What sinking fund categories do you use? Here's the list written out if you wanna skip the bad audio in the video: penniesnotperfection.com/13-sinking-fund-categories-for-your-budget/
I have about 20 sinking funds. Crazy, I know. But if I keep all of my money in a single savings account, I will not allocate it properly (I know myself). Outside of Christmas and Gifts/Giving, I created separate funds for my Mom, Dad & Stepdad, and my Husband to cover their birthdays and Mother's Day/Father's Day. Home, Car, Luna (my pup), Events, and Travel are a few of the others. I have a feeling most of these won't be used this year, but that just gives them more time to grow.
We live in South Florida. The first year we started doing this I got slapped in the face with a big hurricane and we had to shell out a lot of cash in extra food and gas prep. Duh. We needed a hurricane fund for a week of extra food in advance, gas for all vehicles and generators, and a weeks worth of travel and food if we have to evacuate. I felt so dumb for forgetting that! But here we are. In a better place this year. Keep up the good work girl!
I have sinking funds. I am new to this debt free journey and started out with 10. It became overwhelming so I decided to focus on 4 that needed funding quickly. In August I should have those 4 fully funded and then I plan on adding back in more of the common sinking funds.
I love sinking funds. 💕 we started with just a Christmas fund, now we have most of the ones you listed here. The back to school was the biggest life saver for our budget. I can breeze into a new school year knowing everything from books to school activities to insurance is all covered. The peace I get from that is priceless. another great video, thank you Mary.
I love sinking funds. I have many sinking funds for different things. The main ones are for: Car Repairs, New Car Fund, Car Insurance, Christmas, and Vacation. The others are smaller.
I love sinking funds!! It's funny that you said they aren't meant to last forever because I feel like they should 😂😂😂 I spent all that time saving and watching it grow and when it's time to use them, I get a little upset lol 🤦🏾♀️🤷🏾♀️ Listening to you just made me realize that it's a good thing that I have the money to SPEND now!! I just went through this today...I had money in my clothing fund and I wanted some summer dresses and kept going back and forth with myself about buying them. I put them in the cart and finally said YOLO...I have a sinking fund for this!! My dresses are on the way! Pahaha 💃🏾💃🏾😂😂
It really depends on what it’s for but I guess they do last forever they just get added to and subtracted from all the time for us! I love sinking funds because I never feel guilty spending them. Sometimes I’ll catch feelings about spending during the month from our regular budget but never sinking funds when we have saved it up. I’m so excited for you and your new dresses! Enjoy them!!!
@@PenniesNotPerfection You know I just had the discussion with my boyfriend about all of these weird feelings I've been having about money since starting this journey. I experience a lot of anxiety around money and I believe it comes from not really having money and living paycheck to paycheck with a poverty mindset. When I started paying my debt, I would get so anxious about transferring the money to the creditors, then I would get anxious about transferring money to my seperate emergency fund account...I just didn't want to let the money go. 🤔 Oh it's been a whole ordeal for me, but I'm learning so much and growing in the process. I truly thank you for sharing your journey and being such an inspiration to me. ❤️💖💓
I do love sinking funds!!! 🖤 So far I’ve been able to pay off all my college loans, save up in cash to buy a truck, and still going strong!! Cheers to everyone in their debt free journey!!
I have sinking funds for presents, cloths, unexpected expenses, holidays and repairs. It is around 10-20 a month each and holidays around 200. I love it because as you said it gives me peace of mind.
I love how you explained sinking funds and the various categories. I definitely can do this you have made it so clear. Do you have any videos for cash envelopes? Thanks.
I love sinking funds! They take much of the financial stress away. I’ve got a few basic ones: emergency (for home, and hopefully a future car), grad school, travel, misc. personal, and giving (new).
I love sinking funds! I learned about them about three years ago and I haven't looked back! I wish I had known about this kind of saving sooner! I currently have 11 sinking funds in all.
Sorry you're feeling sick. Way to push through despite having sound issues and not feeling well!!! I love sinking funds! Great job. I use Capital One for mine. I sometimes do weekly $25 deposits that add up over time. By the time you’re done you have saved up $1200 for Christmas. Keep up the good work!
I have : - Embryo Storage - Home maintenance - Car Maintenance - House & Car Insurance - HOA fees - Student Loans : Our payments and interest were put on hold automatically due to covid. We aren't eligible for any other government help, so we chose to save our regular payment amount as an extra emergency fund. If all goes well, we will make a lump sum payment this fall when it goes back to accumulating interest and payments start up again.
We really like using sinking funds to save for specific purchases. It helps us keep our goals in mind and reach them without negatively impacting the rest of our budget.
Oh man, I definitely love SFs! I currently have Home (which covers rental insurance, moving fees, furniture buys, one month’s rent), Car Maintenance, Spending, Medical, Christmas, Car Insurance, and Nemo (my cat who passed a couple weeks back). I wrote down a list of ideas from your video to see what else I can implement this summer!
I love sinking funds because it gives me a clear picture of my savings goals. Before when I had just a checking & a savings account, I found it hard to use money in my savings because I felt like I was "stealing" from myself. With sinking funds, every dollar is working towards a savings goal for me. I have even set up short term savings buffer so I don’t feel bad if I have to tap into my savings. My sinking funds are: 1. Emergency Fund 2. Family Planning(for house down payment & whenever I have children) 3. New Car 4. Treat Yo Self(for travel & luxury items I may want in the future) 5. Retirement(this is just a long term savings outside of my Roth IRA) 6. Medical 7. Car Maintenance 8. Miscellaneous(this is just short term savings/buffer in case I ever need extra money)
I love sinking funds! I used to have so many of them, but I noticed that so many were falling by the wayside and being ignored so I recently condensed mine to just 4 - Christmas, Savings fund (which is for anything like vacation, new car, replacing technologies, etc), Necessary spending (which is for anything like household items, personal care items, medical, etc), and Frivolous spending (which is anything like clothes, candles, or just really anything that is not a necessary purchase).
I love sinking funds. I don’t prefer saving a little for various sinking funds every paycheck. I prefer to fully fund each fund as soon as possible. It makes me feel more secure and motivated. I’ll prioritize each fund in what order I want to fund it depending on how soon away it is, how much I already have for that expense saved, and how necessary it is. I don’t have each in separate savings accounts. Instead I have the money in the savings account broken down in my personal records.
I love sinking funds! We aren’t necessarily as organized as you are. We don’t formally follow a zero-based budget but neither of us is much of a spender. I have ally and capital one 360 accounts and each month after we pay our credit card bills in full, I move whatever we don’t spend into those online accounts. Within those accounts I do have folders/sub-accounts for big ticket items like property taxes/school taxes and car replacement, etc. Hope you feel better!
I love sinking funds. Though I don't actually have any sinking funds. However, I want to! I watched another video where you said you used Capital One 360 for your sinking funds. I need to do this! If we weren't in contract for a house I would open a Capital One 360 account today. Maybe in a few weeks. I hope you're feeling better! You look like you might be feeling better in this video. :)
This was actually filmed a while ago! I didn't post it cause the audio but I tried to fix it ... just not good enough haha. I am still a bit sick. Congrats on being under contract for a house!
Yes you have to be so careful when you are under contract. That is so exciting. I love capital one because you can have multiple accounts. I currently have four. It is great they they get to grow a little bit of interest as well.
Sinking Funds are such a life saver. I have several of the normal ones like car, vacation, clothing, dog fund etc. We have an ugly sweater party every year and id rather put away very little over the year to fund that expense versus all at once in December where it can already be a pricey month.
I love seeing how others use sinking funds. I haven’t completely ruled out using them myself, but I don’t as of right now! Btw I see the merch!!👀 Nice!!🙌🏻🔥🔥
I love sinking funds! They have helped so many times that I will not stop doing them✨ I have car maintenance, new car, medical, gifts/Christmas, clothing, car and house taxes, savings, college(for my child's expenses), softball(my daughter plays collegiate softball), and hotel(This is so I can afford to go and watch my daughter play softball. He college plays in 4 or 5 states a year. And I hope to change it into vacation type fund after she's finished.)
I love sinking funds!! Right now, I have a Christmas sinking fund - fully funded, a gifts sinking fund - about to be fully funded, a new car fund - fully funded as of now, and a car maintenance fund that is about to be fully funded! I will be adding a tattoo sinking fund, a new laptop sinking fund and maybe a travel sinking fund.
I love sinking funds! Help me plan for back to school! Now to keep adding to it consistently! I moved by savings to Ally so that I don’t get tempted to touch it!
I love sinking funds and basically have all of those plus an activity/sports for our two boys. The are still very young but we decided to just start saving a little now because it gets expensive. Also an escrow shortage account.
I am learning to love sinking funds have done one. I found the setting up of the first one daunting but felt relief when I put the hard cash away. I am an impulse buyer so I feel that I need to take the cash out of my bank accounts.
Can you explain your sinking funds bank Accounts. How did you set them up? Is it one Acct you deposit all the money in or individuals? I am learning thru you and enjoy all your content. 😊
Most of it is in this video: Sinking Funds Explained | How To Setup Sinking Funds | Sinking Funds Capital One 360 ruclips.net/video/FYPnMAIrtIs/видео.html
The pet sinking fun is so important! I have a cat with feline leukemia. It's stable right now, but his health could derail at any point. I've known too many people who make really difficult decisions, because they didnt have the money for the medical bills.
Oh poor baby! I'm so sorry. I know a lot of friends who have had to do the same thing and definitely have regrets. I'd rather have the money than have to make hard choices like that.
I love sinking funds as well! Recently added to my budget just few months ago since working on paying my debt. I hope to add more categories as I have more expenses that I know are coming but for now it works. Also, my Chico (my dog) fund is a must! My poor baby has allergies so he is always needing a visit with the vet and special food. Yea expensive so having a sinking fund has helped with that. Thank you for sharing and happy that your channel is growing 🙌🏽 cheering you on ❤️
Great info! Question, are any of your sinking funds kept in a checking in lieu of a savings account? Wouldn't a checking account with a debit card be easier, depending on the fund of course, i.e. pet or clothing sinking fund?
Hahah. Maybe I should have put a bucket on. Basically I filmed in a new location and it picked up lots of background /air conditioning noise and I tried to fix it but don’t have the editing skills needed so it clearly wasn’t great. 🤷🏻♀️ i will refilm eventually when I’m not sick.
Nope. I know it's not great but I couldn't fix it. Since I'm sick I didn't want to refilm and hoped people could look past it but clearly not. I'll have to just stop uploading anything not perfect audio wise or try to use some income to outsource editing because I can't seem to fix audio stuff.
I noticed it too, I don't mind too much, we still understand you, but when there is room for improvement, I think it is kinder to point it out than let you repeat it I enjoy your content a lot
What sinking fund categories do you use? Here's the list written out if you wanna skip the bad audio in the video: penniesnotperfection.com/13-sinking-fund-categories-for-your-budget/
One for all fix costs that are not going out each month,
Emergency Fund,
Car Repair,
Holiday,
Wedding of my brother,
Small cash emergency fund,
Besides the ones you mentioned we also have a car registration, child expense, birthdays, anniversary, extra giving.
@@xDoubleJOx A small cash one is smart!!
@@yojs17_ Ooooh love the anniversary one... I need to start one for us!
I have about 20 sinking funds. Crazy, I know. But if I keep all of my money in a single savings account, I will not allocate it properly (I know myself). Outside of Christmas and Gifts/Giving, I created separate funds for my Mom, Dad & Stepdad, and my Husband to cover their birthdays and Mother's Day/Father's Day. Home, Car, Luna (my pup), Events, and Travel are a few of the others. I have a feeling most of these won't be used this year, but that just gives them more time to grow.
We live in South Florida. The first year we started doing this I got slapped in the face with a big hurricane and we had to shell out a lot of cash in extra food and gas prep. Duh. We needed a hurricane fund for a week of extra food in advance, gas for all vehicles and generators, and a weeks worth of travel and food if we have to evacuate. I felt so dumb for forgetting that! But here we are. In a better place this year. Keep up the good work girl!
Wow. I am so impressed by all your sinking funds. I do love sinking funds.
Me too!!
I have sinking funds. I am new to this debt free journey and started out with 10. It became overwhelming so I decided to focus on 4 that needed funding quickly. In August I should have those 4 fully funded and then I plan on adding back in more of the common sinking funds.
I love sinking funds. 💕 we started with just a Christmas fund, now we have most of the ones you listed here. The back to school was the biggest life saver for our budget. I can breeze into a new school year knowing everything from books to school activities to insurance is all covered. The peace I get from that is priceless. another great video, thank you Mary.
I have about 8 sinking funds which are Christmas, Car maint. medical, vacation, taxes, car ins, gifts and dining out. They have helped me out a lot.
I love sinking funds. I have many sinking funds for different things. The main ones are for: Car Repairs, New Car Fund, Car Insurance, Christmas, and Vacation. The others are smaller.
I love sinking funds!! It's funny that you said they aren't meant to last forever because I feel like they should 😂😂😂 I spent all that time saving and watching it grow and when it's time to use them, I get a little upset lol 🤦🏾♀️🤷🏾♀️ Listening to you just made me realize that it's a good thing that I have the money to SPEND now!! I just went through this today...I had money in my clothing fund and I wanted some summer dresses and kept going back and forth with myself about buying them. I put them in the cart and finally said YOLO...I have a sinking fund for this!! My dresses are on the way! Pahaha 💃🏾💃🏾😂😂
It really depends on what it’s for but I guess they do last forever they just get added to and subtracted from all the time for us!
I love sinking funds because I never feel guilty spending them. Sometimes I’ll catch feelings about spending during the month from our regular budget but never sinking funds when we have saved it up.
I’m so excited for you and your new dresses! Enjoy them!!!
@@PenniesNotPerfection You know I just had the discussion with my boyfriend about all of these weird feelings I've been having about money since starting this journey. I experience a lot of anxiety around money and I believe it comes from not really having money and living paycheck to paycheck with a poverty mindset. When I started paying my debt, I would get so anxious about transferring the money to the creditors, then I would get anxious about transferring money to my seperate emergency fund account...I just didn't want to let the money go. 🤔 Oh it's been a whole ordeal for me, but I'm learning so much and growing in the process. I truly thank you for sharing your journey and being such an inspiration to me. ❤️💖💓
Sinking funds make life so easy and stress free. :) I’ve combined my gifts and CHRISTMAS sinking fund into one caregory
Nice! I know that works well for lots of people!
I do love sinking funds!!! 🖤 So far I’ve been able to pay off all my college loans, save up in cash to buy a truck, and still going strong!! Cheers to everyone in their debt free journey!!
I have sinking funds for presents, cloths, unexpected expenses, holidays and repairs. It is around 10-20 a month each and holidays around 200. I love it because as you said it gives me peace of mind.
I love how you explained sinking funds and the various categories. I definitely can do this you have made it so clear. Do you have any videos for cash envelopes? Thanks.
Not specifically but I’ve been thinking about making one. What questions do you have about envelopes?
I feel like you’re reading my mind lately with these videos! I’m trying to tweak my goal amounts for my sinking funds right now.
I love sinking funds! We have one for car repairs, because we drive "hoopties".
Definitely need one for that!
Girl, you know I love ALL the sinking funds! 💜 And this is a fantastic list!
Yes! Thank you!
I love sinking funds! They take much of the financial stress away. I’ve got a few basic ones: emergency (for home, and hopefully a future car), grad school, travel, misc. personal, and giving (new).
I love sinking funds, I have seven different categories, sinking funds help me save and stay on track
Thank you for all the wonderful information! I just starting my sinking funds accounts and I know it will be a huge help for our budgeting!!
I love sinking funds! I learned about them about three years ago and I haven't looked back! I wish I had known about this kind of saving sooner! I currently have 11 sinking funds in all.
Sorry you're feeling sick. Way to push through despite having sound issues and not feeling well!!!
I love sinking funds! Great job. I use Capital One for mine. I sometimes do weekly $25 deposits that add up over time. By the time you’re done you have saved up $1200 for Christmas. Keep up the good work!
I have :
- Embryo Storage
- Home maintenance
- Car Maintenance
- House & Car Insurance
- HOA fees
- Student Loans : Our payments and interest were put on hold automatically due to covid. We aren't eligible for any other government help, so we chose to save our regular payment amount as an extra emergency fund. If all goes well, we will make a lump sum payment this fall when it goes back to accumulating interest and payments start up again.
We really like using sinking funds to save for specific purchases. It helps us keep our goals in mind and reach them without negatively impacting the rest of our budget.
I love sinking funds!
Oh man, I definitely love SFs! I currently have Home (which covers rental insurance, moving fees, furniture buys, one month’s rent), Car Maintenance, Spending, Medical, Christmas, Car Insurance, and Nemo (my cat who passed a couple weeks back). I wrote down a list of ideas from your video to see what else I can implement this summer!
