I saved for paying off my credit Cards, I doubled up payments. Now I only have 2 Credit cards no limits over 2,000.00. I now save for the things I want to buy , but by the time I save for it I usually say I don't need it Lol .Thanks To finding your Videos❤❤❤
I love this!! Yes I find a lot of things I "really want" aren't a priority if I just give myself time to save and think on it. Thank you so much for making that point, it's a good one! ❤️❤️❤️
I would recommend that anyone looking to get their finances together track their expenses first before establishing a budget. Knowing where their money is going will help them determine what sinking funds they may want to have.
This video is pretty helpful because I bank with Capital One that let me open up to 25 accounts. My two savings accounts: one is the emergency funds and the other is for the holidays. Once I have $10,000.00 saved in my emergency fund, I will open another savings account: one for short term expenses and another for car maintenance or saving for a car. I also have a checking account with Capital One for my spending such as bills, shopping and etc. My savings are compounded daily with a APY of 4.35% and the interest is paid monthly. I have a Cash App account both Savings and Checking accounts I used to peer to peer money transfers and for basic spending purposes. Also, the Cash App savings have a APY of 4.35% which I am taking advantage of. Sorry for the long text, like the video.
@@2KADz Capital One Bank is the first bank ever to offer its banking customers both a high yield savings account and have local branches than most that don’t offer the benefit. For example, Capital One offers 4.35% annual percentage yield (APY) on their savings account, while banks like Chase and Bank of America only offer 0.01 APY. With Capital One, there are no minimum balance nor fees and it will allow to open at least 25 savings or checking account as you may. You’re able to name both your savings or checking account like: for my two savings, I name one my emergency fund and the other my holiday savings account. I have a checking account but left if as my “360 checking” and I use this account for paying bills, rent and essential spending. You can open an account with Capital One either online or in person with their branch at your convenience. Capital One also have a mobile to view, transfer and wire cash if needed and is able to mobile check deposit by just taking a photo “front and back” of your check without ever going to branch. I hope this is helpful and for more questions, please ask. Thanks.
great job explaining sinking funds. at first I tried 2 binders, but it was overwhelming, and I didn't have enough money to really use both wisely. Now I do 1 binder of priority savings and its highly motivating. its a learn as you go process but worth it not to give up!
Thank you so much Nora and I agree with what you said so much, you learn as you go with this system. I'm glad you didn't quit when you were first overwhelmed and I'm glad you have the system working for you now! ❤️❤️❤️
When I heard about emergency sinking funds. I made one for just that. Because my son was admitted to a children's hospital for a week. Food, coffee, etc got expensive and I didn't like having to use credit cards but that was best. So it's going to happen again at some point. He's medically complex. So I put $100 in an envelope right away! He's doing good for right now.
Sinking funds are very good to have because you never know, what’s going to happen. I started my sinking funds in 2020. That was the best decision I made when it came to my money. Now I have an emergency fund, a fund I never had. I can’t believe what I have in my bank account for emergencies only. Great video 💜💜
Being ahead on bills came in handy when my hubby's bonus came in. We decided to use it to get a new HVAC unit. I was able to hold off paying certain bills to be able to utilize his whole check and live off just mine for that week and not get behind.
Sinking funds are big purchases or needs that you save up for during the year(ex. Christmas, wedding, baby, new car etc.) Variable spending is everyday needs like groceries, gas, dining out etc.
It's fun to see the categories grow! I really tamed mine down this year while I pay off the car note and put money in to some new products for the shop, but I looovvveeddd when I had a ton of categories after I got the hang of it. ❤️
This was a good refresher as I start month 7. I will say....and you have demonstrated this in your budgeting. These categories will evolve and I am calling year one. . .one of discovery. . .It is totally viable to adjust these categories as you discover you need to.
Setting aside sinking funds has helped us a lot this year. We actually had money already set aside for several things that came up. Whereas before we would’ve just taken from savings to cover them.
Great video hun! I jumped in full throttle back in October, I watched many RUclipsrs including you for a couple months before I dived in & started my own channel, I felt real comfortable tho, like I genuinely enjoyed cash stuffing and budgeting. Which I’ve been budgeting on 📓 notebooks for some years now, to keep up with our bills/when they were due and when they got paid. But I just wasn’t cash stuffing or tracking our expenses like I do now. ❤
Don't save for an extra car payment. Anytime you have extra money even $20 put it toward the principal. Loans are front loaded to pay the interest first anything to the principal will get it paid off faster and cost less in interest.
So far I use a cash binder for spending and savings accounts at a credit union for Christmas, Disney World this year, tags, and house I think I need another binder for home improvements and car maintenance now that I have watched this video. I think I would be more motivated to save for specific things rather than having a general fund.
This was a great video Jordan! When I started I was so confused with sinking funds and variable spending. I think mainly because some videos I saw had envelopes of like christmas in variables. 😵💫 I only had 5 envelopes when I started because my budget was really small. It took me 3 months to get ahead and start adding more like savings challenges. You really need patience and will power to persevere here. 😁
Thank you for saying this Esme I forget how confusing everything was at the beginning. Do you think I should make a general "sinking funds vs variable spending" video? You do need a lot of patience at first, that's why I'm always stressing to pick things that motivate you. Is it the most direct path to knock out debt and emergency needs? No. But it's a marathon, not a sprint. ❤️
@@JordanBudgets I think it would be a great idea to do that video! Emphasizing how you need patience will be useful. If you have too many envelopes it can be overwhelming and unmotivating and feel like you're getting nowhere fast. You'll also realize that your needs may change monthly, biannually or yearly and that's ok. I also struggled with this because I was adding more to savings challenges than my actual needs like toiletries or emergencies.😅 Then it would stress me out and I'd feel like I wasn't doing it "right".
Another great video Jordan. I've been doing a savings challenge and I'm glad I did because I had a health scare and was in the hospital so I will have the funds to pay for the deductible
Ohh I hate to hear about the health scare Greg, I hope you are doing well now. I'm so happy you had the money put aside so you can cover what you need to! ❤❤❤
You're so welcome I'm very excited to finally get this video up, I've been wanting to chat about this for a while! ❤❤❤ It's all about mindset, staying motivated and staying positive. You're doing amazing Cynthia! ❤❤❤
I have an emergency fund where I am saving up a 3 months worth of basic expenses in case we are unable to work, think health problems or redundancy. I have a car account (car insurance, tax, repairs and saving for replacement car in the future). A 3rd catch all account which includes vet bills, DIY projects, holidays, Christmas, health/medical like dentistry.
I will be focused on investimg and emerfency fumd for the next two years. Then everything else is less important. I still dund the other catagories but I focused on the two that I meantioned before.
I'm so sorry your dryer just went out Chyanne! It's definitely hard to start at first when you have limited funds and current needs. Stick with it, keep trying to cut costs where you can and it will pay off. ❤️
I know this is an old comment but I wanted to encourage you. My washer, hot water heater, and car went out almost two months apart! I wanted to cry😂. We are living off one pay check but I had managed to save $4000 for an emergency fund and $700 for home repairs and car repairs. I started side jobs like DoorDash because I homeschool my daughter. Those three incidents wiped out almost all my savings BUT I didn’t have to use a credit card or get a loan. I’m starting over now. My husbands checks are very unpredictable so are my side gigs. Just start by saving $20-$100. I promise you it adds up FAST! We even save ALL coins for a year and had a nice date last week.
Hi Jordan. How would you budget in daily income? I’ve been struggling adding my daily tips into my budget. I need to assign the money immediately, because I overspend if it’s not assigned, but I can’t figure out a good way to do it. Any suggestions?
Are the tips in cash? I would seal tips up in an envelope every night and only pull it to cash stuff once or twice a week. If you have the time /energy, you could also add up your bills total, variable spending total (add in a little bit for spending money here), and totals you need for investing/savings/sinking funds. Say your bills require 50% of your income every month, variable spending 30%, and sinking funds/savings 20%. You could divide your tips up every night with these percentages and go ahead and stuff them. (Easy example, if you get $100 in tips for the night, put $50 in a bills category, $30 in spending, and $20 divided in to your savings accounts. If you do this every night, you might find that at the end of the month some of your actual paycheck might be left after bills and variable spending and you can stuff a huge chunk in to sinking funds. =) ❤
@@JordanBudgets oh my gosh! That absolutely addressed what was hanging me up, and percents are what I should do and stuff once a week I think. Thank you!
Happy to help!! ❤❤ And yes with cash I would definitely put it in an "upcoming week" category or even seal it up in white envelopes if you're tempted to spend it. Hide it and forget about it, it's already "spent", lol! ❤
Great video Jordan. Listening to your videos are entertaining but more importantly very helpful. Starting small is what I'm doing. I have bought your challenges to continue on as I accomplish. You're an inspiration.
I need to be saving more. Stop spending. It's so hard for me... Shopping is my "retail therapy". I was doing really good with spending and now I have gotten back into old habits. I have tried to do sinking funds.. and I have failed more miserably.
