Sinking Fund Savings Goals | Saving Tips & Hacks

Рет қаралды 222,944

Күн бұрын

Here is a look at my 2021 sinking fund goals!
A sinking fund is a strategic way to save a little bit every month to pay for large expenses that are planned.
When you add sinking funds to your budget, you can:
Save for ANYTHING and be prepared with cash. When I say anything, I mean it! Don't be afraid to get specific and make a list of everything you need and want.
Have fun without feeling guilty. Take that trip you've been dreaming about for years. Add that home gym to your spare bedroom and cut out your gym membership. Put that hot tub on the back deck to enjoy with family and friends. Make room for fun in your budget by telling your money where to go every month.
Ditch the guilt of spending. Plan ahead (with your spouse or partner, if you have one) and decide what you want to save for and figure out how much you need to set aside every month. When it comes time to spend your sinking fund, you don't need to worry about where the money is coming from, and you can spend without regret.
Plan for the unexpected. We all know that life can throw us curve balls. You never know when, what, or how things will break or fall apart - but you know they will, eventually. Saving a small amount over time for unexpected curve balls (like a new roof, a new washer and dryer, and new tires) will make those circumstances and purchases a lot less stressful.
CHAPTERS
Intro: 00:00
What are sinking funds: 00:44
My 2021 sinking funds: 10:18
Conclusion: 18:17
➡️ WHAT ARE SINKING FUNDS & HOW TO USE THEM: bit.ly/2WsIUyj
➡️ WHERE TO INVEST YOUR MONEY FOR SHORT-TERM GOALS: bit.ly/2KjA7fO
➡️ 2021 SAVINGS CHALLENGES: bit.ly/38iTi1f
➡️ SINKING FUND TRACKERS: bit.ly/37wDkBl
➡️ ILLUSTRATED SINKING FUND ENVELOPES: bit.ly/38nJbbk
➡️ WATERCOLOR SINKING FUND ENVELOPES: bit.ly/2WuScKj
ABOUT ME
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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Пікірлер: 243

@aplanefliesabove 3 жыл бұрын

2020 has been challenging & rewarding as well. I paid off $25k of debt, started saving in 7 sinking funds, opened 3 savings accounts, applied and was approved for a new cc, raised my credit score over 100 points... And this is just the beginning of my financal journey!

@svetlanikolova2108 3 жыл бұрын

Stay away from spenders and toxic people!

@JasmineAvril 3 жыл бұрын

Woooo hooo! 🥳✨

@tanyakerrick8228 3 жыл бұрын

Wow! That's awesome!

@paula2461 3 жыл бұрын

One tip I have for anyone feeling overwhelmed if they have too many sinking funds it that you can always just do a few of them at a time. If you want to save 200 for Christmas, 200 for Birthdays, 200 for back to school, etc, instead of saving 20 for each of them every month for 10 months you can manage one at a time (whichever is coming first) and then move to the next one. You can save 60 for a birthdays in the first 3 months, in the forth you would save the 20 that it's left and the extra 40 you would put in the next one (maybe back to school). Then you save only for back to school until that is done and move on fully to Christmas. If takes a bit of extra math to make sure you gonna reach every single goal on time or before hand, but I highly recommend, this way you only need to handle a couple of savings a month instead of 10.

@rinashukri8255 3 жыл бұрын

that is what i did last year and yes it worked! so its all about planning the timeline :)

@kisaharrisyt 3 жыл бұрын

I love this suggestion because I was SO overwhelmed by my number of SF! Thank you!

@MMyers-mh4jq 3 жыл бұрын

Just sat down with my husband tonight and made our 2021 year budget/ sinking funds

@yojs17_ 3 жыл бұрын

I love sinking funds! I have 28 however not all of them are getting funded every month. Some of my sinking funds do not have an end date but I save up every month such as car maintenance, holidays (excluding Christmas), birthdays, clothing, hair care. Honestly, any expenses that is not paid or used every month is a sinking fund for me. So that means whenever I spend money it either comes out from our budget or a sinking fund. Gives peace of mind.

@ciannacoleman5125 3 жыл бұрын

That right there is life goals, good job.