Sorry top hear about your cat!
I just went back and watched some of your old vlogs. Thank you so much!! So happy I found your channel🥳. Great info 👍🏽
Oh yay! Thank you!
I love sinking funds because it gives me a clear picture of my savings goals. Before when I had just a checking & a savings account, I found it hard to use money in my savings because I felt like I was "stealing" from myself. With sinking funds, every dollar is working towards a savings goal for me. I have even set up short term savings buffer so I don’t feel bad if I have to tap into my savings.
My sinking funds are:
1. Emergency Fund
2. Family Planning(for house down payment & whenever I have children)
3. New Car
4. Treat Yo Self(for travel & luxury items I may want in the future)
5. Retirement(this is just a long term savings outside of my Roth IRA)
6. Medical
7. Car Maintenance
8. Miscellaneous(this is just short term savings/buffer in case I ever need extra money)
I love sinking funds! I used to have so many of them, but I noticed that so many were falling by the wayside and being ignored so I recently condensed mine to just 4 - Christmas, Savings fund (which is for anything like vacation, new car, replacing technologies, etc), Necessary spending (which is for anything like household items, personal care items, medical, etc), and Frivolous spending (which is anything like clothes, candles, or just really anything that is not a necessary purchase).
Love sinking funds! We use most of the one's you listed. 😄
I love sinking funds. I don’t prefer saving a little for various sinking funds every paycheck. I prefer to fully fund each fund as soon as possible. It makes me feel more secure and motivated. I’ll prioritize each fund in what order I want to fund it depending on how soon away it is, how much I already have for that expense saved, and how necessary it is. I don’t have each in separate savings accounts. Instead I have the money in the savings account broken down in my personal records.
I love sinking funds... I need to restart mine again! Feel better hun 💕
I love sinking funds! We aren’t necessarily as organized as you are. We don’t formally follow a zero-based budget but neither of us is much of a spender. I have ally and capital one 360 accounts and each month after we pay our credit card bills in full, I move whatever we don’t spend into those online accounts. Within those accounts I do have folders/sub-accounts for big ticket items like property taxes/school taxes and car replacement, etc. Hope you feel better!
It sounds like you have a system that works for you and that's PERFECT! Honestly you can do well just the way you are doing it.
Thanks!
I love sinking funds. Though I don't actually have any sinking funds. However, I want to! I watched another video where you said you used Capital One 360 for your sinking funds. I need to do this! If we weren't in contract for a house I would open a Capital One 360 account today. Maybe in a few weeks. I hope you're feeling better! You look like you might be feeling better in this video. :)
This was actually filmed a while ago! I didn't post it cause the audio but I tried to fix it ... just not good enough haha. I am still a bit sick.
Congrats on being under contract for a house!
@@PenniesNotPerfection Oh no! So sorry to hear that. I hope you're all well soon and get over whatever it is that's keeping you under the weather.
Thanks! It's just a cold apparently!
Pennies Not Perfection I’m relieved it’s nothing worse!
Yes you have to be so careful when you are under contract. That is so exciting. I love capital one because you can have multiple accounts. I currently have four. It is great they they get to grow a little bit of interest as well.
Love sinking funds. Started them in March. Property tax, RV insurance, car insurance, tags for three vehicles.
I love sinking funds.
I am going to start some 🥳
Sinking Funds are such a life saver. I have several of the normal ones like car, vacation, clothing, dog fund etc. We have an ugly sweater party every year and id rather put away very little over the year to fund that expense versus all at once in December where it can already be a pricey month.
Love sinking funds
I love seeing how others use sinking funds. I haven’t completely ruled out using them myself, but I don’t as of right now! Btw I see the merch!!👀 Nice!!🙌🏻🔥🔥
I love sinking funds! They have helped so many times that I will not stop doing them✨
I have car maintenance, new car, medical, gifts/Christmas, clothing, car and house taxes, savings, college(for my child's expenses), softball(my daughter plays collegiate softball), and hotel(This is so I can afford to go and watch my daughter play softball. He college plays in 4 or 5 states a year. And I hope to change it into vacation type fund after she's finished.)
So cool you can go watch your daughter play!
