Sinking Funds FOLLOW UP | When and how to start your sinking funds 

Great job explaining Jen! When I first learned about sinking funds I was so confused. They changed my life. Another thing that changed my life was getting a month ahead. One year we got a large enough tax refund that I decided to use that money to keep enough to cover all of our next months expenses. We still do our budget that way. Basically, whatever income we get this month is how much we have to spend/allocate next month. I got so sick of only having enough money for the week and budgeting once a week. It was nerve-wracking. Now I pay all my bills and allocate all the money for the month in the beginning of the month. I don't have to think about it again until the next month. I just make sure we bring in enough income this month to cover next month. If you can do this I highly recommend it. Seriously takes the pressure off.

Thanks for the clear explanation, Jen! I am really looking forward to the relief I'll feel when all my sinking funds "needs" are funded. I enjoy your videos, keep them coming, please!

I just found your channel and I'm amazed. If you haven't already, would you consider making a video about how/why you started planning and budgeting? How far you've come (how many debts paid off), and how in the world do I start saving for sinking funds when I can barely get through the month!!

This was perfect!! Every question I had was answered!! You are amazing!! Thank you!

I realize this video is like 6 months old, but I came across it yesterday and seriously fell in love with the planner you are using! I'm so out of the loop - haven't even heard of Erin Condren until this video. I totally ordered a planner and a bunch of other things on the site today. I'm a single Mom, who works full time in higher ED, am in Grad School, and am a really active PTA member at my kiddo's school. I am a total list person, and I have a really basic planner that has proven to be inadequate for tracking all the things I have going on. I've seriously been contemplating buying multiple planners to try and manage all the balls I constantly have in the air. It's been nuts since I've added Grad School to the mix and have really felt crazy because of all the responsibilities and tasks I've been having to memorize. Coming across your video randomly was soo perfect! I'm really anxious to get Erin Condren's planner in the next week, but I was BLOWN AWAY by the lay outs online, because it looks like it can accommodate tracking ALL THE THINGS I have in my life. From meal planning, to my kiddo's school activities, to my work meetings, thesis papers due for school.... Thank you for your the recommendation!

I have beeb binge watching your channel all day! So helpful and I have started my little family's debt free/budgeting journey! Thank you so much!

Just started watching your videos on budgeting, etc. This was so helpful! You really covered everything in this one! Prioritizing is key. Thank you!!

Outstanding! Setting up sinking funds was so confusing. Until now. Thanks.

Thank you sooo much for this video!! Very clear explanation, I am ready to start!

Thank you so much for this video, I have just found out about sinking funds this weekend (I was already doing some, but not for everything). I really appreciate this :) My only "negative" comment is, could you please keep your journal straight on to the camera? I found myself watching this with my head tilted sideways! Haha! Thanks again Jen :) xx

Thank you so much for making sinking funds easy to understand. I have been able to set ours up now.

Thanks so much for this! I am really enjoying this series. You have taught me so much! Everyone is having to hear how excited I am about sinking funds 😄

Love your simple explanations. Thank you!

Hi Jen, I am new to sinking funds and how this all works. I have watched both videos at this point and you explain it so well! My only question for you is with car insurance... how do you go from paying that bill monthly to paying it every 6 months? Do you pay the regular monthly bill then save up for the 6-month premium on top of that?

Omg! You have the prettiest handwriting! Also, very good info on sinking funds.

Hi Jen - I want to make sure I'm clear on the priority status of the DR process - living expenses first, sinking fund needs 2nd? followed by 1k emer, debt snowball, 3-6 mo emergency, (I loaned my DR money makeover so I can't refer to it!) I LOVE your videos and check every dya for new ones! ;)

Hi Jen great video! Okay my question is this. Let’s say you have $500 in sinking funds, $500 in emergency savings and out of blue you get a $1500 car repair bill. So you don’t want to put on credit card but you’re $500 short. What do you do? Also let’s say you have enough in SF but they are earmarked for other (non car repair) expenses. Can you “borrow” from other categories or is that just robbing Peter to pay Paul? Thanks!

Love these videos about sinking funds. When does and "Emergency Fund" come into play and how much do you set aside for that? I always just thought there was one fund for everything but am new to this whole budgeting way of living. Am enjoying learning and figuring it out so I will feel free of the monthly pressure. Thank you so much.

The best video explaining sinking funds. I got my woo woo moments/ thanks for sharing

Such a great video! And just in time for the delivery of my new monthly erin condren planner! Would really love to see a video of how you set up the payments for all your bills and sinking funds! Just an idea :) Really appreciate all your information, its certainly been helpful!

Thank you! This is exactly what I need!! Great video!!

I've been using my emergency fund as sort of a sinking fund for the past few years; using it to cover car repairs and vet bills and car insurance. The amount I initially budgeted for my autotransfer was based on my how much per month I wanted to save for insurance, car repairs, etc. (I've recently increased the transfer so that the decrease in my withholding taxes goes there, rather than getting used to spending it.) But I can see how having those expected expenses in a different system makes sense.

You are just so sweet and so helpful. God bless you and your family!!

Great video! I have watched both sinking funds videos (with kids running around, so I could have missed this) and am looking for how you handle the actual transferring of the money between your two checking accounts (several transfers a month, one per month after you've paper-balanced each sinking fund, etc). If anyone can tell me where that is addressed, I would appreciate it!

Very informative video ❤ I really enjoyed it and it's very helpful 😊

Superb! You are a great inspirational teacher! Thank you!

Thank you, Jen! This was helpful!

So helpful! Excited to get access to the Facebook group too!

This helps clarify startinf up. Thanks Jen!

Love your videos! Couple of questions though...Say you have saved for a year and have your maximum goal into a sinking fund account such as car maintenance for example but don’t have to use any do you continue to put money towards that sinking fund? Also, silly question, when doing your budget how do you decide what comes out of each cash envelope or category, such as planner goodies and personal hygiene and home cleaning supplies? Thank you for the encouraging videos!

Is there a specific bank account you use? If so, which? Can you make deposits from a different bank?

Where do you put the money for the sinking funds? Do you open saving accounts for each? Or checking accounts?

Hey Jen! When do you transfer the money from your primary checking account to your sinking funds account? Do you do it in one lump sum or divide it up by paychecks?

Love!! So when do you put aside the sinking funds? When it’s available?

Would you add savings for a house into sinking funds if you were on that step?

Thanks for the tutorial. Where do u keep your sinking funds once you start? Do u keep it in checking, saving, cash?

this is very helpful!! Thank you!!!

This is great! One question... at what point during this sinking fund setup can or should a debt snowball be implemented? Thanks!

Nerdy question - what kind of pen are you using?

What category does hulu and spotify monthly paymets go under? are those considered sinking funds?

Thank you for sharing!!! I'm a beginner and found your videos very informative. I'd like to know your recommendation on how I should pay my credit card debit. It's $1500 and minimum payment is $50 should I pay the extra money now with minimum payment or should I set it aside and pay in one lump sum? TY

This has been so helpful, thank you! Would you consider income taxes as SF, or do you put this as a separate “bucket”?

Hi jen I love your videos! One question though do you put the sinking funds into another bank account?

Wonderful video as always Jen!!!

Great video Jen!

When do you deposit money into your account for sinking funds? All at once each month or do you spread it out over the month?

Hi Jen, In my job I have to pay for job-rated expenses up front and then I received my reimbursement for those at the beginning of the next month. How do I budget for this? It's so difficult since every month is varied. These expenses include meals for prospective clients, gifts, office supplies, etc. Should I be budgeting for this in my personal budget as a sinking account, or tracking and keeping these deposits/withdrawals in a separate account? HELP! Thanks!

Thank you for the tips!

I so want to start a budget like this but it's already September... Ish... Seems too late for this year but don't want to wait until Jan lol

I started Dave Ramsey last summer and I did good with the sinking funds then I dropped the ball how could I forget them. I feel so dumb😭

great explanation .

If I am able to cash flow everything we need is there still a benefit to sinking funds?

So helpful ❤️❤️❤️

I know this video is almost a year old now but the only question I still have is how do you figure out how much to allocate out of each paycheck? My husband gets paid every 2 weeks and almost all bills are due the first 2 weeks of the month. So usually his first paycheck covers those bills and then leaves us strapped until the next paycheck. I’m trying to get some stock pile money so I can have money from the 2nd paycheck to pay to first couple of bills for the following month. But now adding these sinking funds... ugh just kind of lost on this whole “what comes from each paycheck” thing.

Do you know a place or resource that could list all sinking funds? I want a comprehensive list. I always feel like Im forgetting something. Like saving for a new car, home repairs, etc...

Thank you 💋

With sinking funds. Do you open checking accounts for each item you family need to each account? If you have 8 items do you open 8 accounts?? How does this part work?.

Jen, your video was informative. But for me, who is just starting, your explanation was too complicated. You are obviously a pro with sinking funds. But, to get started, someone like me might start with a fixed amount to set aside for x amount of months. No labels. In six months or so, take that money and divide into SF categories. Now, I have a base to begin.