STEP BY STEP: How to Set Up Sinking Funds for 2024

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  • Опубликовано: 24 дек 2024

Комментарии • 92

  • @SeaShelleyCrafts55
    @SeaShelleyCrafts55 Год назад +7

    Thanks!! I’ve been watching all sorts of budgeting videos and yours make the most sense to more.

    • @lymanjoy
      @lymanjoy  Год назад

      Thanks for watching and that kind comment. 😁

  • @theblueskyquilter2964
    @theblueskyquilter2964 5 месяцев назад

    Love this way to prioritize sinking funds. Thank you. I’m so new to sinking funds

    • @lymanjoy
      @lymanjoy  5 месяцев назад

      They have really helped me not go further into debt and reach new financial goals.

  • @traciecarlson4706
    @traciecarlson4706 Год назад +1

    Thank you for this video. I have been searching for a budget channel for someone with a large family and your is the first I have seen. We have 8 children with 5 of them at home still. I have to say I am not understanding your $180 for clothes for the year. That doesn't even really cover one person for a year. We also have to work in our eating out budget the way you do where you stuff a little each time and eventually you can go out. That is definitely a category we have cut back on since I started budgeting.

    • @lymanjoy
      @lymanjoy  Год назад

      Thanks for watching, 180 will be a starting goal, and the school fund and other saving challenges also go towards clothes. But I use consignment stores to trade in their old clothes and get new clothes, plus use birthdays as clothes and shoes opportunities. Love having you here apart of the lymanjoy community. ❤️😊

  • @theresaandresen3060
    @theresaandresen3060 Год назад +9

    Thanks Laura! My goal for 2024 is to stop being such a perfectionist and just keep plugging along - with my new part time job "side hustle" I plan on funding some savings challenges (something I have never done) and prove to myself (and my husband!) that we can build our savings while living a content life. Your guidance keeps me believing that I can do it! On this Thanksgiving day, I am adding you to my list of things I'm truly thankful for...

    • @lymanjoy
      @lymanjoy  Год назад +1

      I am so excited for you as you step into savings, and I am also so very thankful for you!! Have a blessed Thanksgiving!!!

  • @sonianunez1067
    @sonianunez1067 Год назад

    Love your videos. I am new to budgeting and cash stuffing. Just try to start somewhere.

    • @lymanjoy
      @lymanjoy  Год назад +1

      Thanks for watching! Let me know if you have any questions along the way.

  • @sharonweisenbach3098
    @sharonweisenbach3098 11 месяцев назад

    I read both of those books and they were great! I will have to look at the philosophy one. Thanks for the suggestion!

    • @lymanjoy
      @lymanjoy  11 месяцев назад

      Such good reads so far. 👌

  • @NaturalDrAmanda
    @NaturalDrAmanda Год назад +5

    Thanks! 😊 The audiobook for Atomic Habits is on RUclips…or at least it was earlier this year. My main takeaways were: 1) tracking your habits and reflecting on your progress regularly is required to improve & 2) just focusing on improving by 1% at a regular frequency will help improve your outcomes.

    • @lymanjoy
      @lymanjoy  Год назад

      Amazing points. I will look on youtube. Thanks for the heads up. 😊❤️

    • @LadyNellie
      @LadyNellie Год назад

      Atomic Habits is an amazing book. Read 12 Week Year by Brain Morgan and Michael Lennington..

  • @Steph.Budgets
    @Steph.Budgets 3 месяца назад

    Great video! I started cash stuffing recently and this video was very helpful☺️

    • @lymanjoy
      @lymanjoy  3 месяца назад

      Yeahhh so very glad...welcome to the budgeting community 😃

  • @mariswayoflife
    @mariswayoflife Год назад +3

    Omg doing gas and groceries in your bills list is mind blowing. I would have never thought of doing it that way. I get paid once a month and I am excited to allot this into my bills. My husband gets paid weekly and with his paycheck we do saving challenges and weekly spending (including gas and groceries). This might be a game changer for us! Thank you. 🎉

    • @lymanjoy
      @lymanjoy  Год назад +1

      Awesome, I am so glad 😊 Let me know how it goes.