@@PenniesNotPerfection I always told my kids there would be a parent or grandparent at all games no matter the age or level. And I'm sticking to it ☺️
I love sinking funds!! Right now, I have a Christmas sinking fund - fully funded, a gifts sinking fund - about to be fully funded, a new car fund - fully funded as of now, and a car maintenance fund that is about to be fully funded! I will be adding a tattoo sinking fund, a new laptop sinking fund and maybe a travel sinking fund.
I love sinking funds! Help me plan for back to school! Now to keep adding to it consistently! I moved by savings to Ally so that I don’t get tempted to touch it!
I love sinking funds. Hope you are feeling better!
Thank you Lynne!
Sinking funds = Strategic savings 💙 best description. I see Pennies not perfection merchandise under comments. When did you create them?
Yess! Love the idea of strategic savings.
I made them last week as an experiment! I have a few more to add.
@@PenniesNotPerfection Just checked out your Etsy shop & see you've added loads of items & merchandise. Hope they're successful for you.
I have! So far nothing has sold but I'm definitely trying to increase offerings to earn more to pay off the debt.
I love sinking funds and basically have all of those plus an activity/sports for our two boys. The are still very young but we decided to just start saving a little now because it gets expensive. Also an escrow shortage account.
Sinking funds definitely is a great way to organize and reach your saving goals. The was great information Pennies Not Perfection.
Glad it was helpful!
I am learning to love sinking funds have done one. I found the setting up of the first one daunting but felt relief when I put the hard cash away. I am an impulse buyer so I feel that I need to take the cash out of my bank accounts.
Great job!
Great video
Can you explain your sinking funds bank Accounts. How did you set them up? Is it one Acct you deposit all the money in or individuals? I am learning thru you and enjoy all your content. 😊
Most of it is in this video: Sinking Funds Explained | How To Setup Sinking Funds | Sinking Funds Capital One 360 ruclips.net/video/FYPnMAIrtIs/видео.html
I love sinking funds
Niiice 🙏🤩 thaaanks
The pet sinking fun is so important! I have a cat with feline leukemia. It's stable right now, but his health could derail at any point. I've known too many people who make really difficult decisions, because they didnt have the money for the medical bills.
Oh poor baby! I'm so sorry. I know a lot of friends who have had to do the same thing and definitely have regrets. I'd rather have the money than have to make hard choices like that.
I have, Birthdays, Christmas, Home Maintenance, Hairdressers, Daniel's clothes( my son). Garden maintenance, TV Licence and Spare Cash.
I love sinking funds as well! Recently added to my budget just few months ago since working on paying my debt. I hope to add more categories as I have more expenses that I know are coming but for now it works. Also, my Chico (my dog) fund is a must! My poor baby has allergies so he is always needing a visit with the vet and special food. Yea expensive so having a sinking fund has helped with that. Thank you for sharing and happy that your channel is growing 🙌🏽 cheering you on ❤️
Great info! Question, are any of your sinking funds kept in a checking in lieu of a savings account? Wouldn't a checking account with a debit card be easier, depending on the fund of course, i.e. pet or clothing sinking fund?
They are in savings accounts then we moved the money to checking when we need it.
what happened to the sound or is the prob at my end?
you sound as if you had your head in a bucket
Hahah. Maybe I should have put a bucket on. Basically I filmed in a new location and it picked up lots of background /air conditioning noise and I tried to fix it but don’t have the editing skills needed so it clearly wasn’t great. 🤷🏻♀️ i will refilm eventually when I’m not sick.
The audio quality on this is very poor :(
Yeah I know thanks for pointing it out.
@@PenniesNotPerfection I was hoping it was on my end, sorry :/
Nope. I know it's not great but I couldn't fix it. Since I'm sick I didn't want to refilm and hoped people could look past it but clearly not. I'll have to just stop uploading anything not perfect audio wise or try to use some income to outsource editing because I can't seem to fix audio stuff.
Pennies Not Perfection get well soon and take it easy!
I noticed it too, I don't mind too much, we still understand you,
but when there is room for improvement, I think it is kinder to point it out than let you repeat it
I enjoy your content a lot
Ugh, I really wanted to watch this but the audio is so bad! :(
Feel free to read the post instead. Linked in description. 😘
@@PenniesNotPerfection Thanks!
Sorry about the audio! I promise I did try fixing it hahah.