Miko I’ve watched all your videos and you’re yelling at us 😂😂 I love it. It just shows how passionate and confident you are. I’m hoping to start my budgeting journey soon. You’ve already changed my life before I’ve even started. Thank you so much!! 🥰🥰 you’re a God send.
Maybe I missed it somewhere, can you show us how you reconcile spending from the sinking funds? How do I track it and where do I put it in my budget recap?
I make it work by grouping like sinking funds together. So 'gifts' includes any gifts. 'mini emergencies' includes anything for house car etc As you said sticking to within your means is most important. No point having sinking funds if they exceed your incoming!
I like the idea of saving for future events, I'll have to give that a try. I believe saving up to pay cash for a house will cost more in the long run as the cost of housing goes up every year. A low interest loan and paying more principal every month makes more sense to me. The house next door sold for $260,000 and 5 years later sold for $400,000. That is why a mortgage is a good idea to me.
I saw this luckily on my instagram and I got up early this morning and spent 1 hour planning my sinking funds, we have spent 3 years trying to pay off debt and we get quite frustrated we can’t put away savings so I want to thank you as I’m so happy for the first time about our finances!
Thanks for breaking this down. Just what I needed! I've been making my own forms for years, but not as detailed as yours. Thanks so much for sharing! I set up a system so that when I tracked my finances, I also calculated the percentage of income went to each category. I made sure it added up to 100% and then stuck to those percentages as closely as possible. That gave me the ability to keep allotting the same percentages of income to each category when income changed month to month. It didn't change drastically, or I couldn't have gone by percentages. I noticed you check percentages at the end of budgeting. I checked them at the beginning to use them as a part of budgeting, but only after checking them at the end of expense tracking at first. I used percentages basically to tweak category allowances.
I know this is an old video. But as far as sinking funds. I use mine for bills that happen yearly or quarterly. Ex garbage, auto tags, subscriptions..etc
What would it look like if you have say a car maintenance sinking fund that was growing and depleting (at least some of it) throughout the fiscal year?
I like to break my sinking funds down into quarterly rotating funds. I mapped out when certain larger bills would come out and I give myself 3 months to save for them and try to have them fully funded before the quarter that they’re due. Ex. I wouldn’t start saving for Christmas until July and it would have to be funded before the end of September so I could use it in October and November in preparation for December
I have three sinking funds. I have one for vacation, one for Christmas, and one for all of my spending that is not on a regular (monthly) basis. In the third account I save for kids' extracurricular activities, my hair appts, vet expenses, birthdays, clothing, school supplies, etc. I can't really track that because the money comes and goes every month, but I try to keep over $1000 at all times so when something comes up, it is covered. For example, when its time to pay for swim team for all three kids (which includes our pool membership), I'm usually dropping around $600 at once. This used to go on the credit card, but now I take it out of my sinking funds. Do you have any idea how to track those areas? The reason I dumped them all together is because I am not able to save for all of them at the same time, but since I don't spend for all of them each month, the money is available when needed.
I keep it all in the same saving account but keep a written tracker so for instance our medical is capped at £200 our car is capped at £200 and clothes are capped at £100so ideally there should be £500 in the account once I've needed to take something out of those categories I right it down on our paper tracker xx
So the sinking funds are in cash right? They're in an envelope somewhere that you don't touch till the end of the year or are they separate accounts in your bank ?
That's my son nick name! I have a question. My friend has no credit. I told her to get a credit card and paid it off when she get the bill. Was that a good suggestion?
Great videos. I’ve learned soooo much on to see where my money was going. Thanks BTW your videos use to been full screen. Is there a reason why the last couple of videos are in a small screen. Do i have to change my settings for your channel?
Hi, I’m from Philippines, I just subscribed to your blog and youtube channel. I really love your videos, it gives me a lot of ideas how I can budget my paycheck. 😊❤️
Hi budget mum?...am your big fun from Kenya.. I like your content very much. I am a low income earner, yet I need sinking funds. Kindly how do I develope such trackers for myself to assist me with discipline?🙏. Alternatively can you make for me one?
