I’ve never heard them called sinking funds before, but I set $ aside each paycheck for about 15 different categories, and I’m certain it’s one of the major keys to any financial success we have.
@cyndirienstra945
3 жыл бұрын
They need to teach sinking funds in high school! We have one for Christmas, one for household repairs, and one for healthcare related bills like medical,dental ,glasses,prescriptions and vet bills. Saves you freaking out when the bill comes👍😀
@cherylT321
3 жыл бұрын
They won’t teach it in public schools; the powers that be want the masses to be uneducated and in debt!
@cngaedk
3 жыл бұрын
Please don’t ever change. Your channel is so special to me. So many you tubers change as their channel gets more and more successful and they become less and less relatable. You are such a good genuine person and I don’t want to watch KZitem success change you. I wish you lots of success just not negative change.
@yvonnepalmquist8676
3 жыл бұрын
Love your simple and calm explanations. You have excellent teaching skills.
@christineunfiltered
3 жыл бұрын
Thank you very much!
@yangiemouie
3 жыл бұрын
I agree! It’s like talking to a girlfriend!
@Kim-dv1sq
3 жыл бұрын
Sinking funds are a budgeting game changer for sure! I’ve been using them for three years and they make life a lot easier.
@lisalivingmybestlife9707
3 жыл бұрын
Adult allowance. It throws a lot of people off when they hear it but they have no idea the benefits it has had in our marriage!
@mksugerman1500
3 жыл бұрын
I would like to see how to get your spouse involved in budgeting and paper vs spreadsheet, also cash sinking funds vs bank
@gabriellekelly3462
3 жыл бұрын
We've actually been tossing this idea around for a while but have never really done it. How do you guys do it? Do you use cash? I
@kat_ie_9984
3 жыл бұрын
We do the allowance thing too, we have an accout each where our allowance goes. Joint account where both salaries go and bills and main spending Comes out of. Isa savings, emergency savings and long term savings account. We tried cash but it didn't work for us. I found a budgering app (not connected to a bank) where I record expenses and I also have a notebook with the dates and amounts of bills due. I tick them off when they Come out of the bank so I know I'm on track and have enough money for each spending category.
@mandlerparr1
3 жыл бұрын
i tried to get my husband to do this because we were both spending too much, but he didn't like doing it. plus he thought that things like groceries should come out of my funds and I may be really good at getting a deal, but even I can't feed a family of 8 somewhat healthy food on my $80 a week I had allotted us. I mean, I can feed a family of 8 for that much per week, it just wouldn't be super nutritious or varied.
@kat_ie_9984
3 жыл бұрын
@@mandlerparr1 give him you're budget for food and see how he does that's nowhere near enough we spend about £60 a week for two adults
@ambermink1096
3 жыл бұрын
Our personal money for the hubs and I is called"fun money". It helps to feel like we can spend or splurge occasionally with out having to justifythe expense. We do 80 per month per person for this category. So if that is more than that we have to save our fun money to be able to get it, but it is so satisfying to not swipe a credit card.
@elizabethwagner7880
3 жыл бұрын
For our “allowance” my husband and I do it differently. At first we each had $20 a month, but hubby never used it. He likes to buy expensive board games though. So now I get $20 a month to do whatever I want with, he gets $200 a year for games, and we both get to buy what we want!
@christineunfiltered
3 жыл бұрын
Love that!
@LeahBandB
3 жыл бұрын
So this is a small thing, but I have looked EVERYWHERE for someone to just straight-up say what they allocate monthly for their car maintenance fund as well as the amount at which they cap it. I mean, no one would give a freakin' dollar amount lol I had such a hard time deciding on an amount when I started my car maintenance SF this year. Thank you for mentioning it! $75 a month is also what I ended up settling on, with a cap at $2500 for my one car, so my instincts were right :)
@nancyshrout-wankowski7147
Жыл бұрын
I put in $100 per month for my car, but my car is an older one.
@RippingJack76
3 жыл бұрын
our first water heater came with the house. It lasted the better part of 50 years. We only replaced it. Because you could not get those elements anymore. After that we replaced the water heaters on the average of once every 10 years. The first time the water heater went out my dad wanted to find the kind of water heater that we had when we bought the house. And have a professional welder install channels for the new style heater elements. We actually spent the rest of his life looking for one. Now that I'm living in an RV that search doesn't really consume me anymore. Unlike my dad, if I'm going to search for something that is 7 years older than I am. It will definitely not be a water heater.
@vanessabarnes778
3 жыл бұрын
In our house, we call the adult allowance our mad money. My grandmother use to call it walking around money.
@amilawstudent
3 жыл бұрын
I've actually seen channels of your size get sponsored by mattress companies. Might be an option for you. 😂 Having a budget & sinking funds let me sleep at night stress free! 💗 Thank you for your videos.
@jmsubway95
3 жыл бұрын
Sinking funds are a huge help with organizing our money! We have one for holidays/birthdays, car, home, clothing, and our dog! Now we never have to be stressed when a repair or vet bills comes up. We also love our "fun moneys" each month.
@TheSUPERHAPPY1
3 жыл бұрын
Could you do a "spreadsheet for dummies" video? I've never really used one
@saram3990
3 жыл бұрын
This is a great idea! I've never used one
@anitas5817
3 жыл бұрын
Yes please
@DaniElle-di4ho
3 жыл бұрын
Did you watch the entire video? Christine demonstrates how to use the spreadsheet and said she will send you one If requested. Good luck!
@cristinanoriega3182
3 жыл бұрын
Yes!
@shell4285
3 жыл бұрын
Yes please! 😏
@djmerrell9644
3 жыл бұрын
My husband did a spreadsheet when we needed to get new tires. He put all our options on there from cheap to expensive and their mile ratings. The most expensive tires were the CHEAPEST PER MILE! :) There's my money saving hint! :)
@christineunfiltered
3 жыл бұрын
Great tip!
@SnowGardener307Budgets
3 жыл бұрын
Great video! I started sinking funds last April and am amazed at how much $$ we have been able to save. In the beginning it can feel as if you are never going to save the money you need, but a little each month makes a huge difference and adds up!
@moniquemc4553
3 жыл бұрын
One I started planning and doing sinking funds, I’ve never been short when the time comes for that spending. Also, once I started using an envelope system, I never go over budget. Another great video.
@goheen04
3 жыл бұрын
Sinking funds and cash envelopes are amazing tools!
@anitas5817
3 жыл бұрын
This is great! I wasn’t familiar with the term “sinking funds” but I’ve had a separate savings account for years that I named “personal escrow“ that I use for this and it’s been a lifesaver. Property taxes, flood and homeowners insurance, home and car maintenance. I really should add a few additional categories. Thanks, this was helpful.
@jhwilliams6550
3 жыл бұрын
I did this too. I don’t think I named it but I used a ledger book and had different categories. It really helps to know how much you have for upcoming bills.
@cassaundraliw
3 жыл бұрын
I recently started using YNAB which is a super similar system. This is so helpful! Paydays are amazing because I love giving all my dollars “jobs” to do and making categories for any and everything lol.
@amandas7934
3 жыл бұрын
Yes YNAB is great for easily tracking funds! We tried to use mint and excel before but then switched to YNAB a couple years ago and it makes it so much simpler!
@lc9009
3 жыл бұрын
BOOM!
@youthmin004
3 жыл бұрын
My husband "escrows" (sinking funds) for everything! It can be frustrating when we can't do something fun or get something I really want. But when a car breaks or when replacing a tiolet turns into having to replace the floor...we have the money!
