Tag: sinking fund

Finances

How Sinking Funds Help Control Your Money

A sinking fund is a strategic way to save money for a specific purchase by setting aside a little bit each month. I love sinking funds. Sinking funds give me a sense of security over and beyond my emergency fund. A sinking fund is a barrier to protect your emergency fund from known, yet sometimes unexpected (due to timing) expenses. For example, we know appliances and tires need to be replaced, yet need to be replaced at the most inconvenient time. Why inconvenient? Because we had not prepared and had other priorities. After you have created a steady habit of monthly […]

Finances, For the Love of Family

6 EASY Steps to Creating a Sinking Fund

We all have expected, yet non-immediate expenses that seem to creep up and rob our emergency fund, and financial peace. When following the seven baby steps to financial stability, funding a sinking fund is recommended while simultaneously working on steps four through seven. Creating this fund will add another layer of financial security to cover known yet usually unplanned expenses.   Sinking Fund money set aside to cover expected, yet not immediate needs; can also be used for unforeseen needs (like a garage door repair!) A sinking fund will cover expenses like appliance repair and replacement, car replacement, major house […]

Finances, For the Love of Family

Money in the Bank – without a raise!

Gas prices have dropped significantly. If there isn’t a plan in place for your extra dollars, the money is spent unconsciously. Typically, our living expenses meet and/or exceed our income – UNLESS you have a plan. According to some reports, enough to save the average driver $50/month. According to CNN Money, the average gas price in October was $2.31, down from $3.27 earlier in 2015, saving Americans an average $1 per day or $365 per year. As of this weekend, the average price in Denver was about $1.77. Predictions are steady that gas prices will continue to stay down through […]