s etc! Also no cash around to get robbed or burn up in a fire! Waste of time!
I just came to your channel by sudden and i love it , I love how organize you are and very simple. Im addictive to budgeting and organizing and you are an expert. Thank you and definitely i will subscribe 🥰
I'm starting pearty soon my budged with this year . My husband doesn't believed me caused I spend a lot . I don't blame him for that but I want to make a difference this year and prove him wrong. I'm actually doin 3 different savings including my 52 weeks challenged. Wish me luck.
Thank you for the advice about thinking about when it is that I feel pressured to use a credit card and make a sinking fund for that. That is very helpful.
I just found you today from a friend.. envelopes! I do that! But i love the spunk and color you have with it! I dont know if its just you making budget books, but i write mine out everytime. Multicolor yes but full of life like yours.. no haha but its fun and i love it!
I’ve been binge watching your videos all week trying to learn to budget! So glad I found your channel! Which Credit Union do you use? My fiancé and I want to open an account at one but so many to chose from!
My Christmas sinking fund was such a game changer for Christmas this year! I still cashflowed a present or two but the holidays weren't the wrecking ball to my finances that they have been in the past. I'm going to up my Christmas sf amount in 2021 and start my car sf as well
I only have one sinking fund for all our bills (power, council rates, car registration etc.) sitting in an offset accoint, and one general savings account for everything else. Not spending money on holidays or vacations makes this super easy :)
i would love it if the envelope sinking fund trackers have the same number of lines to highlight as the sinking fund visual trackers and the other single visual trackers like for credit cards,etc.. it would make it easier to highlight with out doing the math 😂
When you reach your goal for your sinking fund in the year do you make another envelope so you can colour it in or do you use the same one when you save again for the sinking fund
So helpful, thank you Miko! I started with you summer of this year but will strive to be more on point this year. Loving your nails - please share your secret!
I have done sinking funds for years...but I have ONE savings acct that I have 12 sinking funds being deposited every month...that way I dont have all that cash laying around the house..I keep a spread sheet with EACH fund and The monthly amt I deposit each week or monthly....my 3 smaller funds I also keep those separate in another savings acct...makes you accountable for your money each month...
That’s really interesting. Here in France, we’re virtually cashless. I have four saving accounts plus our main current account. It’s cheap to live here too as we all seem to spend less than other countries.
This video was very helpful. Can you show how you add sinking funds to your expense tracker and where did my money go worksheets? That's where my confusion comes in.
Thanks for your Saving challenges they really help so I came up one of mine I love music cds so I came up with monthly music 20 side dice game so if I roll 12 I have to save 120 dollars from my music budget this should save me a ton this year also have happy holidays 😀
@@Living4YHWH we have been making the minimum on all our credit cards. My husband is about to lose his job and I'm worried. Are you saying any extra that we put on one debt at a time instead of putting it in a sinking fund?
Im total new at budgeting!!!! And im so scared but I really need to start we are struggling so very bad I have 4 kids and my husband is working so hard but we are always broke and bills are being missed so my question is where do I start???? Please help what videos should I start with and what should I do
Start with writing out your monthly bills/expenses, this will let you see where your money is going. Put the dates they are due next to them and sort by date. Look at your monthly earnings, i use the smallest check i get from stat holidays never a full check as my earnings base. If you make 2 checks a month, bills will come at the start or end of a month, so i split them to find a balance between checks. If i have to split rent to balance it out i do. This helps with not having extra at the end of the month or being tight for cash between checks. Thats what i did when i started budgeting, and it grows from there 😊 hope this helps
Google these two budgeting plans, the 60% solution and the 50/30/20 rule. Both will help you bucket your finances, just figure out which one will work better for you and your family.
Hi check out a online bank name Ally . You can use their savings account and do the sinking funds through them. They call it buckets.Its way much easier and you can gain a little intrest. Google their number and call them as they have excellent customer service
I need to implement sinking funds and a budget. I tend to not be realistic. Time to get real. Pay off debt. And budget by paycheck. 2021my finances will be in check
2020 has been challenging & rewarding as well. I paid off $25k of debt, started saving in 7 sinking funds, opened 3 savings accounts, applied and was approved for a new cc, raised my credit score over 100 points... And this is just the beginning of my financal journey!
Stay away from spenders and toxic people!
Woooo hooo! 🥳✨
Wow! That's awesome!
How’s it going right now
One tip I have for anyone feeling overwhelmed if they have too many sinking funds it that you can always just do a few of them at a time. If you want to save 200 for Christmas, 200 for Birthdays, 200 for back to school, etc, instead of saving 20 for each of them every month for 10 months you can manage one at a time (whichever is coming first) and then move to the next one. You can save 60 for a birthdays in the first 3 months, in the forth you would save the 20 that it's left and the extra 40 you would put in the next one (maybe back to school). Then you save only for back to school until that is done and move on fully to Christmas. If takes a bit of extra math to make sure you gonna reach every single goal on time or before hand, but I highly recommend, this way you only need to handle a couple of savings a month instead of 10.
that is what i did last year and yes it worked! so its all about planning the timeline :)
I love this suggestion because I was SO overwhelmed by my number of SF! Thank you!
I love sinking funds! I have 28 however not all of them are getting funded every month. Some of my sinking funds do not have an end date but I save up every month such as car maintenance, holidays (excluding Christmas), birthdays, clothing, hair care. Honestly, any expenses that is not paid or used every month is a sinking fund for me. So that means whenever I spend money it either comes out from our budget or a sinking fund. Gives peace of mind.
That right there is life goals, good job.
Just sat down with my husband tonight and made our 2021 year budget/ sinking funds
The Sinking Fund Savings methodology goes back to post-WWII. I know because I watched my father do it in 1959. Yes I am old. The term "envelope stuffing" is now "sinking fund savings." The principle is still the same.
Sinking funds are a game changer. Both of my friends live far away, so the vacation sinking fund was the first one I started. Now I have the cash when I go to visit them and that is so reassuring. My general savings account has helped me cash flow so many big expenses this year: a new phone, a lawn mower, a snow blower. 2020 has been a hard year for me in so many different ways, but sinking funds saved me from going into further debt and my goal in 2021 is to rebuild my savings account. Cut expenses, increase income, and pay off debt.
Love your overview! Auto repair and car tag sinking funds made my husband a believer earlier this year. We’ve expanded to include gifts, Christmas, sports, travel, etc. I have used your BBP planner sheets and it has been amazing. Thank you for your products and for sharing your journey and techniques with us all.
I love what you say about being realistic and taking into account your habits from the past to plan for the future. This is super important! Thanks for highlighting this!
I just paid off my $6K debt in 4 months and the final payment was on Christmas! I can’t wait writing out my sinking funds and goals for 2021!
How did you pay that off in such a short amount of time?! That’s amazing
@@ashleym1292 I was able to really be strict about how much I actually needed to survive on for food and rent and every remaining penny went into paying off debt
Congratulations!!! This is awesome
This my goal that bout how much debt I’m in wish me luck
@@georgiafremon6293 I am currently doing the same and its going great!!! I will be debt free before the year ends
I LOVE your explanation of cash flowing birthdays but having sinking funds for the bigger ones 🤩
Gosh of all your channels. I've got to tell you- your" You tube" channel is my absolute favorite. Just 👍 and there you go the start of a educational library to pull anytime you need reference,knowledge or just a little shove in the right direction.
Thank you for sharing this. I’m starting sinking funds this year! I’ve never done them before. 2021 is going to be an amazing year for me!
This is how i do it for several years and it's always a really good feeling to be prepared when the bill comes.
Short term sinking funds. Long term sinking funds. Savings. Cash envelopes. This video finally got through to me after one year. Plus, I can no longer do a cashless budget. I'm going back to cash in January. I am thankful for this video!
Made my first sinking funds starting in April 2020. First year were I could buy everything I wanted/planned without going more in debt!!!!! Thanks budgetmom ❤️ Can't wait for my 2021 sinking funds!
Well done! It's so great hearing success stories, and of people making progress on their financial journeys! You should be proud of the hard work you've put in since April!
I have a sinking fund for birthdays with no specific goal. I set aside $20-50 per month for this fund and every time I need to buy a gift for someone I have this to go to.
This is such a good one to have, never thought of that!
I set up my sinking funds for the first time in a WHILE and I felt so accomplished!!
Miko thanks another get video. I started doing sinking funds in late 2019 and it has been great to be prepared with set aside funds for Christmas Thanksgiving, car registration, a big expense coming up that I have saved over $3000 dollars for 😇. I am so proud of myself for my discipline and enormously thankful to you and my daughter who introduced me to your the budget by paycheck method.
Thank you for sharing your knowledge in finance. Sinking funds are so important and helpful in our budget.
I love this, thank you for sharing! I want to start my sinking funds for 2021! 🎄
Valentine’s Day SF is done, I’m working on Mother’s Day Father’s Day and paying off debt!💕
I just started a sinking fund for my dog's care this month. (She's in good health, so this is more for her grooming and any meds that we pick up at the vet.) My other sinking fund is for a trip to Finland whenever travel reopens. Contemplating whether to do one for birthday gifts and/or Christmas.
I wish I can do the plan like you did. I really like this idea. My husband works on commision, so his income changes every months. My budget method is a little bit difference, but it works for us. No debt, except for the house and we're trying to pay it off.
Great video and great explanation on the difference between an emergency fund and sinking funds. Before, I would just have one savings account where I would save ALL of my money. Having different sinking funds is so much more wise in planning for specific goals.
I am starting my sinking funds 2021. Never done this before but i am very hopeful.
So excited to start the process in the New Year.. Purchased the online version as I live in Ireland 🇮🇪.. XX
Hello TBM family. A wonderful Saturday to you all 💜💜💜
I never thought of sinking funds, but this year I had Christmas Sinking Fund which was really helpful for this season. Love from India
I do the 52 week savings challenge every year and for 2020 I doubled it!
I love sinking funds best thing I have discovered EVER!! Thanks for the video, Subscribed :)
Love the envelopes! I reach my goal for Christmas and didn't have to go into more debt! hopefully by mid 2021 in debt free! I started watching when I realized I needed to change our spending & didn't understand much of cash envelopes. Thanks! 😊 🙏
Mid 2021 is in sight, and it sounds like you have a great plan ahead for success! Congrats on the progress so far Jaany, keep up the great work and you'll be debt free in no time! :)
I find I do so much better cash flowing small stuff like birthdays and holidays and sinking fund saving larger categories like Christmas, car registration, healthcare, etc
Love love love it. I have only used sinking funds for a year but I love them.
Sinking funds have been a complete game changer for me! I can't tell you how many times I would have broken my budget if I hadn't of had them!
Love the envelopes where you can color in your progress. I love the visual. Thanks for the idea.
It's super hard to save, because I'm disabled / on Social Security and my partner is unemployed at present.... Money is super tight on a monthly basis, but I do whatever I can, by, like you say, stashing money in a separate account at my credit union.... It doesn't work in huge chunks, but any small savings are hugely meaningful...
Thank you so much know I truly understand how to do the sinking fund
This was very helpful and inspiring--thank you. I have the BBP boxed set as well and want to make sure I use the system each and every month this year!
A sinking fund is a solid strategy, but saving the money in cash in envelopes is extremely bad advice. Inflation eats away at the value of your cash so you actually end up paying a lot more than you think. It's far better to set up one bank savings account with a credit interest rate and save all of your different sinking funds in the one account to maximise your interest rate return and reduce the impact of inflation. Keep a spreadsheet with a list of your various sinking fund amounts to keep track of how much money you are putting in the account every month and how much you are allocating to each fund, for example imagine you have four sinking funds for a car, a training course, a new kitchen, Xmas presents - work out how much money you need to put into each sinking fund each month, then add them together and put that total amount into the bank account and allocate accordingly on your spreadsheet. The benefits of doing it this way are mitigating inflation, you are earning compound interest, and you are not tempted to spend the cash sitting in your house.
This can be done through a online bank name Ally they call it buckets. I do the sinking funds with that online bank and least you get some interest even though covid has caused the intrest rate to drop but at least your getting something.
there are barely any decent high yield savings accounts so its not really a big deal in terms of gaining interest on your savings. not to mention some of those accounts also have limits, like for cds a few have a 3k limit. also alot of savings funds are meant to be spent eventually not all are for savings. for example you will probably spend the holiday sinking fund by the holidays...so no need to gain a few cents in interest. also once any sinking fund reaches 1k i would 100% put it in the bank..but the sinking fund system is amazing bc you literally cannot spend money you dont have on you!
These videos are so helpful! Thank you! And I must add I love your opening to the video!
My sinking fund $600 a month.
Vacations
Special occasions
Car registration
Car insurance
Just changed about I save monthly going to savings account! When I need to pay taxes it will be there! Insurance ? It will be there too! As well as Birthdays Christmas, emergency’s etc! Also no cash around to get robbed or burn up in a fire! Waste of time!
Thank you. This was very well presented and inspiring.
I just came to your channel by sudden and i love it , I love how organize you are and very simple. Im addictive to budgeting and organizing and you are an expert. Thank you and definitely i will subscribe 🥰
I also do visuals for my sinking funds (just drawings I make in my notebook), and it is so satisfying to color in each section. Highly recommend!
I'm starting pearty soon my budged with this year . My husband doesn't believed me caused I spend a lot . I don't blame him for that but I want to make a difference this year and prove him wrong. I'm actually doin 3 different savings including my 52 weeks challenged. Wish me luck.
These r so pretty! But my goal for 2021 is to go cashless ! So I'll be using visuals mostly I guess
I’m going to make a goal this year to start my sinking founds 😎
I’m fascinated by your thorough way of pronouncing the year numbers (“twenty twenty-one” etc.). Sounds pretty. 😊
Thanks. I had no clue what a sinking fund was! I need to do this!
Thank you for the advice about thinking about when it is that I feel pressured to use a credit card and make a sinking fund for that. That is very helpful.
I was thinking what is sinking fund is , you are inspiring me a lot
This video was very helpful for me. Thank you!
You’re bloody awesome! Thanks for explaining in detail too! Well done you seriously impressive!
I just found you today from a friend.. envelopes! I do that! But i love the spunk and color you have with it! I dont know if its just you making budget books, but i write mine out everytime. Multicolor yes but full of life like yours.. no haha but its fun and i love it!
Your Journal and envelopes are so aesthetic! LOVE IT!
I’ve been binge watching your videos all week trying to learn to budget! So glad I found your channel! Which Credit Union do you use? My fiancé and I want to open an account at one but so many to chose from!
I've created a sinking fund to pay my property tax that way I have it when it comes around. thank you for the idea.
My Christmas sinking fund was such a game changer for Christmas this year! I still cashflowed a present or two but the holidays weren't the wrecking ball to my finances that they have been in the past. I'm going to up my Christmas sf amount in 2021 and start my car sf as well
I just received my filofax. It is fab, I can even fit my fone in the elastic bit. Feeling ultra organized!
I only have one sinking fund for all our bills (power, council rates, car registration etc.) sitting in an offset accoint, and one general savings account for everything else. Not spending money on holidays or vacations makes this super easy :)
I appreciate this video! I’m ready for 2021! 👏
Thanks for this video. It,s been useful to organize my 2021 budget.
Great content. We did our sinking funds for 2021 on New Year's. 1st time ever doing. I'm excited
When do you think the budget workbook will be back in stock? I have it set to email me but I need to get something to use soon.
How do you determine how much to allocate to each fund?
Thank you so much for this. I finally fully understand how to do sinking funds.
I would love the workbook, I just wish it had a section for debt. but I may still can work with it
I need a Christmas sinking fund for 2021 I did not budget Christmas well
Start now 💖 You will be so happy you did.....
Thanks for sharing! Very helpful! ❤
i would love it if the envelope sinking fund trackers have the same number of lines to highlight as the sinking fund visual trackers and the other single visual trackers like for credit cards,etc.. it would make it easier to highlight with out doing the math 😂
I started my first sinking funds this year.