@anitahouse3600
3 жыл бұрын
We've done budgeting our married life, I won't be without one. We call it Fun Money. We both get fun money each month. No questions asked. I save like a squirrel.... and then go on a girls trip. :-) Keep it up. People need to hear about budgeting and that it's not the end of the world. Budgeting is the most freeing thing i've ever done with my money. I know my bills are covered, I know i'm saving for future expenses and we have fun money.
@1sttimemom76
3 жыл бұрын
I can not live without my sinking funds. Once I started. I can not stop it took my budget to another level.
@cgoinsmajor
3 жыл бұрын
I absolutely live by sinking funds. It helps me so much to keep from going deeper in debt and still allow me to work on paying off the debt I do have. Love the video.
@dianekreuzer3854
3 жыл бұрын
Sinking funds saved us! My husband wasn’t sold on the idea at first. I’m sure he thought I was totally crazy, but when our water heater went out, I had money setting there in our house fund to cover it. He asked if he should charge it? Nope I’ve got it covered! It felt amazing that we didn’t have to stress amount where or how we were going to pay for it.
@mandlerparr1
3 жыл бұрын
you can charge it to get the extra protection for purchases that most credit cards have as well as bonus points, then just immediately go and pay the card that day.
@dianekreuzer3854
3 жыл бұрын
@@mandlerparr1 I could however, I am trying to teach my husband that we shouldn’t depend on credit cards. We are almost debt free.
@lc9009
3 жыл бұрын
Diane, I would change one thing in your response. For large (often life altering purchases like having to replace a water heater) always use a charge card. For some unfathomable reason, consumer protections laws are much, much stronger for credit card purchases than if you pay by cash or debit. When I had to replace my TV I charged it, but then took the money out of my "sinking" fund to pay it off immediately. So, I get the consumer protections and I used the money I had put aside. A win-win for everyone.
@TheIntuitiveArtificer
3 жыл бұрын
I call it fun money. The only rule is it has to be spent on something that brings me joy. I'm in grad school on a tight budget. My "fun money" is the only non essential item on my budget ie. lodging, utilities, food and student loans. It makes me feel like I have a life and keeps me from feeling financially stifled. 10/10 would recommend!
@jessicam546
3 жыл бұрын
I love having a dedicated sinking fund for vacation! Anytime we get monetary gifts I put it into our travel fund. At first my husband was annoyed but now he appreciates it :) I've been doing this since I was a teenager.
@LifeinYellowknife
3 жыл бұрын
I think it's even important to communicate your "blow money" to the other person. I never care what my husband spends it on (mostly fishing stuff lol) and he never cares what I spend it on but sometimes he will remind me of something I may want more or a reason why maybe I should wait to buy it and vice versa. etc. I think it's always good to talk about everything in your finances. Might not work for everyone I get that, but it works better for us this way. :-)
@amandaelston7687
3 жыл бұрын
I’m the nerd in our family, and I like this idea. We had this before in our budget, but I like the simplicity of having a “sinking funds” heading inside your regular budget and then breaking that down in a separate spreadsheet.
@paulacostello6912
3 жыл бұрын
There's a reason nerds run the world :)
@lc9009
3 жыл бұрын
Whichever way works for you do it! Sinking funds within other categories wouldn't work for me. Unfortunately, I'm not a nerd. Too bad for me.
@GoingGreenMom
3 жыл бұрын
I actually do put things like mattresses in the sinking funds to some degree. I add them on household goods, but take the amount I pay on something like that and divide it by expected life left. So for instance, if the 1000 dollar mattress is supposed to last 10 years, I would break that up to 100 dollars a year, and what is that, like 7 dollars a month. And I group stuff together, so the one I know off the top of my head is on house repairs.... I just bought a roof 3 years ago, it has 25 year lifespan, so break that up over that time frame. Then same with water heater, appliances, etc. I put them all in one category, and I could use the money for any one thing I need at the time, but it isn't just a random amount..... If something new I hadn't thought of comes up, I can pull what I can from house repairs, then the rest from the emergency fund, and add to the amount of the sinking fund payment what it breaks down to.
