How to Set Up Sinking Funds

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What is a Sinking Fund? Why do you need Sinking Funds? This video shows you EXACTLY how our large family uses Sinking Funds to keep us out of debt. Consider this Sinking Funds for Beginners if you have never seen them before. These are our 2021 Sinking Funds Explained... Real numbers. Real Income. Real Expenses. I make videos about all things family budgeting, simple living below your means, and doing life differently in a social media driven world. Thank you for joining us on this financial journey we call life!
How to Set Up Your 2020 Sinking Funds - For Beginners!
In this video I will cover:
1. What are Sinking Funds?
2. Why Do You Need Sinking Funds?
3. Sinking Funds Categories.
4. Types of Sinking Funds
5. How Much Money Should be in Your Sinking Fund?
Thank you for watching this video-Please Like & Share it. I like to read comments so please leave a comment and…
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Опубликовано:

16 сен 2024

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Комментарии : 51

@desertlove3350 3 года назад

Your financial breakdown is life-changing. Your children are very lucky to have you both. I was never taught money management. Your channel is a blessing.

@LininUpDucks 3 года назад

Thank you!

@rev.ruthe.gallot9103 3 года назад

Sinking Funds really made a difference in helping me meet my goals because a couple times each year a few big bills would hit all at the same time. My "Big", multi year sinking funds are fo a new car (in 2023), save 1 year of salary and save for a trip (in 2022), which get added to when I get windfalls (stimulus check, tax returns, or gift money). The on-ging ones are Christmas, Annual Vet visits, Car Insurance, Car Maintenance, Car Registration and Taxes, Medical, Gifts, Furniture, Hair cuts and an annual candy making event. Each of these get added to once each month.

@christinewallace9251 3 года назад

Property tax and home/life insurance and vacation are our additional sinking funds. Thanks for the great video.

@whitneyyoung3706 3 года назад

Your daughter is so cute! We have a lot of sinking funds. Christmas, Birthdays, Car maint & registration, taxes, subscriptions and annual dues/memberships, vacations/trips, medical copays, vet care, our pet's quarterly food order (we save by bulk buying 🤓), seasonal clothing fund for our kiddo. I love sinking funds because they force us to be real with ourselves and help us really scrutinize our spending. We don't do extended family or friend gifts. We do very small gifts for a handful of neighbors and get our nieces and former foster kids gifts. No adult gifts except a modest budget for the two of us to exchange presents. Neighborhood gift is usually candy and popcorn basket I make and drop off before New Years Eve. Lets me get good deals on Xmas candy after 12/25 😄

@cindysams9832 3 года назад

I'm just getting caught up on your videos. I won one of your bundles of envelopes and I've been using them. I have Christmas, Family Fun, Camp/RV, Household, Car Repairs and Clothing. With our tax refund and the stimulus check, we will have all debt paid off except our house and 2 car loans. We will have an emergency fund plus extra so this year is starting out great money wise. Thank you for your inspiration.

@LininUpDucks 3 года назад

Oh my wow I’m so excited for you!!!! Awesome job!!!

@lindseyb9267 3 года назад

Our 2021 sinking funds: Christmas, Life Insurance, and Car Insurance. Happy 2021!

@catgodfrey6451 3 года назад

Sinking funds: Gifts, Pets, Vacation,Car, Vacation Now I just need to stay in that budget & not overspend

@NaturalFitNurseRN 3 года назад

Great video & I love your sheets they are super cute! I agree sinking funds are the absolute best. I didn’t make any changes to mines so I will still have vacay, medical, birthday, HOA, Accountant, car maint, RN licenses, grand babies, date night & clothing whew lol. TFS 🥰

@LininUpDucks 3 года назад

Thanks! Congratulations on retirement!!!! I’ve been thinking about you and am going to be binge watching your stuff as soon as my kids go back to school!

@mcsweet6870 3 года назад

We are saving for Christmas, car maintenance/tags, camping, regular savings and emergency funds. We are also saving for trip to Disney in 2022 so year and half plan. And saving some towards a new washer and dryer, ours is working great but getting old so just trying to plan ahead and put some up for in couple years. Love your videos you have really encouraged me to plan our savings better this year. I would like to see a video on teaching your children about money and finances.

@LininUpDucks 3 года назад

I’m working on a children and money video now!

@creatingbalancefinance 3 года назад

There is something so incredibly relaxing about your videos. They’re so motivating too. The perfect combo!! Happy 2021 from a small UK finance RU-vidr 🇬🇧 💓

@LininUpDucks 3 года назад

Awe thanks! Shoot me a link to your channel. I tried to look it up.

@creatingbalancefinance 3 года назад

@@LininUpDucks it’s... ru-vid.com/show-UCbvNe1yzVbyMo4uackehx2g thanks a million! Have a wonderful day!

@DearDebt 3 года назад

Great video! Sinking funds are so important and have “saved” my budget soooo many times! 🎉 thanks for sharing!

@robincarter5192 3 года назад

OK. I know I have a twisted since of humor but it works for us. Here is an idea for extended family members Christmas. We have talked about family history like, "Remember those dolls we played with..." and they describe things. Well I lock it away and thrift all year with those type items in mind. 2 years ago my husband's sister's talked about creepy dolls they had. They grew up in the 50's. I found a little doll from that time for a quarter. I bought her, cleaned her up, and made a dress for it. Then I looked her up online. Turns out on EBay they sell for $25. I wrapped it and shipped to 1 of the sisters. Our thing is you keep the "family gifts" for a year then re-wrap and give to another family member. So you don't give gifts to all every year. Plus it is loads of fun when they get one of these hideous gifts. Or draw names and set price limits and do 1 person a year. Saves either way and you would be amazed at how others in the family need the help with budget for Christmas so when you step up and say we just can't, they feel relief. Just an idea.

@LininUpDucks 3 года назад

Totally hilarious! 😂🤣😂

@T_J_Fishin 3 года назад

Sams includes tire rotation and balance

@likeastarinyourheart 3 года назад

Thanks for all your tips. I need to change my financial habits, save money sometimes is difficult but it's necessary. Have a blessed day.

@EmilyVandall 3 года назад

Your older videos began with you being a Budget Analyst. I’d really like to know more about that.

@LininUpDucks 3 года назад

Sure. I will add that to my next Q&A video. Working on my list of questions now.

@mj482 3 года назад

You have 4 girls and here I am with 4 boys. 😊 I've been binge watching your channel. 💜

@LininUpDucks 3 года назад

Welcome! I am honored you are giving me so much of your time! One of my best friends had 4 boys and we always joke with each other that we wouldn’t know what to do if our roles were reversed 😂

@karinklapproth866 3 года назад

Great video🦋💗 I understand sinking funds better now.

@LadySkippy 3 года назад

Christmas , car repairs , birthday gifts, and vacations. Those are my sinking funds

@fijipa1 6 месяцев назад

This is so helpful! Thank you for sharing.

@blancaschofield2279 3 года назад

Great video, except that technically these are not sinking funds. This is simply saving for something specific. A sinking fund is a more advanced type of budgetary fund, and it starts out pre-allocated and pre-filled. In other words, you have to have money in it in advance. A car expense like a planned expensive periodic maintenance is a good example of this. I don’t know what month exactly I’m going to do it, but I know that this year I need to have a 120,000 mile service done. This will include the timing chain/belt, etc. I will pre-allocate $1200 for this, typically from car-related budget savings in previous years. Then, each month, I will also contribute $100 to that fund to replenish it for next year. If I find I needed to do the maintenance in January, I’m already covered, without stealing from a different category or emergency fund or some other slush fund. However, if I do the maintenance in September, I’ve already deposited $900 towards next years sinking fund. So a sinking fund starts out already “afloat“, and it sinks from there. That’s why it is called a sinking fund. Most people get this wrong, I’ve even seen it wrong on Dave Ramsey‘s website. But other folks like “under the median” understand this and get it right. It’s just a terminology quibble, but words mean something. (And yes, I’m a language teacher. :-)

@dawnmcdonald9775 3 года назад

I have a LOT of sinking funds plus a rainy day fund and a 3 month emergency (rainy day and emergency are fully funded) and would like to scale back on them. Any suggestions?

@LininUpDucks 3 года назад

I would say combine some like expenses. We did that this year to simplify and so far I love it.

@angiemacdonald4502 3 года назад

Do you keep the funds in cash in an envelope or do you keep it on a savings account.

@LininUpDucks 3 года назад

We keep really high dollar savings like Sophie’s medical expenses and savings for land in an account. Everything else is in an envelope.

@fisherfamily1052 3 года назад

Hi! How do you feel about front-loading sinking funds with a tax refund? Our deductions are correct but we have 6 children so our refunds are substantial. If the IRS ever gets around to sending the refund out, I'm thinking about filling all the sinking funds I can with the refund to make our monthly budgeting process simpler. What do you think?

@LininUpDucks 3 года назад

I totally get it...we have 4 kids. Generally I think it is a great idea. I will probably do some of that myself this year!

@ts1358 3 года назад

May I ask where you got your clear bag that you keep your cash envelopes in? I saw it in your older videos.

@LininUpDucks 3 года назад

Dollar tree!!!

@ts1358 3 года назад

@@LininUpDucks Great! Thank you very much for responding>

@skunkadventures7484 3 года назад

Awww! Happy New Year, Beautiful!🎉

@LininUpDucks 3 года назад

Thank you! Happy New Year to you and yours!

@brandonyoung4002 3 года назад

75k miles that’s nothing my old lexus had 300k lmao she was a boat then i got hit by a dump truck

@thevictoriagoogin 3 года назад

Hey Rachel! I'm curious if you've had a tune up before, I only ask because I was quoted ~ $800 & my jaw fell...and fell again seeing your estimate 🤣 Vehicle Details: 05 Murano 200k miles NY. Curious if we have similar vehicle/body style

@LininUpDucks 3 года назад

Well....no. My husband did our last tuneup. My husband said your quote was really high.

@mega408 3 года назад

They must’ve thrown in dealer recommended items. Look at your owner’s manual for the manufacture’s recommended maintenance. For my Toyota, the major tuneup was $360, but the dealer recommended was $699. The difference was additional cleaners and adjustments. I normally stick to manufacture’s recommendations.