Sinking Funds : How I Got Started

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Күн бұрын

Welcome to my channel, Enjoy my very first video. I will be discussing how I started my sinking funds and how some have changed during time. I will be doing videos on this channel from cash stuffing to travel trips and living life on a budget. Hope you come on this journey with me.
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Mel Budgets
6555 Sugarloaf pkwy. Suite 307-168
Duluth, GA 30097
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Пікірлер: 250

@RodrigoSantos-xs5kt 3 жыл бұрын

you should never stop, aim to have 3-6 months worth of your rent, gas, bills and food in your emergency fund plus 50 dollars extra per month for an emergency, just like you said, 1000 nowadays is nothing

@user-bi5xw6jx5k 3 жыл бұрын

I'm 14 and I'm trying to get my first job because I'm tired of always having to ask for things and also depending other people. I was kinda scared to start off so but thank you for the video its really helpful and informative😊👍🏻

@dajanichellesmith2987 3 жыл бұрын

Same here.

@robertfarrell4228 3 жыл бұрын

Wishing you the best. Good luck in your future.

@user-bi5xw6jx5k 3 жыл бұрын

@@robertfarrell4228 😊 thank you

@madisonwiggins518 2 жыл бұрын

Same girl... Where y'all live?

@diyarai4562 2 жыл бұрын

I truned 15 today and my first job starts dec 4

@luvkimiko 3 жыл бұрын

Just got my job a mcdonalds, my parents keep telling me i wont like but it pays 12$ an hr starting out right now and i want to save for my college!! and hopefully keep this saving method when i get older!

@Eucis93 3 жыл бұрын

My first ever sinking fund was for christmas, and it was the first year I wasn’t completely and utterly stressed out! It’s now a must-have staple in my sinking funds. Not having to think about money during the holidays is amazing. I’m a bit of an ”over-saver” so my christmas fund goal is 1000, but knowing I can afford all the food and gifts makes christmas that much more enjoyable!

@mmgurlthatshott 3 жыл бұрын

THIS right here! I can’t wait to be in that same position! I’m starting this journey this week 😛 I did do the cash envelope system for several months a couple years back & OMG it was pretty amazing!

@SheBaker 2 жыл бұрын

Same! This year my goal was $2000 for Christmas (my favorite holiday) and let me tell ya, having NO worries about it is a great feeling!

@sadieg3264 2 жыл бұрын

This right here did it for me. Yes for the past few Christmas's I didn't have it now I can't wait. I want to be able to buy all the gifts I want without a worry. Thanks for the inspiration.

@loadedandloced311 3 жыл бұрын

MANNNNNNNN YOU DONT KNOW HOW POWERFUL THIS VID WAS FOR ME 2021 BOUT TO BE SOOOOO LITTY....THANKS FOR AN EASY TO FOLLOW BLUE PRINT..I DONT FEEL SOOOO OVERWHELMED ANYMORE LOVE ❤️ AND INCREASED FUNDS HAPPY NÉW YEAR

@lalaanthony2802 3 жыл бұрын

It’s up from here sis 😘

@eulandraprice2972 3 жыл бұрын

I love this video very helpful

@JustBeingYndiah 3 жыл бұрын

Thank you for explaining sinking funds. I'm starting in January. Subscribed!!

@mel_budgets 3 жыл бұрын

Thanks for the support😊🌸. So happy I did sinking funds I love them 🥰 you will too.

@allenamarie4174 3 жыл бұрын

Don’t forget to save 🤗

@spickandspanhomeorganising2836 3 жыл бұрын

Awesome video. Can I ask what is a car tag ???

@alyssariceYT 3 жыл бұрын

@@spickandspanhomeorganising2836 car registration stickers. Not sure where you're located, but in the US, you have to pay a yearly registration fee on your car

@kellyanderson7624 3 жыл бұрын

Something someone told me was to save a dollar per week every month; So the first week put a dollar in a piggy bank, the 2nd week $2, the 3rd week $3 and the 4th week $4 and the rate months that have 5 weeks put $5. By the end of the year it comes out to about $120 that could be put in one of the envelopes or used for whatever you want.

@theayegerlehner7793 3 жыл бұрын

My husband made fun of me for having different accounts for different things. It works! Didn’t realize there was a name for it! 😎 Thanks for explaining so clearly! Great categories.