@elysenapoli6395
3 жыл бұрын
We've been doing sinking funds for a few years and it has saved us so many times. Brakes need to be fixed.. no problem.. we've got the money. New tires... All good. Takes away a lot of the stress in life.
@kme06d
3 жыл бұрын
I just added sinking funds into my budget and it's scary how much they add up. It definitely makes you reevaluate how much you spend on excess crap without protecting what you already own.
@j_ennor9
3 жыл бұрын
I call my "alloted" money in my budget "personal". Def think it's a nice way to refer to it without saying it's an allowance
@mommam724
3 жыл бұрын
We have found it useful to establish separate bank accounts for our "sinking" funds with automatic withdrawals from checking every month. Then, it is "out of sight, out of mind" and keeps it separate from seizure-prone larger accounts. If we don't see the money in the checkbook, we don't spend it.
@amixeblu
3 жыл бұрын
Get this. My parents replaced their mattress about 40 years into their marriage. They will be married 52 years this year. Yes! It was a very good mattress and there was nothing wrong with it. I mean yes, you are "supposed" to replace it every 10 years... but says who? If it doesn't have dents from your weight and it is still solid... then why? My parents took very good care of theirs, so there's that.
@cynthiaolson959
3 жыл бұрын
Great video Christine! It might be good to take it one step further and explain the mechanics of saving this money - an actual savings account whose balance equals the balance shown on the spreadsheet at the end of the month for example or keeping a checkbook register with the sinking funds “compartmentalized” from your regular money? How do you do it? I’d be interested to know and learn and I bet others would too!
@MandyRoy425
3 жыл бұрын
I have sinking funds for Christmas (and other gifts throughout the year), car repairs, home repairs/maintenance, and a veterinary fund for my cat!
@sarastewart3470
2 жыл бұрын
I LOVE sinking funds, I feel so much more prepared for life :) I refer to mine as "Annual Expenses" we include a family gift amount for Compassion International child, Birthday gift fund, Vacation fund, Annual carpet cleaning etc. Anything that I think of throughout the year that I wish I had a fund for I add to next years budget. These are things that I WANT our money to go to but if asked to pay for it unplanned I would skimp or not do it at all. Keeps us on budget much more these days.
@LizyBethA
3 жыл бұрын
Thank you for sharing! I love the simple and efficient way you track your sinking funds on a spreadsheet.
@lauriekuhlmann3381
3 жыл бұрын
This is so great! I’ve been using sinking funds ever since I read Mary Hunt’s book “Everyday Cheapskate”, back in the 90’s. It has helped our family immensely. She called it a “freedom account”. It gives you the freedom to not panic when those sudden expenses pop up. My husband and I each have a category we call “mad money” to spend on whatever we want. Great video😊
@jenniferroselli8302
3 жыл бұрын
Me too! I have had my own Freedom Account for at least 20 years now!
@jhwilliams6550
3 жыл бұрын
Oh the “mad” money reminds me of my grandpa. He used to give me money when I was going to college and called it my mad money. I usually saved it for gas so I could go to their house again.
@valleykwc
3 жыл бұрын
These videos are great! I came from your other channel and this channel is helpful too. I would love it if you made a video demonstrating or teaching how to set up a spreadsheet that calculates.
@patriciaburr4826
3 жыл бұрын
Me too. I need help like this. I am now living on a fixed income and I want to make a budget I can actually work with.
@ttu888didfitrhondavigil8
3 жыл бұрын
Doing Dave Ramsey, we didn't have any sinking funds during BS2. Now that we are BS7 we simply save, save, save, save so much cash because we have no bills. Sinking funds are a great organizational tool to divvy up the money; Christmas, vacation fund, property taxes, home repairs, new car fund. Great information
@ladonnarhoads2786
3 жыл бұрын
Thanks for explaining exactly what sinking funds are. I have heard others use the term, but could never quite figure it out. I find that I have done something similar for many years but just kept it in my checking account - pretended it wasn't there. My emergency fund seems to have served the same purpose - I just don't divvy it up on paper. I have always told younger adults that if my older self could give one piece of advice to my younger self it would be to start saving as soon as you get a job - no matter how small you start. As my income improved - my saving improved.