@rachaelv1140 3 жыл бұрын

Sinking funds are a game changer. Both of my friends live far away, so the vacation sinking fund was the first one I started. Now I have the cash when I go to visit them and that is so reassuring. My general savings account has helped me cash flow so many big expenses this year: a new phone, a lawn mower, a snow blower. 2020 has been a hard year for me in so many different ways, but sinking funds saved me from going into further debt and my goal in 2021 is to rebuild my savings account. Cut expenses, increase income, and pay off debt.

@Snapwhiz 3 жыл бұрын

Love your overview! Auto repair and car tag sinking funds made my husband a believer earlier this year. We’ve expanded to include gifts, Christmas, sports, travel, etc. I have used your BBP planner sheets and it has been amazing. Thank you for your products and for sharing your journey and techniques with us all.

@DebtFreeDee 3 жыл бұрын

I love what you say about being realistic and taking into account your habits from the past to plan for the future. This is super important! Thanks for highlighting this!

@ihilanikali8252 3 жыл бұрын

I LOVE your explanation of cash flowing birthdays but having sinking funds for the bigger ones 🤩

@georgiafremon6293 3 жыл бұрын

I just paid off my $6K debt in 4 months and the final payment was on Christmas! I can’t wait writing out my sinking funds and goals for 2021!

@ashleym1292 3 жыл бұрын

How did you pay that off in such a short amount of time?! That’s amazing

@georgiafremon6293 3 жыл бұрын

@@ashleym1292 I was able to really be strict about how much I actually needed to survive on for food and rent and every remaining penny went into paying off debt

@pm5735 3 жыл бұрын

Congratulations!!! This is awesome

@naesi8313 3 жыл бұрын

This my goal that bout how much debt I’m in wish me luck

@simonesimone4978 3 жыл бұрын

@@georgiafremon6293 I am currently doing the same and its going great!!! I will be debt free before the year ends

@alycer.8158 3 жыл бұрын

Gosh of all your channels. I've got to tell you- your" You tube" channel is my absolute favorite. Just 👍 and there you go the start of a educational library to pull anytime you need reference,knowledge or just a little shove in the right direction.

@Meganwitt 3 жыл бұрын

Thank you for sharing this. I’m starting sinking funds this year! I’ve never done them before. 2021 is going to be an amazing year for me!

@DavidEVogel 3 жыл бұрын

The Sinking Fund Savings methodology goes back to post-WWII. I know because I watched my father do it in 1959. Yes I am old. The term "envelope stuffing" is now "sinking fund savings." The principle is still the same.

@melymel8714 3 жыл бұрын

I love this, thank you for sharing! I want to start my sinking funds for 2021! 🎄

@MsCavsfanatic 3 жыл бұрын

Short term sinking funds. Long term sinking funds. Savings. Cash envelopes. This video finally got through to me after one year. Plus, I can no longer do a cashless budget. I'm going back to cash in January. I am thankful for this video!

@ezmath1236 3 жыл бұрын

I have a sinking fund for birthdays with no specific goal. I set aside $20-50 per month for this fund and every time I need to buy a gift for someone I have this to go to.

@fluffyduffyasmr3861 3 жыл бұрын

This is such a good one to have, never thought of that!

@Blumenkatze 3 жыл бұрын

This is how i do it for several years and it's always a really good feeling to be prepared when the bill comes.

@love_pets1366 3 жыл бұрын

Made my first sinking funds starting in April 2020. First year were I could buy everything I wanted/planned without going more in debt!!!!! Thanks budgetmom ❤️ Can't wait for my 2021 sinking funds!

@moneybee 3 жыл бұрын

Well done! It's so great hearing success stories, and of people making progress on their financial journeys! You should be proud of the hard work you've put in since April!

@rhondab.3774 3 жыл бұрын

Miko thanks another get video. I started doing sinking funds in late 2019 and it has been great to be prepared with set aside funds for Christmas Thanksgiving, car registration, a big expense coming up that I have saved over $3000 dollars for 😇. I am so proud of myself for my discipline and enormously thankful to you and my daughter who introduced me to your the budget by paycheck method.

@msgenuine 3 жыл бұрын

Thank you for sharing your knowledge in finance. Sinking funds are so important and helpful in our budget.

@reebudgets6369 3 жыл бұрын

I set up my sinking funds for the first time in a WHILE and I felt so accomplished!!

@TrentWalker 3 жыл бұрын

These videos are so helpful! Thank you! And I must add I love your opening to the video!

