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sinking funds

    January Sinking Funds Update

    When I posted the sinking funds, I was shocked by how many people were really interested in starting their own sinking funds.  It’s so awesome to come together and have the same goals. One of our goals for our family is to stay out of debt and start saving for the boys future. Having our budget and savings plan has really been a huge eye opener into our life and what we really spend our money on. It actually makes us think twice about if we really need something or if we’re just being frivolous. 

    I am sharing our how our sinking funds are going and what our real plan is now that we’ve been doing this for a month.

     

    So I started off not really knowing where we really wanted to put our sinking funds money. I knew Christmas and Birthdays were the most important to really start saving for these events. Past that I didn’t really have dates for things we need them buy.  I’m sticking to $100 a week and then dispersing  that. Because we have birthdays in the the beginning of the year we are throwing more money to those right now but come September I’ll probably start splitting it up or take a break from birthdays. 

    My misc envelope is pretty much anything extra we need. We were invited to a birthday party and a baby shower this month, so as of right now our misc envelope is empty but I’m happy I had a little stash to use for these last minute occasions. 

    I started putting money in the back to school envelope and some class stuff started to come up so I have decided to turn this envelope into a school envelope. We will using it mostly for back to school since Kellan and Knox will both be going to school this next year. 

     

    This nice thing about sinking funds is that if for whatever reason I don’t have enough money for whatever we are needing money for I can always use money from my checking account. The idea of the sinking funds are to prepare for these moments you know are coming up. 

     

     

    Just know it’s not too late, and I hope this inspired you to start your sinking funds if you haven’t yet. I’d love for you to share your sinking funds!

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    Saving Money Using Sinking Funds

     

       

    This year is the year for budgeting and saving for me and my family and sinking funds is the first step for us.  I started a little budget series last year and the first step for me was doing a grocery budget. I feel like the grocery budget was a good step that is easily customizable for every family. If you missed that you can find how I setup and use my grocery budget here. This has been a great way for us to save money in the grocery section of our budget.  Read more

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