How I Use Sinking Funds in My Budget
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5 жыл бұрынThe truth is, these types of expenses can be detrimental to your budget. You need to have a system in place that will allow you to pay for certain planned expenses with cash, so you are not continually going into debt.
That’s where sinking funds come in handy.
Today, we are going to cover everything there is to know about sinking funds, which funds I include in my budget, and how to use them.
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I'm the blogger behind www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!
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@ChessaKali 5 жыл бұрын
You should consider changing your name to Adulting 101! Everyone should be doing this! Great video!
@juliamoore9693 5 жыл бұрын
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@MsLee-oh7hy 4 жыл бұрын
Chessa Kali I agree this women’s video strongly helped me to create my 1st budget! Now I feel so rich because I budget every month, track my spending and have a realistic plan to save money for college ❤️
@peace-a 4 жыл бұрын
Actual tips and method start at 5:53
@heatheriskind8243 5 жыл бұрын
I am obsessed with budgeting. It has been life-changing for me. I really love the idea of the coloring chart to go with the envelopes. Thanks for the great idea
@jessicagomez2073 5 жыл бұрын
So it's not that I don't care about finances and well budgeting overall but in high school they really don't teach you about this, I love the way you show how to budget simple easy and exciting. I follow you on Instagram as well. Thank you for changing my views on finances overall.
@rebeccapichette4327 5 жыл бұрын
Getting my s**t in order this week to get my budget and life in order for a great start to 2019. Thank you so much for your hard work putting this all together for us. Happy holidays!!
@glenmaturityinbasics5430 5 жыл бұрын
Watching your channel now. I’m having my journey for a debt free home this 2019. And thank God i found your channel!!! Thank you! Happy new year!!!
@MissEricaBarnes 5 жыл бұрын
So glad I came across your channel! You speak my language. Budgeting has been the WORST! Happy to find a method that makes sense to me! Keep up the good work. Thanks.
@rbncj 5 жыл бұрын
Thank you for your printable cash envelopes i literally printed them all and laminated them! I’m going to put them all to great use!
@iwant2stayhome 5 жыл бұрын
Setting up sinking funds have been the best thing I ever done. For the last 4 Christmas I have not worried. Also, this year I had money left over. 🤩 I still have to work on a few items.
@ireneakaranga535 4 жыл бұрын
Wow. #goals
@Havanah2006 4 жыл бұрын
I love this as “sinking funds” would definitely be my downfall in doing my budget because like you said, you just never think about it. Love it & thank you 🙏 Embracing Sinking Funds for the win 2020
@2babe6 5 жыл бұрын
I’ve been looking for a budget channel for years and your channel is perfect I just learned so much in these past few days and I just love how you have the cute drawing for each envelope it motivates you even more to finish the coloring your amazing and thank you 😊
@emilyorlando3103 5 жыл бұрын
Super helpful to see the whole process. I do this kind of already and am reassessing for 2019!
@lyntintin8350 5 жыл бұрын
Great ideas (& cute cards!) thank you SO much for sharing this information 💕 it’s hugely helpful.
@christel3742 5 жыл бұрын
Those pictures would be a great way for me to teach and include my kids in our savings. Thank you for the ideas! I plan on printing your pages as soon as I can get to the library :).
@edgetendale5651 4 жыл бұрын
Thank you so much. I love watching your video. I know now the difference between sinking and emergency fund. Great job!!
@KateMiller5 5 жыл бұрын
Can’t wait to implement this into my budget for 2019!! 👏🏻😁
@yolandashelton5301 5 жыл бұрын
THANKS FOR SHARING REALLY LIKE ALL YOUR GREAT TIPS GOING TOO TRY IT HAPPY BUDGETING!
@jenniferadams2918 5 жыл бұрын
Fabulous video stuffed with great information!
@kimchiladybugsullivankim5595 5 жыл бұрын
New subscriber here can’t wait to learn about budgeting thanks!