I’m new to your channel and I think I’m confused (not bc of you) but what is the difference between sinking funds and cash envelopes? Or is there not one ?
Plain Texas Girl Think of sinking funds as things you’re saving for, for the future ( i.e birthdays, Christmas back to school). Cash envelopes are comparable to your fixed expenses (i.e rent, utilities) however, those may vary. For instance gas for your car. You need gas for your car every week and you’re budgeting how much you think you will spend every week but sometimes you may use more or less. These are varying expenses that you still need. Sinking fund in a sense is not a necessity whereas cash envelopes are. The cash envelopes may change. Hope this helps.
Also, sinking funds will eventually go away and you can use those savings for something else. Cash envelopes is a necessity that you’ll use constantly throughout the year.
Is your monthly amount made up of 11 payments if you don't save in the month that you spend it? Would it not be easier to do your colouring boxes by the amount you put away each month?
Miko I’ve watched all your videos and you’re yelling at us 😂😂 I love it. It just shows how passionate and confident you are. I’m hoping to start my budgeting journey soon. You’ve already changed my life before I’ve even started. Thank you so much!! 🥰🥰 you’re a God send.
I love how she is so organized and the designs makes you you want to budget and save even more!
But honestly: Taking someone out horse-riding or spending a day together is actually a birthday present!!!
Maybe I missed it somewhere, can you show us how you reconcile spending from the sinking funds? How do I track it and where do I put it in my budget recap?
I make it work by grouping like sinking funds together. So 'gifts' includes any gifts. 'mini emergencies' includes anything for house car etc
As you said sticking to within your means is most important. No point having sinking funds if they exceed your incoming!
I like the idea of saving for future events, I'll have to give that a try. I believe saving up to pay cash for a house will cost more in the long run as the cost of housing goes up every year. A low interest loan and paying more principal every month makes more sense to me. The house next door sold for $260,000 and 5 years later sold for $400,000. That is why a mortgage is a good idea to me.
Very helpful. I appreciate how thorough you are in your explanations!
I saw this luckily on my instagram and I got up early this morning and spent 1 hour planning my sinking funds, we have spent 3 years trying to pay off debt and we get quite frustrated we can’t put away savings so I want to thank you as I’m so happy for the first time about our finances!
Thanks for breaking this down. Just what I needed!
I've been making my own forms for years, but not as detailed as yours. Thanks so much for sharing!
I set up a system so that when I tracked my finances, I also calculated the percentage of income went to each category. I made sure it added up to 100% and then stuck to those percentages as closely as possible. That gave me the ability to keep allotting the same percentages of income to each category when income changed month to month. It didn't change drastically, or I couldn't have gone by percentages. I noticed you check percentages at the end of budgeting. I checked them at the beginning to use them as a part of budgeting, but only after checking them at the end of expense tracking at first. I used percentages basically to tweak category allowances.
I decided we me and my husband are going to put money in gift card at amazon. we used it this year to buy a deep freezer
I know this is an old video. But as far as sinking funds. I use mine for bills that happen yearly or quarterly. Ex garbage, auto tags, subscriptions..etc
What would it look like if you have say a car maintenance sinking fund that was growing and depleting (at least some of it) throughout the fiscal year?
Also want to say thank you for making your videos very detail and professional
I like to break my sinking funds down into quarterly rotating funds. I mapped out when certain larger bills would come out and I give myself 3 months to save for them and try to have them fully funded before the quarter that they’re due. Ex. I wouldn’t start saving for Christmas until July and it would have to be funded before the end of September so I could use it in October and November in preparation for December
Should I include my mortgage payment in my debt?
I am so excited for the video on a monthly paycheck overall.
This is a bomb lesson thank you so much
I actually like this savings tracker sheet much better! Will be purchasing it shortly. THANK YOU!!