@crazeekids9744
3 жыл бұрын
Just started using a zero based budget with sinking funds this year. It has been a total game changer for me! It is so nice to know that when that birthday, or car repair, or the HOA fees come due, the money is already there and I don’t have to stress about it.
@thebiggshomesteadkitchen
3 жыл бұрын
I love love love sinking funds!! It makes my brain get that yummy dopamine hit. My OCD loves the cash going in the envelopes. It’s an amazing feeling to see a big bill like property taxes come up, then BAM- I have it taken care of! This is a fantastic break down for a beginner and a great brush up for seasoned folks.
@amyk6453
3 жыл бұрын
Had the worst day ever and your videos brought me back to earth and reality. Thank you!!
@raisingmitchells1224
3 жыл бұрын
I am doing £150 a month as I worked out presents and extras for Xmas is £1280 so I am working with a buffer ‘just incase’. Left overs will roll over
@goheen04
3 жыл бұрын
We love love love our sinking funds! Never in a bind because of them... I am a spreadsheet, numbers nerd who budgets and that is my wheelhouse!
@tubeyou2184
3 жыл бұрын
I'm the same way!!
@briannab5296
3 жыл бұрын
DragonFly ... "Never In A Bind" would be a great name to replace 'sinking funds'.
@briannab5296
3 жыл бұрын
... to me the term 'sinking' funds just sounds so negative.
@goheen04
3 жыл бұрын
@@briannab5296 you are sinking money into a fund... What is negative about that?
@briannab5296
3 жыл бұрын
@@goheen04 ... makes me think of sinking lower into debt or into quicksand .. a more UPlifting term would sound better imho.
@frekat4805
3 жыл бұрын
Love this video! Sinking funds are the way to have financial peace - knowing that you can pay a bill when it comes up. So many people are afraid to face their money and your videos offer a non-judgmental approach that is easy to understand. Keep up the great work!
@kasiowelove1
3 жыл бұрын
Sinking funds are really the best! It’s amazing that my bank allows ready-to-go setups for sinking funds. I just choose if I want to save a percentage of each spending, a setup amount after each spending or just a setup amount to be transferred to the fund’s account once a month. It’s incredible on how much I can save there. And I’m really waiting for March since in January and February my whole budgeting went out of the window while finishing my apartment (😫) so I hope by mid-April I will be back on track with my regular spending and saving 🤞🏻
@kirstenbailey
3 жыл бұрын
If you have an offset account on your mortgage, this is a great place to keep all your sinking funds. While you're not using that money, it is helping to reduce your interest repayments, but it's there for you to use when you need it.
@granitemoss1451
3 жыл бұрын
We include pets in our sinking funds as we have multiple cats and dogs and hey, stuff comes up, and stuff gets expensive fast!
@NicAngels16
3 жыл бұрын
I really need to sit down and redo my funds.
@katieh1752
3 жыл бұрын
You have taught me SO much and I've been able to get my savings/spending on a track I'm comfortable with.
@smallfamilysmallbudget1817
3 жыл бұрын
Yes! I have vet, car repair, Christmas, car tags, vacation (hardly get any money unless we have a few bucks), furniture, tires for car.
@aaronhudgens8345
3 жыл бұрын
Great information. I think a lot of people get caught by surprise with annual and bi-annual bills. They really need to teach financial literacy in high school.
@thosewhowander5815
3 жыл бұрын
Christine... Truth... I love your videos.
