Why I use 'sinking funds' to save for major financial goals - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

'Essentially, sinking funds are buckets of savings set aside for significant expenses you know will come up, even though you may not be sure exactly *when* they'll come up'

and give each one a custom name. To help visualize my savings, I created separate accounts for my engagement ring and new car goals and labeled them with my goal names.

First, I picked the date I wanted to reach my goal and have my sinking fund full. Next, I divided the remaining amount I needed to save by the number of months until my deadline. This gave me the amount I needed to save each month to reach my goal on time. I'd take any money leftover from underspending in my budget and apply it to these savings accounts, as well. This motivated me to be smart with my money. If I didn't need to spend, I didn't. I knew putting that money in my sinking fund could end up helping me buy my new car sooner.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

An inside look at Stanford's mental health innovation course - Business InsiderAn inside look at Stanford's one-of-a-kind course on mental health innovation, where students mingle with industry experts and develop business plans aimed at revolutionizing the healthcare industry (by AnikaNayak)
Source: BusinessInsider - 🏆 729. / 51 Read more »

3 guaranteed ways to reach your emergency savings fund goal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. One idea. Employers pay a living wage FFS!
Source: BusinessInsider - 🏆 729. / 51 Read more »

A financial planner's 3 money tips for clients during the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Interesting I bet he got his job by affirmative action he took the job from a qualified white or Asian bet me.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Wirecard scandal: Numbers broken down by forensic financial experts - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

US banks seek guidance on PPP loan forgiveness - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

SoftBank Vision Fund is cutting group to help investments IPO - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »