HOW TO SAVE | emergency fund, sinking funds, hit your savings goals!
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- Опубликовано: 23 авг 2024
- Hi Friends!
✨ Today's video is a dedicated how-to save video. I wanted to dive into all things savings and give some perspective on how I've successfully saved for big purchases with sinking funds. Thank you again for 1k subscribers. I am still so excited by this milestone!
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✨Subscribers: 1.03k 💕
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How to Save, Savings, Saving Accounts, Emergency Fund, Sinking funds, Save for your goals, Guilt Free Spending, Ramit Sehti, Financial Journey, My Financial Journey, How I Started Investing, How to Pay Off Credit Card Debt, April, Reset, April Reset, April Monthly Reset, April Budget Reset, April Favorites, April Goals, Money Diaries, Money Talk March, Investing, 2024 Reset, Budgeting, Etsy, Budget Tracker, Budget Spreadsheet, Money Goals, Money Mindset, personal finance, financial freedom, digital planner, reset for a new month, finance, organization, lifestyle, Carter Sullivan, Vancouver, Canada, monthly budget with me, budgeting tips, paycheck routine, money goals, money challenge, money saving challenge, savings update, how to track your finances, how i budget my money, how i budget my paycheck, credit card user, financial goals, budget by paycheck, budgeting for beginners
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Emergency fund is a MUST these days!!!!!!! 😊
Agreed!! So important!!
I have fairly similar saving sinking funds - no dog insurance either. Additionally I have started a few sinking funds for my teenage son.
One for a security deposit for his first apartment in a few years, one for language school for a later gap year and one for summer or annual week-long school trips. Those are 4 to 5 hundred a pop nowadays.
I’m also planning to to a Masters degree in 4-5 years, so after filling up my sinking funds until the end of 2024 - I will aggressively save for that to not work or just two days a week to still have health insurance.
Very cool!! That’s a great idea! Smart you’re thinking ahead. Dang I had no idea school trips were that much!
Wow congrats on you going back to school! Another great use of a sinking fund. Wishing you the best with all of your savings goals!
Speaking of saving: When you're already at a point where your home is fully paid and your fixed expenses are 60% of your monthly income from investments (passive income), will you continue investing and saving from the 40% left over monthly or use all that as fun money? 🌸Have a great week ahead, Gabby🌸
Thats a great question! and one I havent thought about too much. I think it depends on how comfortable I am with my investment totals. But I think I would likely take a portion of that 40% and save and invest a bit and then the rest would be fun money!
Petition to call the Botox account the Flow-tox account. Cashflow for the Bo!
Haha I see what you did there 😂 #cashflowforthebo
Could you do a video on the risks of investing as noone seems to talk about it and thats what puts me off
Hi Heidi! That is a good idea, for the most part if you are investing for the long term in well diversified ETF's/Index funds there are very low risks, the entire economy would have to go down consistently for decades which has never really happened. I hope that helps switch your mindset around investing 💗
Great video Gabby!! As usual
THANKS BUDDY 🙏🏽 appreciate it
I live in Quebec Canada with a quebec government issued student loan, it has 7.2% interest 🫠 didn’t even know there were provinces in Canada that have 0% interest rate 😮
Oh dang! It does look like the rest of Canada gets the federal rate of 0% :( There are Federal and Quebec tax credits that can help reduce that interest rate down closer to 5%.
He Gabby a little bummed, I just bought your spreadsheet the other day. Sorry I missed the sale. 😢 Question, I am on the savings and sinking Fund Setup but the one in your video has different columns such as Account/Goal/Amount/ Remainder/Paydays/ Paydays Cont. Do you have an update available. I literally bought you track a day ago. Also can you please do a tutorial on how you track your sinking funds and transfer your sinking funds? Thank you
Hey Carol!! I’m so sorry to hear that! I have an exclusive discount for my RUclips fam for 50% off. I’m not sure if I can refund a portion on Etsy but I can look into it.
Yes, the savings table in the video was a quick edit just for the video. But it’s giving me ideas to improve the savings tracker. I will include a sinking fund update in the next budgeting video, likely my April mid month check in!
Thank you Gabby, very much appreciated. Keep up the amazing work!!!!❤
Hey gabby new subbie!!❤❤
Hello!! Thank you for subscribing 💕 much love!
Great video once again. Do you have a different account for each sinking fund? I’m with TD and they don’t do companion/sub accounts unfortunately. I don’t wanna stick everything in 1 account but also don’t want to open 6 accounts lol I’m clearly the problem 😂
Thank you Melissa!! ❤️ I have all of my sinking funds in my high interest savings account right now with Wealthsimple! And I keep track of how much is in each account with my budget tracker. But in the past when interest rates were lower I used the regular savings accounts with Wealthsimple! You can set up as many as you want and can auto deposit to them from your chequing!
Great thanks! I just created a wealth simple account this week.
I use sofi which has "vaults" in their hysa and it's great! It's overall just one savings account but with lil buckets for diff things.
@@delias1215I’m in Canada so we don’t have sofi as an option but a few Canadian banks do this as well. It’s a great feature! Wish my bank offered this!
Hi! Ok this may be a dumb question but how do you save for a sinking fund while continuously pulling from it? So for example- I’m doing microneedling treatments once a month so I want to save $450 a month for it which is the cost of a treatment (starting at a balance of $0) but I will have to pull the entire balance out the what seems like the second I reach that goal of saving x amount per month? Is that the point…?Lol. I’m not sure how to spend on that treatment while also building up a buffer so that I can actually use it as a savings account? The math ain’t mathing! thank you for a great video! 💖
Hi! Not a dumb question at all. That is the point, you can save more money if you are able to so you don't have to save as much later but a successful sinking fund is one where you save up the amount you need and use it for your goal. What I will do typically is figure out how much I need to save by dividing the total amount by the number of pay checks left before I need that money. Sometimes what I will do if I can't fully contribute that much is save up as much as I can and then budget accordingly to make up the final amount.
So do y'all have actual diffrent bank accounts for each thing? Can someone explain. How do you save for various things when you have 1 bank account
Hello! I can explain! You can find a banking platform where they will let you set up several savings accounts for free, and then you can transfer your money to those accounts as you save. Or you can use one single high interest savings account and combine savings and track them using a spreadsheet or some other method. I use one single high interest savings account that has 5% interest, and I use my budget spreadsheet to track the amounts in each savings goal. Hope that helps 💕
I use smarty pig for sinking funds
Stop wasting money on Botox. It’s a crime against humanity to mess with perfection
Haha just a personal choice!!
🌸🌸🌸Awwwwwww.....🌸🌸🌸