@debbiesmith8172 3 жыл бұрын

Thank you so much for this video! I have been watching tons of budget setups and I really appreciate you showing where you started and your reasoning for it. That helped! Now to just do it!!!

@christinaorellana1790 3 жыл бұрын

I love the way you simplified it. It can be overwhelming. Thank you for explaining it.

@CoconutCurls 3 жыл бұрын

Going to send this to my bf. b/c I tried explaining it to him and he thought it was pointless lol

@Ashleydelacruz123 3 жыл бұрын

This is so great! I see so many you tubers doing sinking funds, but never seen a video on how to start! ❤️

@simonehall-williams3110 3 жыл бұрын

Sis 💜 this is so helpful and really appreciated! I had no where to start so girl thank you. Im all about getting "it" together and making sure my bag is long term secured.

@dw6317 3 жыл бұрын

You make it all so simple to understand. I've watched other videos and GIRL 😳. Thank you!

@TamTam79340 3 жыл бұрын

I’m just starting out I’m married and sometimes it can be hard trying to save and being married but I’m going to try this thank you Glad I found your page

@juanitafling3059 3 жыл бұрын

Thank you for explaining this. I am seriously starting this system and also teaching my 15 and 16 year old.

@Moreelifee9 3 жыл бұрын

I really appreciate how you broke it down for us . Chille I’m starting out and it been different for me but this definitely helped out

@MsLee-oh7hy Жыл бұрын

Thank you so much for making this video. I’ve budgeted and tracked my expenses for 3 years and 3 months, but I am still new to sinking funds.

@aliciachavez4911 3 жыл бұрын

Thanks so much for that breakdown. I been doing the cash envelope system for some time and I stopped because I had no control. I am starting again and this right here is going to keep me strong. Thanks so much. I am so glad I found your channel. Good stuff.

@debr7686 2 жыл бұрын

Mel, I’ve watched several cash envelope videos for beginners and advanced but, this one right here set the standard. It was so simple yet very informative. Thank you for explaining how to start by setting goals for each envelope and growing from there. This is what I was missing!

@mel_budgets 2 жыл бұрын

Hey thank you so much for stopping by, if you have any more questions let me know 💜💜

@jladylove1 2 жыл бұрын

@Deb R I agree with you. This is what I truly was missing.

@angeliaF2622 3 жыл бұрын

Thanks so much for this. I follow so many budget channels, but no one was breaking it dwn enough. This was great liked & subscribed!!

@ettenaejodeveca6707 3 жыл бұрын

Love this! I love to save money, lol. That saved me during the his time because I am an independent contractor so my income is never a regular amount.

@tarabeeeeee 3 жыл бұрын

Thank goodness for your video because I was so lost on how to even start 🙏🏽✨

@TrishasNailInspo 3 жыл бұрын

Thank you so much for linking stuff that's actually affordable to get started! Like the binder. I am happy that some people have all kinds of notebooks and ipads and everything else but I just don't have the funds for that. So having affordable options are much appreciated! Thank you!

@mel_budgets 3 жыл бұрын

Your so welcome, Thankyou for stopping by 💕

@gracestock2242 3 жыл бұрын

Soooo glad i found your channel!! You explain it really well, thank you 😊

@KandisSwayla09 3 жыл бұрын

Thank you so much for explaining! I am definitely looking forward to watching more of your videos 💕

@Honeygold31 3 жыл бұрын

This had been so helpful! I’ve watched so many videos, but no one has explained how to start. Boom, subscribed✅

@reajoseph7244 2 жыл бұрын

I love you girl I looked at. A thousand sinking fund videos didn’t understand nothing I loveeee this one thank you

@yannearie224 3 жыл бұрын

This is the best sinking funds video I’ve seen and I watched a lot! Thank you for sharing 💓

@evelynsmith4291 3 жыл бұрын

Thank you for breaking down the steps and helping me with decide which categories I need in my sinking funds. So glad that I came across your channel.

@mel_budgets 3 жыл бұрын

Aww your welcome I’m so glad I can help. Thanks for watching 🥰

@ashlynthomas8456 Жыл бұрын

I just started on my budget and you have explained EVERYTHING I needed to know. Will be back to get more tips.

@toniagairy6605 3 жыл бұрын

Thank you so much for this video it was really helpful and informative especially for a new beginner like myself. I ordered my budget binder this week cant wait to start budgeting.Thank you

@bohemianscrapgirl 3 жыл бұрын

This video was so great! Thank you for all the information! I have already saved over 600.00 towards my emergency fund.

@iamcassiejbudgetsvlogs325 3 жыл бұрын

I love those markers. An great advise. Even though I'm budgeting I still love to learn from others an get ideas or listen to their ideas

@Taylor232pat 3 жыл бұрын

Thank you so much this. This is the best video I have found to explain this concept so I can get started.

@charlenemariee7116 3 жыл бұрын

so glad i came across your channel! thank you 🤗🤗

@eulandraprice2972 3 жыл бұрын

Starting my sinking fund Friday when I get paid. And will be watching a cash flow video when I'm done with this. Great job by the way.

@mel_budgets 3 жыл бұрын

Awesome! Thank you!

@beautyispassionqueenie 3 жыл бұрын

This video helps so much I’m planing on moving out my people place I feel I’m going to be ok with me being on the budget thank you for this video ❤️❤️🔥

@tazzsmith5566 3 жыл бұрын

Thank you so much for the great explanation!!!! Really appreciated!!

@expertonmyself 3 жыл бұрын

my car maintenance contribution is $25/pay too! i have 4 sinking accounts: christmas club ($25 auto-pay every check - i like having a "can't touch account that i use for gifting, holiday activities, paying extra toward debt, etc) tithe (i give it to my father) and car maintenance.

@hairmunsta9788 3 жыл бұрын

Ok this set me straight. I feel I was so aggressive with my savings and I need to calculate what I actually need for set task. Like I know I need about three oil changes in a year and this year I need new tires so that budget was significantly smaller than what I was intending to put up.

@linneafristoe3277 2 жыл бұрын

Just heard about sinking funds. This is the best video I've seen so far! Thank you!

@mel_budgets 2 жыл бұрын

Glad you enjoyed it!

@richasshole3084 3 жыл бұрын

I wish I found your channel faster I just now discovered what a Sinking Fund is and omg, I have so much to learn my 2021 era is all about improvements and God has been so good to be and us all, and it’s time to really realize how far I’ve come and I don’t like how I’ve been reckless with my money. It doesn’t matter if your making a killing if your not saving it all what’s the point.

@Jmal1090 Жыл бұрын

I know this is an older video, but I wanted to pop in and say I FEEL IT with what you said for the Emergency Fund. $1000 is a blink and I feel like emergencies always cost more than $1000. For anyone reading this, I highly suggest shooting for at least a month's worth of expenses for your Emergency Fund.

@seasonscandlecompany9609 2 жыл бұрын

I just found your channel today and I love it!!!. Keep up the good work.

@moneywithjustliving5258 Жыл бұрын

Good Morning, I just found and Subscribed to your channel. Your energy is just off the hook, I am excited to learn more. Thank you for sharing, it really is frustrating and confusing. You simplified this and it cleared a lot up.

@naatorkornoo7529 3 жыл бұрын

super on point! awesome.thanks

@budgetwithesmeralda580 3 жыл бұрын

Hello! I really enjoy your content. I'm inspired to start my own financial journey. Thank you for the inspiration!

@meegankainady6136 3 жыл бұрын

When I started I did not understand the value of SFs. 8 years into budgeting I have 25 SFs!!! I love them!

@magduh714 3 жыл бұрын

Love this video girl you did your thing ❤️❤️🥂🥂

@MsLee-oh7hy 3 жыл бұрын

Awesome video. I will defiantly add a few additional "sinking fund" categories to my monthly budget. I will add * Car tag expenses (state and property taxes) * Car inspection * Gifts * Clothing * Date nights

@intashacated83 3 жыл бұрын

Love this video!! What I’m confused about is all of the bills that automatically come out of my account every month...car insurance, medical premium, dental insurance etc. I get paid twice a month and not bi-weekly. The envelope stuffing makes more sense to me than just tossing random amounts of money into my savings account without really having a plan for it.

@michellelockhart5207 Жыл бұрын

Thanks for sharing 🤗 how budgeting works 💕💜💖💜💖💜

@retiredreyes5084 3 жыл бұрын

Just found you 3:30am, couldn't sleep, now I've subscribed and going to try it!