@nikkiamarillo2321 4 жыл бұрын
Thank you for the tips!! Will start it today!!!
@LifewithRogina 5 жыл бұрын
Just found your channel and I have definitely learned a lot. Thank you
@chaoreas2064 5 жыл бұрын
i like your envelope system blogs, it's easy to understand :)
@t.1674 5 жыл бұрын
My husband gave me your link to your blog. From there, I found other youtubers, and Dave ramsey! Started in October and am loving this cash system. I honestly have no idea where my money used to go! It's really concerning.
@DeannaPerry405 5 жыл бұрын
love it! Thanks for sharing
@stacyr2586 4 жыл бұрын
Excellent description!
@TheCheamFamily 5 жыл бұрын
Totally loving your videos! I'm going to adopt your system!
@tinamyrick2043 4 жыл бұрын
I'm glad I found your channel. Thanks for the envelopes love them. When you do your free envelopes can you (if it's not a problem) to have vertical or horizontal envelope options. Please don't think I'm being ungrateful for asking.
@TheImperfectReader 4 жыл бұрын
Great templates!!
@Karime.Flores 5 жыл бұрын
You inspire me!
@putnamdesign1072 5 жыл бұрын
I love your envelopes
@jessicarana1906 5 жыл бұрын
Capital One 360 is a great bank for virtual cash envelopes. You can open 20+ bank accounts. No fees
@Megsother28 5 жыл бұрын
Jessica Wortsmann Great idea. I have a few accounts there and I love how easy it is to move money and rename accounts. This would be a great way to keep sinking funds. Thanks for the idea!
@beckybelnap2 5 жыл бұрын
This is what I thought of doing. You can sink funds and when the event come ups you transfer and pull out in cash.
@rebirthedsoul3185 11 ай бұрын
My budget Mentor ❤❤❤
@lemihayashi1416 5 жыл бұрын
Hi! I follow your IG and go to your blog often as I am getting ready for 2019. Thanks for all the help! Will you be doing a sale for New Years?
@ciannacoleman5125 2 жыл бұрын
Must of my “fun” spending is through sinking funds. I have two types: the ones that go into long term savings (although Mika would call them mid term) and the ones that I keep in my checking account in virtual “envelopes,” those I keep track of with a spreadsheet. Personally I put all gift giving into a single “envelope” rather than by individual occasions. The only thing I don’t like about my system is having those SFs mixed in with my general spending so when I get a larger checking buffer I will likely move that money to a separate account.
@tina2.07 5 жыл бұрын
So what about your car maintenance and car plates? Do u have a sinking fund for those
@annaamsden3754 5 жыл бұрын
Thanks for sharing this!! Why do you wait until 2019 to start the sinking funds for your 2019 events? for example, you didn't start contributing to your 2019 Christmas fund on 12/5, after you finished the 2018 fund in November.
@itsKendraLynne 5 жыл бұрын
How do you budget for vacations???
@theforeignsicktravel 4 жыл бұрын
loL I am a travel blogger and this helps me! Thank you
@katalinaradi7472 5 жыл бұрын
Where did you get those amazing envelopes?
@catherinecath8890 5 жыл бұрын
Hello, for vacation you use also thé sinking fund ? Have you à vidéo where you plannified your vacation in your budget ? Thank you 😍
@erinjk123 5 жыл бұрын
$16,274.22 "outflows" last year if it calculated everything. I'm paying off debt.
@neosdesigns8714 4 жыл бұрын
What type of paper are you using or recommend for printing the envelopes?
@liciawest 5 жыл бұрын
My issue is .....starting over! I had a good budgeting system but then I took a hit with planning my wedding and another awesome life event (getting a new job) But through it all I kinda lost a grip on my money :|
@monikawalker6785 5 жыл бұрын
I have purchased your workbook but I don't have your sinking fund worksheet. How can I purchase that worksheet?
@Amanda.Cooper 5 жыл бұрын
Is the sinking funds savings tracker supposed to last multiple months?