![Twenty One Pilots - The Line (from Arcane Season 2) [Official Audio]](http://i.ytimg.com/vi/XCz7WUotXs8/mqdefault.jpg)
I saved for paying off my credit Cards, I doubled up payments. Now I only have 2 Credit cards no limits over 2,000.00. I now save for the things I want to buy , but by the time I save for it I usually say I don't need it Lol .Thanks To finding your Videos❤❤❤
Totally agree.
I love this!! Yes I find a lot of things I "really want" aren't a priority if I just give myself time to save and think on it. Thank you so much for making that point, it's a good one! ❤️❤️❤️
I would recommend that anyone looking to get their finances together track their expenses first before establishing a budget. Knowing where their money is going will help them determine what sinking funds they may want to have.
This video is pretty helpful because I bank with Capital One that let me open up to 25 accounts. My two savings accounts: one is the emergency funds and the other is for the holidays. Once I have $10,000.00 saved in my emergency fund, I will open another savings account: one for short term expenses and another for car maintenance or saving for a car. I also have a checking account with Capital One for my spending such as bills, shopping and etc. My savings are compounded daily with a APY of 4.35% and the interest is paid monthly. I have a Cash App account both Savings and Checking accounts I used to peer to peer money transfers and for basic spending purposes. Also, the Cash App savings have a APY of 4.35% which I am taking advantage of. Sorry for the long text, like the video.
Sonniej1948. Can you explain more about Capitol One ?? 😊
@@2KADz
Capital One Bank is the first bank ever to offer its banking customers both a high yield savings account and have local branches than most that don’t offer the benefit. For example, Capital One offers 4.35% annual percentage yield (APY) on their savings account, while banks like Chase and Bank of America only offer 0.01 APY. With Capital One, there are no minimum balance nor fees and it will allow to open at least 25 savings or checking account as you may. You’re able to name both your savings or checking account like: for my two savings, I name one my emergency fund and the other my holiday savings account. I have a checking account but left if as my “360 checking” and I use this account for paying bills, rent and essential spending.
You can open an account with Capital One either online or in person with their branch at your convenience. Capital One also have a mobile to view, transfer and wire cash if needed and is able to mobile check deposit by just taking a photo “front and back” of your check without ever going to branch. I hope this is helpful and for more questions, please ask. Thanks.
Woah 25 accounts? That's excessive
@@ERIN_198no it isn’t if you have sinking funds.
great job explaining sinking funds. at first I tried 2 binders, but it was overwhelming, and I didn't have enough money to really use both wisely. Now I do 1 binder of priority savings and its highly motivating. its a learn as you go process but worth it not to give up!
Thank you so much Nora and I agree with what you said so much, you learn as you go with this system. I'm glad you didn't quit when you were first overwhelmed and I'm glad you have the system working for you now! ❤️❤️❤️
When I heard about emergency sinking funds. I made one for just that. Because my son was admitted to a children's hospital for a week. Food, coffee, etc got expensive and I didn't like having to use credit cards but that was best. So it's going to happen again at some point. He's medically complex. So I put $100 in an envelope right away! He's doing good for right now.
Sinking funds are very good to have because you never know, what’s going to happen. I started my sinking funds in 2020. That was the best decision I made when it came to my money. Now I have an emergency fund, a fund I never had. I can’t believe what I have in my bank account for emergencies only. Great video 💜💜
Thank you so much Doris and congrats on your emergency fund, thats a huge accomplishment, I'm proud of you!! ❤️❤️❤️
Being ahead on bills came in handy when my hubby's bonus came in. We decided to use it to get a new HVAC unit. I was able to hold off paying certain bills to be able to utilize his whole check and live off just mine for that week and not get behind.
Sinking funds are big purchases or needs that you save up for during the year(ex. Christmas, wedding, baby, new car etc.) Variable spending is everyday needs like groceries, gas, dining out etc.
Thank you for clarifying this Esme! ❤️❤️❤️
I started with emergency, birthdays, Christmas, back to school, car maintenance, and debt.
Now, 2 years later, I have a bunch.
It's fun to see the categories grow! I really tamed mine down this year while I pay off the car note and put money in to some new products for the shop, but I looovvveeddd when I had a ton of categories after I got the hang of it. ❤️
It's good to be prepared.
Thanks for this video. When I first started, I had no idea what a sinking fund was.
Thank you! I know it can be so overwhelming at first, I've been meaning to make this video for so long, I'm happy I finally did. ❤
Great video. I just restarted a sinking funds binder. I will be using my savings challenges to fill it! 🥰🥰
That's awesome! A fresh restart can be really fun and motivating. ❤️❤️❤️
This was a good refresher as I start month 7. I will say....and you have demonstrated this in your budgeting. These categories will evolve and I am calling year one. . .one of discovery. . .It is totally viable to adjust these categories as you discover you need to.
Absolutely Judith! I think it's really important to remain flexible and open, especially in year one, but always. ❤
Every one needs a buffer 1 month ahead fund and a 3 month emergency ❤
Setting aside sinking funds has helped us a lot this year. We actually had money already set aside for several things that came up. Whereas before we would’ve just taken from savings to cover them.
I'm so happy for you guys. It always feels so good to pull the money for what it was intended for. 💖💖💖
Great video hun! I jumped in full throttle back in October, I watched many RUclipsrs including you for a couple months before I dived in & started my own channel, I felt real comfortable tho, like I genuinely enjoyed cash stuffing and budgeting. Which I’ve been budgeting on 📓 notebooks for some years now, to keep up with our bills/when they were due and when they got paid. But I just wasn’t cash stuffing or tracking our expenses like I do now. ❤
That is awesome! ❤️❤️❤️
Thank you Jordan!!! I've been trying to condense my sinking/savings from 9 to 6 or less
I’m new to to the saving money challenges. I love your videos. They are a big help. Thanks…
I love this! I pretty much did the same and still have it simple. Except I also have emergency, life happens and one month ahead.
Love it! ❤️
Thank you needed to review over and over. You are my favourite instructor.
Thats a huge compliment, thank you!!! ❤️❤️❤️
Great video Jordan! I started in June last year with your budget binder. Thank you so much!
I'm so glad, thank YOU for being a part of our little budget fam! ❤️
Don't save for an extra car payment. Anytime you have extra money even $20 put it toward the principal. Loans are front loaded to pay the interest first anything to the principal will get it paid off faster and cost less in interest.
Thank you for explaining the sinking funds category!! You r so sweet!!
❤️❤️❤️
So far I use a cash binder for spending and savings accounts at a credit union for Christmas, Disney World this year, tags, and house I think I need another binder for home improvements and car maintenance now that I have watched this video. I think I would be more motivated to save for specific things rather than having a general fund.
I'm all about whatever works and whatever motivates you the most. 💖
This was a great video Jordan! When I started I was so confused with sinking funds and variable spending. I think mainly because some videos I saw had envelopes of like christmas in variables. 😵💫 I only had 5 envelopes when I started because my budget was really small. It took me 3 months to get ahead and start adding more like savings challenges. You really need patience and will power to persevere here. 😁
Thank you for saying this Esme I forget how confusing everything was at the beginning. Do you think I should make a general "sinking funds vs variable spending" video? You do need a lot of patience at first, that's why I'm always stressing to pick things that motivate you. Is it the most direct path to knock out debt and emergency needs? No. But it's a marathon, not a sprint. ❤️
@@JordanBudgets I think it would be a great idea to do that video! Emphasizing how you need patience will be useful. If you have too many envelopes it can be overwhelming and unmotivating and feel like you're getting nowhere fast. You'll also realize that your needs may change monthly, biannually or yearly and that's ok. I also struggled with this because I was adding more to savings challenges than my actual needs like toiletries or emergencies.😅 Then it would stress me out and I'd feel like I wasn't doing it "right".
All such good points and great reminders, thank you Esme! I'm going to put something like this together soon.
Lovely and simple concept mam
Sinking funds make the world of difference but I find them hard to spend at the same time🤣💚😊
OMG Cathy no truer words have ever been spoken. We know the money is there for that purpose. Do we want to spend it for that purpose? No. 🤣❤️
thank you so much jordan, this video helped me.
Another great video Jordan. I've been doing a savings challenge and I'm glad I did because I had a health scare and was in the hospital so I will have the funds to pay for the deductible
Ohh I hate to hear about the health scare Greg, I hope you are doing well now. I'm so happy you had the money put aside so you can cover what you need to! ❤❤❤
@@JordanBudgets Yes I'm getting better. Thanks for asking ❤️❤️
Good, that makes me happy! ❤️❤️❤️
New subscriber....and new in yt...love watching cash stuffing videos
Thank you for going back to basics Jordan! I'm learning; just need to get into the right mindset. Luv, Cynthia
You're so welcome I'm very excited to finally get this video up, I've been wanting to chat about this for a while! ❤❤❤ It's all about mindset, staying motivated and staying positive. You're doing amazing Cynthia! ❤❤❤
I have an emergency fund where I am saving up a 3 months worth of basic expenses in case we are unable to work, think health problems or redundancy. I have a car account (car insurance, tax, repairs and saving for replacement car in the future). A 3rd catch all account which includes vet bills, DIY projects, holidays, Christmas, health/medical like dentistry.