  • @mydollarswork
    @mydollarswork 4 месяца назад

    New subbie here, thank you for this video. A yearly reflection is a great idea.

    • @lymanjoy
      @lymanjoy  3 месяца назад +1

      It certainly helps us reevaluate our priorities and stay on track.. 😃

  • @kenyonwolfe2400
    @kenyonwolfe2400 8 месяцев назад +1

    I'm saving alll of mine 20$ and alll of mine 10$ and alll of mine 50$ and alll of mine 100$ wish me good luck

  • @netrellawrence1244
    @netrellawrence1244 Год назад +1

    Thank you Laura for this! I have been searching for a video that really breaks down cash stuffing. So grateful that you did this video! I am starting in January. I’m so excited!

    • @lymanjoy
      @lymanjoy  Год назад +1

      I am so excited for you. Cash stuffing has totally changed my finances. If you have any questions along the way, don't hesitate to ask.

  • @TheOscar15432
    @TheOscar15432 Год назад

    Hey friend really enjoyed your video. Love how you broke every thing down.

    • @lymanjoy
      @lymanjoy  Год назад

      So glad!! Thanks for watching 😊

  • @eileenm.7644
    @eileenm.7644 Год назад

    Thank you very much for your instructional video (& supplied PDFs)! It’s appreciated.

    • @lymanjoy
      @lymanjoy  Год назад

      So glad there helpful!

  • @ginamoffett1973
    @ginamoffett1973 Год назад +1

    I started this for next year, it going to take a few days 😊great video as always.

    • @lymanjoy
      @lymanjoy  Год назад

      Awesome, I thought I would get out to everyone a little early so they could prepare. Have a great Thanksgiving, and blessings to you and your family. 😊

  • @lindawalcher5867
    @lindawalcher5867 9 месяцев назад

    How often do u bring your sinking fund money to ur bank? And do u have for every category of sinking fund a seperate bank saving account? Like one for emergency fund, one for personal savings etc?

    • @lymanjoy
      @lymanjoy  9 месяцев назад +1

      About every other month. I take all my sinking fun money to my high yield. Savings account at wealth front, which has different categories for each sinking fund and makes a 5% growth.

    • @lindawalcher5867
      @lindawalcher5867 9 месяцев назад

      @@lymanjoy do i understand it correct, that wealth front is your hysa for your sinking funds? I like the idea that 1. You earn 5% interest and that they have seperate accounts so i can see how much i have in each sinking fund category

  • @lissayers8901
    @lissayers8901 Год назад

    Fabulous. Very easy to understand. Thank you.

  • @proudmomma-y4n
    @proudmomma-y4n Год назад

    Happy thanksgiving

    • @lymanjoy
      @lymanjoy  Год назад

      Happy Thanksgiving to you, too. ❤️

  • @sherrypool7653
    @sherrypool7653 Год назад

    happy thanksgiving to you and your family

    • @lymanjoy
      @lymanjoy  Год назад

      Happy Thanksgiving to you as well. ❤️

  • @dianaviera6228
    @dianaviera6228 Год назад +4

    This was extremely helpful! I was so confused about sinking funds vs savings challenges. I do have the Savings Challenge Book from "On the Hill Design" and I cannot wait to use it and assign the low priority categories to each one. 💜

    • @lymanjoy
      @lymanjoy  Год назад +2

      I'm so glad it was helpful. I am so excited, too...think I may start next month. Just want to get a saving. Love to hear how it's going, and if you have any questions along the way, don't hesitate to ask. 😊

  • @deannaroe3778
    @deannaroe3778 Год назад +2

    I love your videos, Laura. You explain things so well. I’m planning to start back budgeting and doing cash envelopes for the new year. Happy Thanksgiving to you and your family.
    Blessings,
    Deanna

    • @lymanjoy
      @lymanjoy  Год назад +1

      Oh I am so excited for you as you start this new journey. Happy Thanksgiving to you too!! 😊

  • @TrishaAnderson926
    @TrishaAnderson926 Год назад

    Thank you for the great advice! Happy Thanksgiving to you and your family!

