What’s up friends! In today’s video we are talking all about sinking funds! These are mini funds tied in your monthly budget so that you can save for a specific thing in a short amount of time. Even when you are in debt, I believe that saving for these 5 funds will be critical in helping you stay out of debt. So if any of these apply to you and your family, I suggest you look over your budget and make sure you have a small amount allocated towards these sinking funds monthly to avoid one big costly expense when its time to pay up. The 5 sinking funds I think you must have are as follows:
1. Car upkeep funds
2. Christmas fund
3. Birthday fund
4. Tax fund (car, property, income etc)
5. Back to school fund (for the kids or yourself)
I hope this helps in your path to financial freedom. Tune in every Friday for our Financial Friday videos and follow our financial journey.
Thank you for watching.
PRODUCTS MENTIONED:
Every Dollar budgeting app:
Money Market V.s Savings (DAVE RAMSEY’S THOUGHTS:
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