@mel_budgets 3 жыл бұрын

Welcome aboard!

@her-story-mylife5099 2 жыл бұрын

Thank you , you explained things so simple and straight to the point . 💜💜 love the videos

@mel_budgets 2 жыл бұрын

Your welcome let me know if you have any questions ✨🤍

@Gabriela-Loaiza 3 жыл бұрын

I don't know where to start and I just find your helpful video...thank you! 💕

@DavidEVogel 3 жыл бұрын

I don't know where to start Begin with a category that causes the most grief.

@astoldbyasha 3 жыл бұрын

Thank you for explaining this!!!

@EmeraldsHoneyComb 3 жыл бұрын

Thank u for explaining im still working on my sinking funds this helped alot and since im new to it...also i have aaa too and i started my sinking funds late for car mait so what imma do is the 4 months aaa waive imma add that money into my car mait but so far i been doing $10 sometimes more if i have it

@peytyn_reece 3 жыл бұрын

Yes i am about to be 14 so i am trying to save for a car and want to start saving! Thanks so much!

@ladyraven8207 3 жыл бұрын

Love this idea

@zefcha4670 2 жыл бұрын

i am on social security only...and your video was great and realistic..thank you!

@AsiaCierraBudgets 4 жыл бұрын

You did an AMAZING JOB explaining sinking funds!!!!

@mel_budgets 4 жыл бұрын

Asia Cierra Budgets Thankyou !!

@AsiaCierraBudgets 4 жыл бұрын

Mel Budgets 🥰

@shirleyroberts2623 3 жыл бұрын

Good idea

@camiiii31 3 жыл бұрын

lovee the video!! great and inspiring advice! i just graduated university and this video is just what i needed to get my finances goinngg!! take care and god bless! PS your audio sounds so great!

@angelammathews82 3 жыл бұрын

Didn't know it was called a sinking fund but I started this last year for my insurances so that I can pay them semi-monthly & annually. Now I'm shooting for things like car maintenance, medical copays/RX, hair/nails/clothes, birthdays, and Christmas, etc. It feels good to get bonuses at work and not have to use them for big expenses that I actually budget and save for monthly.

@ASprinkleOfJericka 3 жыл бұрын

I Loveeeeeee This Advice♥️, thanks so much!!

@ethelvinagutierrez2741 2 жыл бұрын

Loved it. congratulations

@mel_budgets 2 жыл бұрын

Thank you ✨

@ritaburnett5816 3 жыл бұрын

Thank you I appreciate your video

@angelicascorner8780 3 жыл бұрын

Great Job ! love your sinking funds set up 🤗

@mel_budgets 3 жыл бұрын

Thank you took me awhile to get organized but I finally got it lol

@angelicascorner8780 3 жыл бұрын

@@mel_budgets The budget journey is a learning process . I am always learning new things everyday 🤗

@kwaicorner 3 жыл бұрын

I took a personal finance class in highschool and all we watched is Dave Ramsey pretty much every day and this stuff is all I heard and I didn’t care much then but now that I’m out of school and not in college I’m thinking about this a lot

@determinetobe 2 жыл бұрын

Great great great video!!

@nightangel3578 3 жыл бұрын

I truly, truly appreciate this video. If 2020 has taught me anything it's that financial security is necessary for a sane life.

@meadowwalk 3 жыл бұрын

Detrimental? Like it is bad for a sane life? i find it more beneficial...

@nightangel3578 3 жыл бұрын

@@meadowwalk sorry about that. Can't believe I made that mistake.

@citigirlmichebudgets3357 3 жыл бұрын

@@nightangel3578 hey we all do it! Lol

@pouncer84 3 жыл бұрын

Thank you for doing this vid. I didn't even know this was a thing. I always had a pot of money in a box, but this makes it so much more. organized.

@racquel9117 3 жыл бұрын

hi! thank you, your videos are so helpful.

@hubbabubbaoouchoizzy 2 жыл бұрын

This was super helpful- thank you so much!

@sharaohara2124 3 жыл бұрын

This video was very helpful...thanks. I just received the exact binder/wallet today from Amazon. I don't want to put too much into buying items because I feel its defeating the purpose of saving but I wanted something cute. So now that I know I want to stick with budgeting I bought it.

