I work at Capital One and we have 360 no min bal and no fees. I have 2 checking accts. 1 for my Emergency Fund and the other for bills. Then I have 3 sinking funds, car maintenance, travel and house. I have debt to pay off so I’m not putting money into house or travel right now but when I’m ready the accounts will be there.
I LOVE ypur explanation!!! So many other videos I have watched show 10 different sinking funds. That is great if you have been doing it for a while, but when you are just starting out, like me, I don't need a vacation fund because I am paying off debt. I don't need clothing because I can make due with what I have OR, I can ask for that for my birthday or Christmas. I need to start with the basics. I have a Christmas club account with my bank- a set amount is automatically withdrawn each month. So, I may want to set aside a sinking fund for car maintenance because I WILL need that in the future. After I get that down, I might want to add another sinking fund and so on...
If you like to organize your funds separately, you can look into getting a savings account with Capital One 360. There's no fees and they allow you to open up multiple sub-accounts.
I was thinking about the way my bank is set up....you can get prepaid cards and fund then from your checking account, after hearing this, I'm thinking about ordering some, writing the name of the sinking fund on the card then using as needed. What y'all think?
Crystal Martin whenever you want. Just don’t get so wrapped up in putting money into your sinking funds each month that you’re taking away from your debt pay off
my current sinking funds as a college student: Christmas, Celebrations(Birthday, graduation), Car repairs/Maintenance, and Textbooks
I work at Capital One and we have 360 no min bal and no fees. I have 2 checking accts. 1 for my Emergency Fund and the other for bills. Then I have 3 sinking funds, car maintenance, travel and house. I have debt to pay off so I’m not putting money into house or travel right now but when I’m ready the accounts will be there.
I LOVE ypur explanation!!! So many other videos I have watched show 10 different sinking funds. That is great if you have been doing it for a while, but when you are just starting out, like me, I don't need a vacation fund because I am paying off debt. I don't need clothing because I can make due with what I have OR, I can ask for that for my birthday or Christmas. I need to start with the basics. I have a Christmas club account with my bank- a set amount is automatically withdrawn each month. So, I may want to set aside a sinking fund for car maintenance because I WILL need that in the future. After I get that down, I might want to add another sinking fund and so on...
Thank you for the explanation, love the easy way you explained. I just subscribe to your channel. Love the way you do your budgets
I had a sinking fund for my car. I used it for yearly tune up..it cost me $400. Now I have to save for 2018..a Great Video..
My current (2) SFs: Income Taxes & Investments. Eventually I'll add a Medical Fund and a Travel Fund
For me my sinking fund is: Dental work not covered by insurance, MAC Air, Real Estate license test, car repair girl the list goes on and on, lol
Do you put your money away in one savings account or multiple accounts?
traci bray sinking funds are all lumped together in a checking account
If you like to organize your funds separately, you can look into getting a savings account with Capital One 360. There's no fees and they allow you to open up multiple sub-accounts.
I was thinking about the way my bank is set up....you can get prepaid cards and fund then from your checking account, after hearing this, I'm thinking about ordering some, writing the name of the sinking fund on the card then using as needed. What y'all think?
I love this idea!! Do prepaid cards charge a fee or a monthly?
I'm planning my BWWPC conference sinking fund!!!!
Life And The Planner Girl $
Any advice on not keeping the funds in cash?
Hlxy Queen none other than I hate having cash lol
Where in the baby steps should you try to start your sinking funds?
Crystal Martin whenever you want. Just don’t get so wrapped up in putting money into your sinking funds each month that you’re taking away from your debt pay off
Crystal Martin I'm going to transfer my total sinking funds amount from checking to savings and keeping track of each fund on an index card.
Colleen T ...Thanks, good idea!