    • @lymanjoy
      @lymanjoy  Год назад +1

      Thanks for watching. Have a great Thanksgiving 😊❤️

  • @chianneporter5371
    @chianneporter5371 Год назад

    Hi Laura! I started sinking funds this summer and I haven’t had much success. I have an emergency fund and a traditional savings account (both are HYSAs). Should I keep those accounts and save on the outside for sinking funds or should I use the money in my traditional savings account to fund the sinking funds. Hope that makes sense! Thank you!

    • @lymanjoy
      @lymanjoy  Год назад

      I would take the money monthly from traditional savings funds to use for challenges, and when a challenge is funded, deposit into high yield savings to grow it.

    • @chianneporter5371
      @chianneporter5371 Год назад

      @@lymanjoy omg that makes so much sense! Thank you and happy holidays!

  • @fayejacobs1043
    @fayejacobs1043 Год назад

    All of it is great advice!!

  • @budgetingwithkrztofr
    @budgetingwithkrztofr Год назад

    Great video

  • @mishswishescrafteebudgeting
    @mishswishescrafteebudgeting Год назад

    This video really gave me a better understanding of hi and lo priority sinking funds. Thank you 😊

  • @jladylove1
    @jladylove1 Год назад

    Thanks for explaining the sinking funds and what to do with the savings challenges. New subbie! I started making a budget for 2024 but this video really helped me. I tried to get the free download but it wouldn’t let me..what do I need to do to get your very helpful budget sheets. 🤔

    • @lymanjoy
      @lymanjoy  Год назад

      Can you email me at lymanjoy8@gmail.com and we will figure it out. 😁

  • @sherrypool7653
    @sherrypool7653 Год назад

    where did you get the kids cash stuffing ones

    • @lymanjoy
      @lymanjoy  Год назад

      FWMCreationsbychris, I loovvee her stuff.
      www.etsy.com/listing/1550138000/kids-savings-challenge-scratch-off

  • @melaniematthews5359
    @melaniematthews5359 Год назад

    Awesome plan. I really like this video. 👍🏼

  • @savpal1757
    @savpal1757 Год назад

    Where did you get your calculator from? Newbie here!

    • @lymanjoy
      @lymanjoy  Год назад

      Welcome to the LymanJoy community. I got it from amazon here is the link. amzn.to/46vODVN

  • @jtuggs8893
    @jtuggs8893 Год назад

    Awesome job Laura

    • @lymanjoy
      @lymanjoy  Год назад +1

      Thanks for watching. Have a great Thanksgiving!!

  • @tinagustavsen3165
    @tinagustavsen3165 Год назад

    Happy Thanksgiving 🦃🍁

    • @lymanjoy
      @lymanjoy  Год назад +1

      Happy Thanksgiving to you, too!!

  • @Budgetingfam
    @Budgetingfam Год назад

    New subscriber! Such an amazing video, thank you for the advice! ❤

    • @lymanjoy
      @lymanjoy  Год назад

      I'm so glad it was helpful. Thanks for watching!!

  • @kerrigraham2892
    @kerrigraham2892 Год назад

    Really appreciate your videos on budgeting. It has helped me so much to stick to the 7 baby steps (Dave Ramsey). I have purchased your budgeting sheets and I have payed out 2 of my debts. Thank you Laura Lyman Joy for breaking it down.

    • @lymanjoy
      @lymanjoy  Год назад +1

      Thanks for sharing. That motivates and inspires me. Sounds like 2024 is going to be a great year for you with an amazing plan in place. There will be great financial wins!! Happy Thanksgiving 😊

  • @joannhutchinson3030
    @joannhutchinson3030 Год назад

    So Is sinking funds and savings fund the same thing?