I will be focused on investimg and emerfency fumd for the next two years. Then everything else is less important. I still dund the other catagories but I focused on the two that I meantioned before.
Hi Jordan! Your videos make my day every time I see a notification of a new video!!! Yay!!!! Have a bless day! 😊🥰😘
Always happy to see you!!! ❤❤❤
@@JordanBudgets Same here Jordan!!! 🥰😘😊
I want to start but my checks are so unpredictable and its stressful and my dryer just went out yesterday.
I'm so sorry your dryer just went out Chyanne! It's definitely hard to start at first when you have limited funds and current needs. Stick with it, keep trying to cut costs where you can and it will pay off. ❤️
I know this is an old comment but I wanted to encourage you. My washer, hot water heater, and car went out almost two months apart! I wanted to cry😂. We are living off one pay check but I had managed to save $4000 for an emergency fund and $700 for home repairs and car repairs. I started side jobs like DoorDash because I homeschool my daughter. Those three incidents wiped out almost all my savings BUT I didn’t have to use a credit card or get a loan. I’m starting over now. My husbands checks are very unpredictable so are my side gigs. Just start by saving $20-$100. I promise you it adds up FAST! We even save ALL coins for a year and had a nice date last week.
Hi Jordan. How would you budget in daily income? I’ve been struggling adding my daily tips into my budget. I need to assign the money immediately, because I overspend if it’s not assigned, but I can’t figure out a good way to do it. Any suggestions?
Are the tips in cash? I would seal tips up in an envelope every night and only pull it to cash stuff once or twice a week. If you have the time /energy, you could also add up your bills total, variable spending total (add in a little bit for spending money here), and totals you need for investing/savings/sinking funds. Say your bills require 50% of your income every month, variable spending 30%, and sinking funds/savings 20%. You could divide your tips up every night with these percentages and go ahead and stuff them. (Easy example, if you get $100 in tips for the night, put $50 in a bills category, $30 in spending, and $20 divided in to your savings accounts. If you do this every night, you might find that at the end of the month some of your actual paycheck might be left after bills and variable spending and you can stuff a huge chunk in to sinking funds. =) ❤
@@JordanBudgets oh my gosh! That absolutely addressed what was hanging me up, and percents are what I should do and stuff once a week I think. Thank you!
@@JordanBudgets and yes, they are cash.
Happy to help!! ❤❤ And yes with cash I would definitely put it in an "upcoming week" category or even seal it up in white envelopes if you're tempted to spend it. Hide it and forget about it, it's already "spent", lol! ❤
@@JordanBudgets My cash from Spring cleaning jobs goes into a hidden away cookie jar. Once I had $1400 in there & didn't realize it! Cha ching!
Great video Jordan. Listening to your videos are entertaining but more importantly very helpful. Starting small is what I'm doing. I have bought your challenges to continue on as I accomplish. You're an inspiration.
Thank you so much Martha! ❤️
awesome vid!
It's been so amazing so far watching your journey!! keep going like this
Thank you so much!! ❤️
Thank you Jordan ❤️ . I really appreciate what you are teaching us it has help me a lot God Bless you and your kids 💕
You are so welcome, you guys teach me all the time too. I love our little community! ❤❤❤
Jordan, this is amazing! Great explanation. I am sharing this on all of my socials.
Awww, thank you so much!!! ❤️
Great video very helpful thank you ❤
Thank you for your help and your videos
Thank you Jordan always love learning things ❤️
❤️❤️❤️
Love this video! Super helpful
Glad it was helpful! ❤️
Great job Jordan 🎉
Thank you! ❤️
I get paid biweekly. How could I do the 100 day challenge fund?
Love this video!
Thank you Jennifer! ❤️
Great content, and thanks for sharing 🙂
My pleasure, thanks for being here Mary! ❤️
I need to be saving more. Stop spending. It's so hard for me... Shopping is my "retail therapy". I was doing really good with spending and now I have gotten back into old habits. I have tried to do sinking funds.. and I have failed more miserably.
I got a baby on the way and I’m wanting to get get one set up for my baby and for the father
Inspiring ❤
Nice and info video thanks take care all💕👍👍👍😍
So nice of you, thank you! ❤❤❤
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❤❤❤🙂
💖💖💖🥰
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Totally off topic…. But SUCH a beautiful kitchen! 🤍
💞💞💜💜
Hey Tanya!! I hope you're doing well! ❤❤❤