@84loesje
3 жыл бұрын
I use my internet banking for some of my budgeting. My bank introduced a service (no extra cost than those you're already paying, for keeping the account) that clears out my balance at a certain date to a certain amount to my savings account. Next to the automatic saving orders I already have it's a nice way to save some extra money.
@libbyreed8588
3 жыл бұрын
I love my sinking funds. They really make it easy on me.
@SuzanneB2009
3 жыл бұрын
I've always kind of flown by the seat of my pants with my finances and that's why this past year has destroyed me. I will definitely use this system going forward as I dig out. Thank you for making me feel like even I can do this!
@lc9009
3 жыл бұрын
I feel and KNOW your pain. I wish you great good luck. This system works!
@Hannah_MK
Жыл бұрын
You could create a sinking fund for a new mattress. ORR…you could get sponsored by Helix! Perfect timing and use of your influence. 😆
@mariakristinahawl1640
3 жыл бұрын
Must be so nice... Our property taxes on our old home is 3,700 every 6 months. Yes, household emergencies do happen. This is a very informative video. Thank you.
@felicia8053
3 жыл бұрын
Would love to see a video on how you handle budgeting mentally. For my family, it’s not about not knowing how to plan or not having the extra money, it’s about making the decisions everyday to not spend money when we shouldn’t...
@kellytoycow
3 жыл бұрын
I ♥️ your budget videos - numbers, money, watching it grow, is so my jam. I love that you talk the budget talk and live it too. Keeping you quite authentic. Curious if along with home mait. SF, you have a rainy day fund? Example I have a years worth of my expenses saved, but also have another fund saved off for my roof (SF). I’m thinking the home SF, might cover smaller items for me - like needing new drapes, or painting. (I don’t like to have a bunch of small SF for each project ... but maybe I should. 🤷🏻♀️
@briannab5296
3 жыл бұрын
Wow a years worth of expenses saved!! .. Respect 👍😊
@Mwilder05
3 жыл бұрын
My hubby and I both get $40 a week allowance each. That way if he wants to buy his geeky electronic stuff I can't say anything. And if I want to buy three purses in one month he can't say anything. I use my allowance for stuff like Starbucks or if the girls and I go to lunch.
@whatwasmommythinking8257
3 жыл бұрын
So glad you did this video. Sinking funds are my budget savers!!
@nerdymichelle
3 жыл бұрын
I like seeing how other people do their budget spreadsheets! I am trying to pay off cc debt, so instead of putting this money in savings, I add the amount to my credit card payment. (If the credit card says I have to pay $150/month but I expect to use it for $1200 worth of extra expenses over the year, I make sure to pay at LEAST $250/month so I don’t find myself further in debt by the end of the year.) I look forward to the day when I am debt free and can start throwing this in a savings account.
@nunkap8874
3 жыл бұрын
Love this video! I have like no disapline!! Thanks!!
@tcooper659
3 жыл бұрын
I had a small side account which has now become a ‘sinking fund’ account since we paid off our house to pay taxes and insurance
@sherilynalexnder897
3 жыл бұрын
"It comes every year, it's always in December, it's not a surprise." LOL, cuz right? And yet, it seems I'm never really ready at the level I tell myself I'll be. You and the Hubs are such an inspiration to ALL ages. XoXo's!
@briannab5296
3 жыл бұрын
I loved that sentence too 👍😊
@carmarasmussen8118
3 жыл бұрын
I have a very part time, work from home job. I don't make much but all my checks go into a separate savings account at a small credit union near my home which we then use for vacations and Christmas. It has worked out really well to have money for these things and not need to take it from our main accounts. 😁
@amandamote7512
3 жыл бұрын
Thank you so much for these videos. You explain a lot and it’s crazy because some of the things I’ve never thought of that you mention in your videos. I can’t wait to see your next video.