@gladiolahamid3179 3 жыл бұрын

You got a link to the wallet? I love it

@meadowwalk 3 жыл бұрын

When you have a cute wallet it makes you feel cute to use it!

@lanierose9740 3 жыл бұрын

I’m 16 and I want to start this when I get a job in summer.. do you recommend having a car maintenance and emergency fund or just have an emergency fund that includes car maintenance?

@mel_budgets 3 жыл бұрын

I would do an emergency fund first so you have a safety net while you save for other funds

@taracurtis4228 3 жыл бұрын

Start with just an emergency fund that can count for both since you are just starting out! Especially if your parents will help with car maintenance while you are still young!

@gabl9692 3 жыл бұрын

Wow I had the same question lol thanks guys

@sofondadavis5028 2 жыл бұрын

Save $1K in an emergency fund first ($500 if you make less than $20,000 a year) and then add car repair/maintenance fund

@shahedaakther6737 3 жыл бұрын

Subscribed YOUR channel. Love your explanation dear. Hope I can utilise these as much as I can ❤️❤️❤️

@mel_budgets 3 жыл бұрын

Thanks for subbing!

@livewellcrafts5200 3 жыл бұрын

Just re-subscribed. Unfortunately I got hacked and lost my account. So glad I found you again. Lots of love x

@mel_budgets 3 жыл бұрын

Omg so sorry to hear that. Thank you for your support. 🤍

@ameliacontreras8001 3 жыл бұрын

Great video love the wallet!!

@jasminejones4815 3 жыл бұрын

Great tips

@lisabethcrowe570 3 жыл бұрын

Thank you for this!!!!

@trinityraee 3 жыл бұрын

Super great explanation!

@ArisaStudios 3 жыл бұрын

Once I settled into my new Apartment, I want to start too.

@free2flybudgeting 2 жыл бұрын

New subbie! Love your channel

@Melaniesmugz 3 жыл бұрын

Hey Mel here!! 😄

@Kristinnnnnnlaughs 3 жыл бұрын

I need those markers!!!

@Postlynx 3 жыл бұрын

I love your videos🥺❤️

@sonyasheriee2893 3 жыл бұрын

Thank you!

@annasmith9219 3 жыл бұрын

Great video

@milly5645 3 жыл бұрын

Just turned 11 and saved over £800 pound in 3 years without a job :)

@tastyrecipesonabudget1689 3 жыл бұрын

Oh , and I subbed 💜

@mel_budgets 3 жыл бұрын

Thank you for the support 🤗

@journeytowisdomandwealth2905 3 жыл бұрын

New subbie!! Great informative video.. Almost at 10K wonderful

@mel_budgets 3 жыл бұрын

Thanks for watching, I know I’m so excited and grateful 🥰. Thanks for your support.

@journeytowisdomandwealth2905 3 жыл бұрын

@@mel_budgets You are very Welcome

@LuisRamirez-kr9xf 2 жыл бұрын

For medical I highly recommend a HSA account if your job/company offers one. Tax benefits too

@senoraleighasmr6282 3 жыл бұрын

I crack up every time she goes “mmkay” 😂

@BudgetEllRemy 3 жыл бұрын

Hey seeing these videos have inspired me to do this! I even uploaded my first vid eeeek

@Broken_No_More 3 жыл бұрын

Nice video

@PrecMK 3 жыл бұрын

Is it appropriate to tell you that I love you on here? Listen sis you out here schooling me and I LOVE YOU! ❤️

@mel_budgets 2 жыл бұрын

OMG THANK YOU SO MUCH 🥰😍🥰😍 best comment EVER 🙌🏾🙌🏾👏🏾👏🏾

@giomorkel5618 3 жыл бұрын

Where I live you have to be 18 to have a job so you're lucky also good job

@marlanatriggs1728 3 жыл бұрын

Love this! Question..how do you get that binder to stay closed. I have one but the magnet is so weak it pops open all the time.

@mel_budgets 3 жыл бұрын

I constantly change out the bills for bigger bills so it’s not to much where that happens. Try that maybe it will helps.

@superpsychomomplansandsaves Жыл бұрын

i had to start a kids travel sinking fund because next week my son is going to japan and it was almost 6,000 dollars i had a year to pay it but still it was hard sence i am on disability , in 2 years my daughter is going so i have more time to get money together between me and hubby so we dont have to struggle again