@galaxzylugo8555 5 жыл бұрын
Awesome content! Thanks! I was wondering how do you save/sink for larger goals that take more than a year? Like a long vacation or others saving for a down payment for a home. ( I’m about 1/2 way through this video).
@chalongehart3134 3 жыл бұрын
I put money in an account everything I get paid as if it is a bill
@jenniferstiko7510 5 жыл бұрын
How should you go about doing this when you're working really hard to pay off debt?
@bionicwoman9884 4 жыл бұрын
I save the cash for sinking funds like Christmas and then use my credit card and use the sinking fund to pay off my card. I treat my credit card like a debit card or cash. I dont overspend on my credit card and dont pay a cent of interest. I keep my cash in savings accounts. Capital one allows you to have multiple savings accounts with no fees. Have a mindset to charge only what you can afford. You have to pay it back. Great video.
@lquivers 5 жыл бұрын
I have been trying to budget for about two years looking for a good video and I found you awesome!!!! You are so good that I know people will pay you to teach budgeting classes. You make everything So clear and understandable. Thank you!!!!
@theloganmonster 5 жыл бұрын
Also look into YNAB (you need a budget) it is amazing and life changing! It will change everything with budgeting .Best of luck!
@zully2834 4 жыл бұрын
What is the bank that you have that allows you to have multiple savings accounts without fees ?
@myjourneytofit71 5 жыл бұрын
Fidelity Investments has cash management accounts zero minimum and zero fees. I have 15. Also, if you want, you can choose to get a debit card for each account.
@msbubblehead7023 5 жыл бұрын
I signed up for your website but you still haven’t sent me the templates
@mariagomez-tm5wo 5 жыл бұрын
Can you do a video on your emergency fund?Im not seeing it in the savings plan at all.Clarify if Im wrong.Thank you for the system seems great and I will definately be implementing it.Blessings.
@mariagomez-tm5wo 5 жыл бұрын
THE BUDGET MOM great.Looking forward to that.This system is amazing!😬
@vivianp5962 5 жыл бұрын
Are " sinking funds" non investment's type of category?
@hopekirkland1162 5 жыл бұрын
Do you use a sinking fund for Vacations?
@DestinyBudgets 5 жыл бұрын
Where can I get those envelopes?
@myvoice31 4 жыл бұрын
This is great but I feel like all my budgets are large. Am I spending too much on everything? Yikes!
@adelevanderlecq9471 5 жыл бұрын
Always been a huge fan. But, wow, what a difference it makes that the tongue piercing is not a constant distraction. I know this is just a personal thing, and absolutely no reflection of you as a person or the amazing work that you do, but it helped me to focus more on the message. Hope this makes sense. Thank you for your inspiration and guidance, always.
@marie-everaymond1805 4 жыл бұрын
Do you keep all the money in the account or in envelope every month?
@iriamonge1704 5 жыл бұрын
On my that Christmas envelope is different than the one I have, I know it's a lot to ask but can you please create new simple free sinking funds envelopes, I've try to make my own and it's a failure 🤦🏼♀️
@dj692012 4 жыл бұрын
Where would I budget the 529 college accounts for my kids. Would it be considered sinking funds? It's an automatic transfer from my checking account every week.
@anaalvarezvilla3610 5 жыл бұрын
So how much we going to put in that envelops
@shaleniavanorsdale93 4 жыл бұрын
I'm Disable and can't drive. But I do what i can from home like Budgeting Our Finances, Meal Planning, and Grocery shopping -which includes Couponing........Anything that helps Save Us Money. However, I don't have a printer at home; and don't have a way to a library or any place that prints, is there a way I could do a order online, than have it mailed to me?
@lquivers 5 жыл бұрын
Can you buy the cash envelopes in this video?
@jennortiz612 5 жыл бұрын
When you spend your sinking funds, are you still tracking them in your expenses trackers?!?
