We own vehicles. Three in fact. They are not new cars; they are however good cars.. Since we'd like to keep it that way we decided it was high time we set up a fund for auto maintenance.
Category: Sinking Funds
I love me some sinking funds! We only have two to date, but you’d better believe I’ve written about them! They are an amazing tool to help with savings goals and to keep you out of credit card debt when the inevitable expense arrives. You know it’s coming, you might as well save up for the expense, am I right?
You can set up a sinking fund for any expense you know is coming and can’t cash flow from one budget month. Even better, put it on auto-pilot with scheduled monthly transfers and the money will accumulate without any additional effort on your part.
Going on a cruise for your tenth anniversary? Do you pay insurance premiums annually? You may have some home renovations you want to cash flow or want to pay cash for your next vehicle. These are all excellent examples of potential sinking funds.
Our Emergency: Why We Cash Flow Medical Bills
Just Tuesday I posted Emergency! Why You Need an Emergency Fund Now! I talked about how this particular item is our financial focus right now and where we are in the baby steps. Little did I know that Wednesday we would experience an emergency. Murphy must've heard me talking about him.
Share this:
Sinking Funds
Avoid the Sinking Feeling that Comes with not Planning Ahead Set Money Aside for Larger Expenses in Advance Sinking funds are an excellent way to cover infrequent, larger expenses and avoid that sinking feeling you get when you reach for the credit card to cover an expense you knew was coming but just didn't plan … Continue reading Sinking Funds
Share this:
Birthday Party Budget Breakdown
As an Amazon Associate I earn from qualifying purchases. How'd we do? I previously posted how we planned to host the kids' birthday party on a $150 budget including food and kids' gifts. You can click here to read that if you missed it. Here is the budget breakdown: We spent $69 for martial arts … Continue reading Birthday Party Budget Breakdown
Share this:
Six Months til Christmas
... be sure you have the funds in place to get your holiday cheer on when the time comes without reaching for the plastic.
Share this:
Birthday Budget with a Life on a Dime
We sang him Happy Birthday at every meal and had an otherwise typical day at home. And you know what? He felt loved and knew we were happy he is around. No clowns or bounce houses required.