@Midwestmomvolunteer365
3 жыл бұрын
Love this. A suggestion, I have a budget sheet with monthly expenses that includes, account numbers, passwords, how the bill gets paid (auto withdrawal, mail in ect) when each bill is due, and balance owed for any loans or credit cards, I include every expense down to pet food. I think people don't really always have a handle on how many things they pay each month. (This is also a place for my family to go if anything, god forbid, would happen to me). I really appreciate the honest money conversations.
@lc9009
3 жыл бұрын
Good job. Make sure that "vital information all in one place" is safely password protected or well hidden and purchase identity theft insurance.
@briannab5296
3 жыл бұрын
This! 👍
@TheRealAngelGrace
3 жыл бұрын
Yass just stuffed my cash sinking funds. They are a must for budgeting 💵💯
@kelleydisney31
3 жыл бұрын
This was like a light bulb for me! I wish I would have thought about this idea sooner. Thank you so much for sharing!
@Simple-ist
3 жыл бұрын
I think a correction: anticipate yearly home maintenance and repair costs as 1-3% of home value, not monthly. If I saved 1-2% a month I’d be saving more than my mortgage for home repairs.
@roniecesmith2800
3 жыл бұрын
We call it allotment for our personal spending
@nikkimeredith761
3 жыл бұрын
I love love love this video! You are such an inspiration to look up to and I have learned alot by watching your other channel, I'm new to this channel and so far am kicking myself that I have not been following this channel sooner. This information is so valuable and your really great at explaining things. I'm new to sinking funds, I have an emergency fund but was not sure how to incorporate sinking funds either out of the emergency fund or on their own. I would deff want your spreadsheet set up. Could you do a more indepth video about a similar idea for saving to get engaged (ring purchasing), married/wedding, being a beginner house hunter, and then future kid planning? You started your family young and I think that has molded you in the way of crunching numbers, and I really see your passion shine through on talking finances. I'm 32 and me and my partner of 8 years have not made the leap into marriage but I'm there mentally but I think my partner stresses about those finance jumps and would love how to address this topic in the way of numbers and savings for setting up success in the next chapters in life. Thank you so much for the great content! I refer you and your channel to everyone I know would benefit from both your channels' information.
@rebeccaprice4851
3 жыл бұрын
I just started using sinking funds last year and covered Christmas in cash for the first time in years.
@granitemoss1451
3 жыл бұрын
Good for you, Rebecca! I bet you will decide to ALWAYS do it that way in the future. Such a stress buster!
@jolu531
3 жыл бұрын
Thank you very much for this. I wish I’d known about this 20 years ago! I’m ready to start now.
@shanwilson3682
3 жыл бұрын
Loved it!! Big big fan of sinking funds, we have dentist, school, home maintenance, Christmas, holidays sinking funds currently 😊 we cash flow birthdays with that months budget
@chelseazuppan2095
3 жыл бұрын
What are you non shared budget catagories? We have separate cell phone budgets, subscriptions, gym memberships, craft, hair cut etc.
@sarahgreene8786
3 жыл бұрын
Sinking funds for home maintenance: 1-4% of the value of your home at purchase saved ANNUALLY not monthly. I love your new channel. Thank you for the time you put into it!
@silverflame_firebug
3 жыл бұрын
My grandmother called it "mad money".
@thebiggshomesteadkitchen
3 жыл бұрын
My grandmother called it “pin money” because in the generation before her, ladies pinned their mad money to the inside of their dress
@paulacostello6912
3 жыл бұрын
Excellent video. Debt Kickin' Mom introduced me to the idea of sinking funds and, as you say, they have been a game changer. No more putting a car repair on my credit card then having to take 4 months to pay it off, while interest accrues. I have your spreadsheet and it's been working well. Thank you. :) Loving your new channel.
@kristinachoate3686
3 жыл бұрын
I use the term fun money for the money I can use however I want.
@KennedyFamEver2023
2 жыл бұрын
Would love to see a video on budgeting for non-essentials with kids such as diapers, formula, tylenol, etc.