@Jessica-bo9kz 3 жыл бұрын

Great video and great explanation on the difference between an emergency fund and sinking funds. Before, I would just have one savings account where I would save ALL of my money. Having different sinking funds is so much more wise in planning for specific goals.

@levelpropertymanagement5915 3 жыл бұрын

Valentine’s Day SF is done, I’m working on Mother’s Day Father’s Day and paying off debt!💕

@WendyValencia 3 жыл бұрын

Sinking funds have been a complete game changer for me! I can't tell you how many times I would have broken my budget if I hadn't of had them!

@greengirlva 3 жыл бұрын

This was very helpful and inspiring--thank you. I have the BBP boxed set as well and want to make sure I use the system each and every month this year!

@ArinSauls 3 жыл бұрын

Love the envelopes where you can color in your progress. I love the visual. Thanks for the idea.

@anitabudgets131 3 жыл бұрын

Love love love it. I have only used sinking funds for a year but I love them.

@kathrynhale3925 3 жыл бұрын

I just started a sinking fund for my dog's care this month. (She's in good health, so this is more for her grooming and any meds that we pick up at the vet.) My other sinking fund is for a trip to Finland whenever travel reopens. Contemplating whether to do one for birthday gifts and/or Christmas.

@NguyeningLifestyles 3 жыл бұрын

Your Journal and envelopes are so aesthetic! LOVE IT!

@mel_budgets 3 жыл бұрын

I love sinking funds best thing I have discovered EVER!! Thanks for the video, Subscribed :)

@gkcollard2 3 жыл бұрын

Thanks. I had no clue what a sinking fund was! I need to do this!

@jumpiam8477 3 жыл бұрын

I wish I can do the plan like you did. I really like this idea. My husband works on commision, so his income changes every months. My budget method is a little bit difference, but it works for us. No debt, except for the house and we're trying to pay it off.

@janreilly6989 3 жыл бұрын

So excited to start the process in the New Year.. Purchased the online version as I live in Ireland 🇮🇪.. XX

@critzgonsalves3894 3 жыл бұрын

I never thought of sinking funds, but this year I had Christmas Sinking Fund which was really helpful for this season. Love from India

@Hunny_4ever93 3 жыл бұрын

Love the envelopes! I reach my goal for Christmas and didn't have to go into more debt! hopefully by mid 2021 in debt free! I started watching when I realized I needed to change our spending & didn't understand much of cash envelopes. Thanks! 😊 🙏

@moneybee 3 жыл бұрын

Mid 2021 is in sight, and it sounds like you have a great plan ahead for success! Congrats on the progress so far Jaany, keep up the great work and you'll be debt free in no time! :)

@dannispsychicenergytarot 3 жыл бұрын

You’re bloody awesome! Thanks for explaining in detail too! Well done you seriously impressive!

@safeiaalareefi2173 3 жыл бұрын

I just came to your channel by sudden and i love it , I love how organize you are and very simple. Im addictive to budgeting and organizing and you are an expert. Thank you and definitely i will subscribe 🥰

@hollymorgani3523 3 жыл бұрын

Thank you. This was very well presented and inspiring.

@adorabell4253 3 жыл бұрын

Thank you so much for this. I finally fully understand how to do sinking funds.

@mariaalbarracin2973 3 жыл бұрын

I appreciate this video! I’m ready for 2021! 👏

@echooy0 3 жыл бұрын

This video was very helpful for me. Thank you!

@TEHP1970 3 жыл бұрын

Thanks for this video. It,s been useful to organize my 2021 budget.

@DearDebt 3 жыл бұрын

Love it. Thanks so much for sharing!! ❤️❤️❤️

@taviaplansit6909 3 жыл бұрын

This video seriously just saved me so much time (& many headaches) in planning for 2021

@catgodfrey6451 3 жыл бұрын

Great content. We did our sinking funds for 2021 on New Year's. 1st time ever doing. I'm excited

@FortyElevenCats 2 жыл бұрын

Thank you for the advice about thinking about when it is that I feel pressured to use a credit card and make a sinking fund for that. That is very helpful.

@genealotech 3 жыл бұрын

I do the 52 week savings challenge every year and for 2020 I doubled it!

@shaqueliaarmstead5220 3 жыл бұрын

Thank you so much know I truly understand how to do the sinking fund

@Kay-ji3wr 3 жыл бұрын

Thanks for sharing! Very helpful! ❤

@griffle23 3 жыл бұрын

I just found you today from a friend.. envelopes! I do that! But i love the spunk and color you have with it! I dont know if its just you making budget books, but i write mine out everytime. Multicolor yes but full of life like yours.. no haha but its fun and i love it!

@melissam.6652 3 жыл бұрын

I also do visuals for my sinking funds (just drawings I make in my notebook), and it is so satisfying to color in each section. Highly recommend!

@123kirmizi 3 жыл бұрын

I was thinking what is sinking fund is , you are inspiring me a lot

@katherinerichardson1767 3 жыл бұрын

Good idea! Thanks for sharing

@lornamacfarlane3850 3 жыл бұрын

I just received my filofax. It is fab, I can even fit my fone in the elastic bit. Feeling ultra organized!

@rubirodriguez6965 3 жыл бұрын

I’m going to make a goal this year to start my sinking founds 😎

@paulinecoach197 3 жыл бұрын

A sinking fund is a solid strategy, but saving the money in cash in envelopes is extremely bad advice. Inflation eats away at the value of your cash so you actually end up paying a lot more than you think. It's far better to set up one bank savings account with a credit interest rate and save all of your different sinking funds in the one account to maximise your interest rate return and reduce the impact of inflation. Keep a spreadsheet with a list of your various sinking fund amounts to keep track of how much money you are putting in the account every month and how much you are allocating to each fund, for example imagine you have four sinking funds for a car, a training course, a new kitchen, Xmas presents - work out how much money you need to put into each sinking fund each month, then add them together and put that total amount into the bank account and allocate accordingly on your spreadsheet. The benefits of doing it this way are mitigating inflation, you are earning compound interest, and you are not tempted to spend the cash sitting in your house.

@simonesimone4978 3 жыл бұрын

This can be done through a online bank name Ally they call it buckets. I do the sinking funds with that online bank and least you get some interest even though covid has caused the intrest rate to drop but at least your getting something.

@aw8758 3 жыл бұрын

there are barely any decent high yield savings accounts so its not really a big deal in terms of gaining interest on your savings. not to mention some of those accounts also have limits, like for cds a few have a 3k limit. also alot of savings funds are meant to be spent eventually not all are for savings. for example you will probably spend the holiday sinking fund by the holidays...so no need to gain a few cents in interest. also once any sinking fund reaches 1k i would 100% put it in the bank..but the sinking fund system is amazing bc you literally cannot spend money you dont have on you!

@funkyplayer1756 3 жыл бұрын

I love you and your videos ! Thank you !

@Heidithune 3 жыл бұрын

Thanks, never thought of it that way 👍

@hiya902 3 жыл бұрын

I am starting my sinking funds 2021. Never done this before but i am very hopeful.

@LeahBandB 3 жыл бұрын

My Christmas sinking fund was such a game changer for Christmas this year! I still cashflowed a present or two but the holidays weren't the wrecking ball to my finances that they have been in the past. I'm going to up my Christmas sf amount in 2021 and start my car sf as well

@bradyschiller5643 3 жыл бұрын

👍 awesome tips & tricks, you are going to save a lot of money 🌝 I love the finance videos:)

@rtotty 3 жыл бұрын

Great video! Thanks for the info.

@SkinnyJennyVSG 3 жыл бұрын

Great advice and breakdown!

@danuelliaramdeen7373 3 жыл бұрын

Great video love it and thanks for sharing

@financegrowthjourney9002 3 жыл бұрын

Great video! Thanks for sharing :)

@karajelu 3 жыл бұрын

I’m fascinated by your thorough way of pronouncing the year numbers (“twenty twenty-one” etc.). Sounds pretty. 😊

@ArtistFormallyKnownasMC Жыл бұрын

Very useful video, thanks

@JessicaSmith4811 3 жыл бұрын

This was super helpful!!!!

@jameshuseby9931 3 жыл бұрын

Thanks for your Saving challenges they really help so I came up one of mine I love music cds so I came up with monthly music 20 side dice game so if I roll 12 I have to save 120 dollars from my music budget this should save me a ton this year also have happy holidays 😀

@catt99mahal8 3 жыл бұрын

My sinking fund $600 a month. Vacations Special occasions Car registration Car insurance

@robinmeier6048 3 жыл бұрын

Just changed about I save monthly going to savings account! When I need to pay taxes it will be there! Insurance ? It will be there too! As well as Birthdays Christmas, emergency’s etc! Also no cash around to get robbed or burn up in a fire! Waste of time!