@lovesylvia2621 5 жыл бұрын
Jenn Ortiz yes she does
@walkbyfaithandbudget5718 5 жыл бұрын
Are you able to make the yearly savings goals and events available by itself instead of with the budget binder set?
@walkbyfaithandbudget5718 5 жыл бұрын
@@thebudgetmom ok awesome thanks. Should i wait until next week to check back?
@lovealwaysjasmine 5 жыл бұрын
What’s the difference between cash envelopes and sinking funds?
@lovealwaysjasmine 4 жыл бұрын
Where is that Christmas envelope from
@cwj144 5 жыл бұрын
Question: If your sinking funds is Cash Envelopes then you have to have an even number so you can take Cash out from the ATM correct? I say this because I left Keybank and I went with T-Mobile Money and though they have 55,000 free ATM which is fine with me my Sinking Funds I created in my budget and decided to flip them into CASH ENVELOPES for me they need to be an even figure? Any other suggestions are welcomed. Starting my new budget after Memorial Day because I got paid on Friday, May 24, 2019 and guess what T-Mobile Money did held my paycheck until May 29, 2019 UGH but NO FEES
@cdpzboss 5 жыл бұрын
i need a budget but we just pay all our bills but we tend to spend too.... do you do your own envelopes i need help with them i'm using just normal office envelopes but we don't save... if i save for a dog i know i groom her monthly so why save it in an envelope when i know i'll use it.
@0rignallity601 5 жыл бұрын
So 10:30. you just guess and create an amount for the total you want, how long you'll save , and the amount you'll put aside for it?
@delval40 4 жыл бұрын
HI - there! Where can we buy these themed sinking funds envelopes that cover events throughout the year
@adellechalupa5515 4 жыл бұрын
Hi lovely if you go to thebudgetmom.com click the free resources tab and sign up and then you can download them from there 😊
@alexispitts8628 5 жыл бұрын
I love this method where can I purchase this book
@alexispitts8628 5 жыл бұрын
Thank you
@metrosteadingmomma7582 4 жыл бұрын
I’ve entered email for subscription & for resource library. Still haven’t received password. I messaged on Facebook (just for heads up).
@learnwithsuha5435 4 жыл бұрын
Liked it
@sharonthomas2208 3 жыл бұрын
Hello where can I find the sinking funds worksheet?
@briannahills4452 3 жыл бұрын
Get a grant for yourself through grant writers
@ilovenyc2129 5 жыл бұрын
I use envelopes too
@cwj144 5 жыл бұрын
I like this video but my question is what if it is May 2019 and you want to play Ketchup on sinking funds or don't you? Example: I want to save for partner's Birthday August 2019 but it is May of 2019 can it be done?
@maggiezorn4591 3 жыл бұрын
Yes! Just figure out how much you want to save and divide it by the number of months til the time of the event.
@Iammynissa 5 жыл бұрын
Hey, you should sale cash envelopes.
@kristinat.5532 5 жыл бұрын
What about the sinking funds envelopes shown here ?? I didnt see them in your shop.
@rileyfilms672 5 жыл бұрын
KRISTINA T. Those she offers for free! In her free resource section.
@kristinat.5532 5 жыл бұрын
@@rileyfilms672 Thank you for the answer i will look into it.
@kstroder879 5 жыл бұрын
Where do you get your sinking fund cash envelopes like the cute holiday and travel ones?
@kstroder879 5 жыл бұрын
Kaykay 94 sure! What’s your link?
@dragonphoenix147 5 жыл бұрын
There's a link to her free resource library in the description and I think those envelopes are a free printable
@lgeyer84 4 жыл бұрын
16:57, Bottom right corner should say "1271 - (429+520+12+310)" not "739" for Bill Total... otherwise love the videos!
@hopesignin8393 5 жыл бұрын
Love your videos, thanks so much for sharing. Any chance you can budget in a tripod? The shaking camera gives me motion sickness so I can only "listen" to your video's not "watch" them. Said with love, hope I haven't offended.