@mikeweezy13231
3 жыл бұрын
My credit union literally has Christmas Accounts. You put in it what you want and gets put into your checking in November just in time to start buying stuff. I did $25 a week my first year and now up to $50 a week. And I dont touch it no matter what until Nov
@briannab5296
3 жыл бұрын
Most banks and credit unions have done away with Christmas accts prefering we just use our savings acct ... which dont offer that last payment like Christmas accts did.
@jonnaborosky8836
3 жыл бұрын
Thank you so much. I've been doing sinking funds a long time. I understand why you love them so much! It's time I move to a spreadsheet. Thank you.
@briannab5296
3 жыл бұрын
Is there some app for Android phones that has spread sheets? .. i cant find the charger to my Chromebook so i'm dependent on my phone for everything.
@juliejackman2649
3 жыл бұрын
Sounds good....but our reality never fits with these nice neat little packages due to health. 😬
@annmarieknapp9942
3 жыл бұрын
Love this video! I've been trying to come up with a simple way to track all my sinking funds! Your spreadsheet is perfect. I'd be thrilled to get a copy please. Thank you for all you do!
@caitlincunningham8354
3 жыл бұрын
Oh man! I need to re-evaluate everything! Thank you!
@Isna4727
3 жыл бұрын
I love the spreadsheet! I have been using paper for a couple of years now and am the budgeter in my family. I really only budget my money because my husband and I pay our own bills and don't share accounts. It works for us, but I still love to mess around with my budget and savings goals :) I have been following your other channel for years and love that you branched out for financial information! Love from WI
@sfarheenhassany9848
3 жыл бұрын
Here from frugalfitmom, always on board for more christine, yay!
@laurenashleysexton
3 жыл бұрын
We usually do overtime for Christmas presents or special events. We also get two extra checks a year that we use towards things because there’s just no extra money from our check other than for bills. And tax return is a blessing too.
@jamiem2444
3 жыл бұрын
Ooooor... you can SPEND $50 a month on Christmas. Actually, I have a calendar reminder for myself to start Christmas shopping around the 4th of July, another reminder to send out Christmas cards at the beginning of December, and another reminder to start the baking. I'm over the frantic, last-minute prep.
@cindypitts6487
3 жыл бұрын
I have several savings accounts set up for just this concept. One is "general", then I have them set up for property taxes, homeowners insurance, car repair, a car fund (for my next one someday), a car fund for my girls (11 & 13 now) to help them (won't pay the whole thing), used to have Christmas, a separate emergency fund, an account set up to plan for braces for my girls, etc etc. I probably have 15 separate savings accounts, plus my checking account. I've also done it in the past where I had one general savings account, then separately tracked the different sinking funds on a spreadsheet. But it works for my brain better to actually have separate bank accounts for each type of planned expense. I use the most basic Quicken to help track everything, but am hoping the spreadsheet I got from this channel near the beginning will help me break away from Quicken and just use Excel, when my next subscription is up in May/June (don't remember when).
@deeb1636
2 жыл бұрын
I’m subscribed and absolutely loving your videos!! You’re down to earth and I’m watching your videos daily on my debt free journey. I had so much crushing debt for years that I didn’t have any money left over for any sinking funds, but I’m working on that now.
@lilapacheco4826
3 жыл бұрын
Interesting topic. I am trying to get my savings up for several things. Super smart method. I need that spreadsheet.
@sherilynalexnder897
3 жыл бұрын
TBH, I'd say $1,000/yr for back-school is not nearly enough for four kids, but you/your kids are a lot more frugal and less demanding than most kids, apparently, lol. A backpack, even at Walmart, that can hold up all year is around $30, so x4 kids, $120. Three pairs of jeans ($20/ea) x 4 kids, $240, and we haven't even gotten to shoes. I'm sad my kids are all grown up now (have one YA still in college, at home) but man oh man, I do not miss the 'back-to-school' budget busting because my twins were born Aug so two bdays AND school in one month. Uuuggh.
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