    • @lymanjoy
      @lymanjoy  Год назад +3

      Yes, but I think there needs to be a short term used throughout the year and long term for years to come.

  • @susbudget
    @susbudget Год назад

    New subbie here!! Wow this was the best explanation I have heard yet!! Thank you so much!!!❤❤

    • @lymanjoy
      @lymanjoy  Год назад +1

      I am so glad!! ❤️

  • @thebudgetevolution
    @thebudgetevolution Год назад

    Hi Laura 👋 great video 😊

    • @lymanjoy
      @lymanjoy  Год назад

      Thanks for watching!

  • @SeaShelleyCrafts55
    @SeaShelleyCrafts55 Год назад

    Laura, how’d you get into coding. Shelley

    • @lymanjoy
      @lymanjoy  Год назад +1

      I worked in a doctor office as a medical assistant for years. But my eldest daughter, CHD and had 7 open heart surgeries and then a heart attack and stroke, at 11 years old, so I needed something else to do as I traveled back and forth to hospital visits and at home. So my office manager, who was a coder, taught me. I took classes on AAPC, and the rest is history now 12 years later still at it.

  • @brendaclark4429
    @brendaclark4429 Год назад

    Is a sinking fund our paychecks

    • @lymanjoy
      @lymanjoy  Год назад

      The sinking fund is a savings category you save for, like car maintenance, so when a need arises, you have the money and don't go into debt.

  • @sherrypool7653
    @sherrypool7653 Год назад

    im on ss i can only do the low income right now, but i have started

    • @lymanjoy
      @lymanjoy  Год назад

      I totally understand... one step forward every day.😊

    • @sherrypool7653
      @sherrypool7653 Год назад

      every dollar saved counts@@lymanjoy

    • @Carolmaizy
      @Carolmaizy 11 месяцев назад

      I have a pension and a very small S. S. check myself. I guess it's never too late to learn, is it?

  • @Glammmahgotguts
    @Glammmahgotguts Год назад

    Hi there. I subbed a few days back. Thank you for sharing so much information. I really appreciate the free downloads. It’s awesome to be able to learn along side you as you’re explaining the process. I have the printables in my hand right now😁😁I’ll be purchasing your other products Soon. Happy Thanksgiving 🍁

    • @lymanjoy
      @lymanjoy  Год назад +1

      Welcome to the LymanJoy Community. I'm so glad you're here! I am so excited for your budgeting journey. Let me know if you have any questions along the way. Have an amazing Thanksgiving. 😊

    • @Glammmahgotguts
      @Glammmahgotguts Год назад

      @@lymanjoy I will definitely reach out if I’m perplexed about anything. Also, I’m so sorry about your loss🙏🏽😟💕

  • @brendaclark4429
    @brendaclark4429 Год назад +2

    I am sorry I know what the fund is I just wanted someone to be able to laugh while doing their best to handle life's storms

  • @MissyBoxdorfer
    @MissyBoxdorfer Год назад

    When you get time, can you let me know where you got your wallet? Or if you have a link, please.

    • @lymanjoy
      @lymanjoy  Год назад +1

      So, unfortunately, I can't find this exact one anymore, but here is one that is similar.
      🌟Black A7 Wallet (this is just an option, not the same one in the video)
      amzn.to/3PMBL9g

    • @MissyBoxdorfer
      @MissyBoxdorfer Год назад

      @@lymanjoy Thank you!

  • @LaTora007Johnson
    @LaTora007Johnson 4 месяца назад

    ❤❤

  • @carolyndalton7775
    @carolyndalton7775 Год назад

    😊

  • @judejeanpierre7486
    @judejeanpierre7486 5 месяцев назад

    ❤❤❤❤🎉🎉🎉🎉🎉😊