@LouisaRubyDDD 3 жыл бұрын

Starting my first sinking fund in January 2021!

@rosaliamagallon9468 3 жыл бұрын

I’ve been binge watching your videos all week trying to learn to budget! So glad I found your channel! Which Credit Union do you use? My fiancé and I want to open an account at one but so many to chose from!

@socorroramosleyva 3 жыл бұрын

Gracias por compartirnos 👍 feliceses fiestas.

@chantalschonewille3455 3 жыл бұрын

Waauw thanks for this vid!

@lorentamayo2738 3 жыл бұрын

Im working now to my emergency plan i start already i have some saving now im.so happy

@marymaus86able 3 жыл бұрын

Thank you so much! I will try it for 2021!!!! I Love your nail colour! What have you used???? I‘‘m obsessed with it 🤣 Greetings from Austria 😘

@SingleLadyFinance 3 жыл бұрын

love your channel

@tanyakerrick8228 3 жыл бұрын

You an inspiration!!!

@vanessaroque4476 3 жыл бұрын

I find I do so much better cash flowing small stuff like birthdays and holidays and sinking fund saving larger categories like Christmas, car registration, healthcare, etc

@nicola6234 3 жыл бұрын

I only have one sinking fund for all our bills (power, council rates, car registration etc.) sitting in an offset accoint, and one general savings account for everything else. Not spending money on holidays or vacations makes this super easy :)

@alexislane7175 3 жыл бұрын

Hello TBM family. A wonderful Saturday to you all 💜💜💜

@APinkeClothlife 3 жыл бұрын

Setting mines up now for 2021!!!

@CeciliasPlanner 3 жыл бұрын

These r so pretty! But my goal for 2021 is to go cashless ! So I'll be using visuals mostly I guess

@marwaelghamry7585 3 жыл бұрын

Love you Mikko ..wish to u and ur son all happiness ❤❤🌹

@lorentamayo2738 3 жыл бұрын

Im planning to start my sinking plan soon ..but thinking about it i would like to go to shopping now ..

@cassandragibson5355 3 жыл бұрын

This video was very helpful. Can you show how you add sinking funds to your expense tracker and where did my money go worksheets? That's where my confusion comes in.

@jennyjenjen82 3 жыл бұрын

When you reach your goal for your sinking fund in the year do you make another envelope so you can colour it in or do you use the same one when you save again for the sinking fund

@robynlutes1415 3 жыл бұрын

Great ideas

@barbarahatfield8027 3 жыл бұрын

Wow like you way for tracking for sinking funds

@nicoleroesler1451 3 жыл бұрын

It's super hard to save, because I'm disabled / on Social Security and my partner is unemployed at present.... Money is super tight on a monthly basis, but I do whatever I can, by, like you say, stashing money in a separate account at my credit union.... It doesn't work in huge chunks, but any small savings are hugely meaningful...

@tearap2009 3 жыл бұрын

I would love the workbook, I just wish it had a section for debt. but I may still can work with it

@darlenesmith8650 3 жыл бұрын

I started my first sinking funds this year.

@debj314 3 жыл бұрын

I've created a sinking fund to pay my property tax that way I have it when it comes around. thank you for the idea.

@kristinathompson4513 3 жыл бұрын

When do you think the budget workbook will be back in stock? I have it set to email me but I need to get something to use soon.

@terfsmile9464 3 жыл бұрын

These envelopes are so cute.

@margheritadrago7545 3 жыл бұрын

Great info! I love the idea of saving in cash but I'm buying 99% of stuff online for Christmas, birthdays etc, so how would I work around that?

@philipw4849 3 жыл бұрын

How do you determine how much to allocate to each fund?

@MrsA_19 3 жыл бұрын

Great video Miko! Can I ask what is the reason you pay your car insurance monthly but your home insurance annually? Trying to work out which I should do for mine at the moment. xx

@asimplebudgetplan22 3 жыл бұрын

Hello! Happy Holiday!

@isabelmartinez7457 3 жыл бұрын

I'm starting pearty soon my budged with this year . My husband doesn't believed me caused I spend a lot . I don't blame him for that but I want to make a difference this year and prove him wrong. I'm actually doin 3 different savings including my 52 weeks challenged. Wish me luck.