Where do I find this tracker and visual? I didn't see it in the free resource library
I have three sinking funds. I have one for vacation, one for Christmas, and one for all of my spending that is not on a regular (monthly) basis. In the third account I save for kids' extracurricular activities, my hair appts, vet expenses, birthdays, clothing, school supplies, etc. I can't really track that because the money comes and goes every month, but I try to keep over $1000 at all times so when something comes up, it is covered. For example, when its time to pay for swim team for all three kids (which includes our pool membership), I'm usually dropping around $600 at once. This used to go on the credit card, but now I take it out of my sinking funds. Do you have any idea how to track those areas? The reason I dumped them all together is because I am not able to save for all of them at the same time, but since I don't spend for all of them each month, the money is available when needed.
T Chap love this idea of this funding pool and keeping a solid balance in it 👍🏽
I keep it all in the same saving account but keep a written tracker so for instance our medical is capped at £200 our car is capped at £200 and clothes are capped at £100so ideally there should be £500 in the account once I've needed to take something out of those categories I right it down on our paper tracker xx
Have a miscleneuos envelope that will cover any o ther expenses.so u don't have to disturb ur other sfunds
So the sinking funds are in cash right? They're in an envelope somewhere that you don't touch till the end of the year or are they separate accounts in your bank ?
I really need each and every piece of this papers please
Good info but PLEASE turn your camera in the future
What fonts did you use for the worksheet? I’ve been looking for the one with the elongated ends
That's my son nick name! I have a question. My friend has no credit. I told her to get a credit card and paid it off when she get the bill. Was that a good suggestion?
where can i find the sinking fund savings visual work sheet and the other one you in this video... i went to your website and i dont see them
Always get excited to see new videos 😍😍😍
Thank you!
Great videos. I’ve learned soooo much on to see where my money was going. Thanks
BTW your videos use to been full screen. Is there a reason why the last couple of videos are in a small screen. Do i have to change my settings for your channel?
😍😍😍Love the new trackers😍😍😍
The process for the sinking funds would be the same as the cash envelopes? I mean, prepare the withdrawl amount and the bills count register?
Would you add more principle to a mortgage or add more to an IRA?
Hi, I’m from Philippines, I just subscribed to your blog and youtube channel. I really love your videos, it gives me a lot of ideas how I can budget my paycheck. 😊❤️
Excellent! Keep it up!
Brilliant, thanks
wouldn't it be easier to save like 10,000 in a special savings account for these expenses? seems complicated to me
Nobody ever says how they save the money when its not cash.
Hi budget mum?...am your big fun from Kenya.. I like your content very much.
I am a low income earner, yet I need sinking funds.
Kindly how do I develope such trackers for myself to assist me with discipline?🙏.
Alternatively can you make for me one?
I’m new to your channel and I think I’m confused (not bc of you) but what is the difference between sinking funds and cash envelopes? Or is there not one ?
Plain Texas Girl Think of sinking funds as things you’re saving for, for the future ( i.e birthdays, Christmas back to school). Cash envelopes are comparable to your fixed expenses (i.e rent, utilities) however, those may vary. For instance gas for your car. You need gas for your car every week and you’re budgeting how much you think you will spend every week but sometimes you may use more or less. These are varying expenses that you still need. Sinking fund in a sense is not a necessity whereas cash envelopes are. The cash envelopes may change. Hope this helps.
Also, sinking funds will eventually go away and you can use those savings for something else. Cash envelopes is a necessity that you’ll use constantly throughout the year.
Rahsheeda Bell Yes that makes perfect sense. I was watching different people and I think they were interchanging the 2. Thank you
Plain Texas Girl you’re welcome 😊. I just really figured it out myself.
Rahsheeda Bell Okay hmm like how Miko does holidays and birthdays I for example have car maintenance and a recertification for my job ?
Is your monthly amount made up of 11 payments if you don't save in the month that you spend it?
Would it not be easier to do your colouring boxes by the amount you put away each month?
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