@amberalvarez1503 4 жыл бұрын
I dont see the yearly savings goals and events in the free resources page 😔
@rachelsark6148 4 жыл бұрын
Amber Alvarez you have to buy it. It’s $10
@virginiavance3699 5 жыл бұрын
I am planning a vacation in year. I have to have alot money
@putnamdesign1072 5 жыл бұрын
Where did you get them?
@putnamdesign1072 5 жыл бұрын
Where at????
@isabelgeerer5062 4 жыл бұрын
can you do another video about when you use the money you've saved in sinking funds? Especially when you save in cash and end up making a purchase through your checking account on line. I got a great deal for something I was saving for on Groupon, now I guess I deposit the cash back into my checking account?
@baileydavis690 5 жыл бұрын
What do you do with the extra cash that you may not have spent from the envelopes? Do you use it for the next year or add it to your debt payments?
@lindseyburke9080 5 жыл бұрын
Question: do you fill out the sinking funds saving tracker every single month or do you just fill it up and then start a new one? Your channel has completed my budget and brought it all full circle for me! So thank you 🙌🏻❤️
@lindseyburke9080 5 жыл бұрын
Perfect thank you!! That’s what I was thinking but wanted to be sure! Thanks so much for the free printables I’m so excited to start this year out on the right foot!
@dawna-ba-da-bing 5 жыл бұрын
Most banks will give you unlimited savings accounts as long as you have an automatic transfer going in at least once a month of $25. I have sinking funds in multiple traditional bank savings accounts that money automatically goes on my paydays twice a month and that keeps my savings accounts free.
@FINDINGWHOCRYSTALIS 5 жыл бұрын
Just purchased your 2019 budget feeling a bit overwhelmed. Oh where and how to begin??
@bettymay7702 4 жыл бұрын
i want to know how to get your planing book, Thank you
@vivianp5962 5 жыл бұрын
Fees is what gets me.
@nayelihernandez2218 5 жыл бұрын
Can you please do a video showing how you did your envelopes PLEASE!☺️
@naokarina593 5 жыл бұрын
Are u half 🇯🇵??
@wr3504 5 жыл бұрын
Do you keep your cash in a safe
@wr3504 5 жыл бұрын
@@thebudgetmom okay good 😅
@dawna-ba-da-bing 4 жыл бұрын
My savings accounts are free as long as I auto transfer a total of $25 per month. I have 5 savings account sinking funds...so far!
@bruce5895 3 жыл бұрын
Tip # 6 for saving your money, you can make extra money by doing video's on utube find out how on utube.
@gabdubuc 5 жыл бұрын
They should be called building funds... Sinking has such a negative connotation! And the practice boils down to building the amount we need for big expenses. So yeah, building funds. Even the word FUND means bottom... so sinking bottom is really negative 😂😂😂🤔🤔🤔
@aurielle3 5 жыл бұрын
Those bills are not facing the same way and it's irritating me. Anyone else?
@cryptobatman1050 4 жыл бұрын
Too much work. Pass.
@rachelsark6148 4 жыл бұрын
Crypto Batman people who say that are usually in debt 🤷♀️
@cryptobatman1050 4 жыл бұрын
@@rachelsark6148 Yes, I do have a decent home loan and nothing else. Spend less & save money. Making a spending habit is a dangerous thing. Some of these cards are quite scary Valentines day, christmas spending, Birthday spending.... Keep it simple. If you already save 800$ for Christmas spending then I can guarantee that many would exceed that amount or spend whole 800$. Habitual spending with a plan does not seem like a good idea. These stressful envelopes may help some people who always end up in a debt during Christmas time. Great video but still too much work.
@rachelsark6148 4 жыл бұрын
Crypto Batman they aren’t stressful. You should try. I’ve started saving for my boyfriends birthday. I’m trying to save almost 200 for it so I’m setting aside 15 a month. The sinking funds are there so when that event comes around you aren’t shocked with the expense. But I guess it’s just laziness of you feel it’s too much work. Not at all if you give it a try
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