This video seriously just saved me so much time (& many headaches) in planning for 2021
👍 awesome tips & tricks, you are going to save a lot of money 🌝 I love the finance videos:)
When you reach your goal for your sinking fund in the year do you make another envelope so you can colour it in or do you use the same one when you save again for the sinking fund
Do you use regular white paper to print out your envelope's?
Yes or you can get the thicker premium paper if you want to make them a little sturdier.
So helpful, thank you Miko! I started with you summer of this year but will strive to be more on point this year.
Loving your nails - please share your secret!
Im working now to my emergency plan i start already i have some saving now im.so happy
Sinking fund helps me organize my current and future anticipated bills 💵
I have done sinking funds for years...but I have ONE savings acct that I have 12 sinking funds being deposited every month...that way I dont have all that cash laying around the house..I keep a spread sheet with EACH fund and The monthly amt I deposit each week or monthly....my 3 smaller funds I also keep those separate in another savings acct...makes you accountable for your money each month...
Starting my first sinking fund in January 2021!
That’s really interesting. Here in France, we’re virtually cashless. I have four saving accounts plus our main current account. It’s cheap to live here too as we all seem to spend less than other countries.
Hi! Can you make a video on saving for your sons future? 529? Roth IRA? High yield account? Thx u!
Very useful video, thanks
These envelopes are so cute.
Savings is important
Good idea! Thanks for sharing
This video was very helpful. Can you show how you add sinking funds to your expense tracker and where did my money go worksheets? That's where my confusion comes in.
Miko, in the BBP workbook. Would monthly investments contributions be listed under savings or sinking funds?
Thanks for your Saving challenges they really help so I came up one of mine I love music cds so I came up with monthly music 20 side dice game so if I roll 12 I have to save 120 dollars from my music budget this should save me a ton this year also have happy holidays 😀
Great video love it and thanks for sharing
Miko, would you consider making a sinking fund to get out of debt one at a time?
Why wouldn't you just make the payments to the debts and decrease the interest while you pay it off?
@@Living4YHWH we have been making the minimum on all our credit cards. My husband is about to lose his job and I'm worried. Are you saying any extra that we put on one debt at a time instead of putting it in a sinking fund?
Thank you so much! I will try it for 2021!!!! I Love your nail colour! What have you used???? I‘‘m obsessed with it 🤣 Greetings from Austria 😘
Great video! Thanks for sharing :)
Im total new at budgeting!!!! And im so scared but I really need to start we are struggling so very bad I have 4 kids and my husband is working so hard but we are always broke and bills are being missed so my question is where do I start???? Please help what videos should I start with and what should I do
I’m on the same exact boat pls help
Start with writing out your monthly bills/expenses, this will let you see where your money is going. Put the dates they are due next to them and sort by date.
Look at your monthly earnings, i use the smallest check i get from stat holidays never a full check as my earnings base.
If you make 2 checks a month, bills will come at the start or end of a month, so i split them to find a balance between checks. If i have to split rent to balance it out i do. This helps with not having extra at the end of the month or being tight for cash between checks.
Thats what i did when i started budgeting, and it grows from there 😊 hope this helps
Google these two budgeting plans, the 60% solution and the 50/30/20 rule. Both will help you bucket your finances, just figure out which one will work better for you and your family.
Dave Ramsey 7 baby steps.
Paying off small debts fast is key to winning.
How many years do you think is ok to save for upfront? Ex. You saved for 2021 back to school. Will you save for 2022, 2023 now?
No, I will wait to save for those until that year
Love it. Thanks so much for sharing!! ❤️❤️❤️
Excellent! I'm so confused about sinking funds.
Hi check out a online bank name Ally . You can use their savings account and do the sinking funds through them. They call it buckets.Its way much easier and you can gain a little intrest.
Google their number and call them as they have excellent customer service
Setting mines up now for 2021!!!
Thanks, never thought of it that way 👍
I need to implement sinking funds and a budget. I tend to not be realistic. Time to get real. Pay off debt. And budget by paycheck. 2021my finances will be in check