I love that you are excited to buy a certain hand-wash, that's the kind of thing I think about for our new house. We just had an offer accepted today! I can't wait to set up my baby's room and make it lovely for him. We have lived in 4 different places since he was born as we've been staying with family while our flat sells - I didn't want to risk exposing him to covid due to viewings etc. It's going to be so amazing to be settled 😊
I currently save into the credit union as an emergency fund, into plum which skims from my bank account, Quidco and round ups for birthday and Christmas presents and on Monzo I have pots for holiday fund and annual car, house and pets insurance. When my credit card is paid off I plan to save more into a home improvement fund. I know how to save and I save when I first get paid, it's just following through and not over spending which is an issue (shopping addiction) I'm changing my mindset that I have too much and it stresses me..I don't need anything.
I have a sinking funds for christmas, hoilday, birthdays, school uniform. Being doing this for a few years now. Just added one for garden furniture as we recently added a patio.
I started doing this when I got a Monzo account. It's brilliant and has helped me save for ,Christmas, holidays, birthdays and house bills. Having the money there ready is so reassuring especially as a 1 income household with small children. Great video 🥰
I use a sinking fund to pay for things yearly rather than having to worry about lots of monthly payments so that I can save more money in the longer term. The psychological benefits of this is just 👌
We use house saving for repairs, upgrades, furniture. We have car fund to purchase a new car or down payment for a new car. Christmas fund for gifts. We deposit money in those three accounts each pay check which is every other week. We also do occasional big deposits. We get two extra pay checks a year. We use one for Christmas and one for summer vacation. We put our tax returns in our vacation fund. Right now we have a lot for vacations because of the pandemic, we stayed home last year.
I did this for an iPad. Such a good idea when trying to save but to feel like you are treating yourself. So I didn’t feel bad I used my bday and Xmas money mostly for this too.
Thank you so much for this video! I already had a few saving pots but my organisation of them was a complete mess and I wasn't sure what sort of things I should be making them for. Just spent an hour making a new spreadsheet with my existing saving pots + new ones inspired by this video. Feel like I'm finally all organised now and ready to hit those goals!
I found Dave Ramsey a few years ago, and although I wasn't in debt he changed the way I thought about savings and I've had sinking funds ever since, car insurance, Christmas and birthdays mainly but it definitely helps with the stress of big payments!
This is so helpful. I'm moving into my van this year and I definitely need to have a fund set aside for car expenses. I love that you have different parts to save for. Also your shirt is so pretty!
My take on sinking funds is everything that is recurring throughout the year ie birthdays Christmas Valentines Day etc and also large yearly bills ie car tax car insurance etc. You know the total amount give or take and you divide the amount by the pay dates of wages. Emergency fund is for ‘in case’ something goes wrong ie washing machine breaks down. A second emergency fund is your total amount of living expenses for a period of time ie 3/6 months. Savings is long term amount that I won’t touch
We have one savings pot that always had the kids child benefit paid straight into. It builds then each month without even noticing...but with so much shut in 2020,we managed to save soooo much more in there. Now going to spend on a dormer extension to loft 👏. Last few years had second sinking fund just primarily for school summer holidays, it’s brilliant to get to August and have extra pot of money for fun activities with kids (and extra food) and not worry about it!
Thank you! I know it may sound silly especially when people just go out and buy these things but waiting is going to make it SO much sweeter when it happens! xx
We do this, I have a different pot for everything and it's all allocated out 😂 it definitely helps! Then when Christmas rolls around or whatever, I know that money is there to be spent, I'm not worried about how to pay for it. Such a good tip! 💞 I've also started using Plum and it's so quick how it adds up without you realising!
I’ve had these for years ! I have several bank accounts and name them accordingly (hols, Christmas) then arrange standing order into them every week/month, never heard of the term sinking funds lol ....... I am a lot older than u 🥴😂xx my ISA is my actual savings xx
would love to see a video about what you do regarding kids toys and no spend year. do you give your children any pocket money? trying to do a no soen month but children keep asking for toys they want and they dont understand that we dont have alot of money especially when alot of their friends come from families where money is no problem 😯
I love these videos, I have set up sinking funds after becoming a new mum recently as well. I also remember big bro! I love the introduction for your videos also now. Amazing video 😊
Retirement and college accounts are different than our sinking funds because they are invested for the long term and have to be in specific type of accounts for tax purposes
Hi Lara, I’m new to your channel and have also been binge watching 😊 This is my very first year being debt free and I’ve set up 6 different sinking funds. This may be a strange question but do you have your sinking funds split into different bank accounts? Are they savings accounts? How do you keep track of them all? Thanks, Donna
Brilliant video, thank you!! Very inspiring!!! I was just wondering, do you also recommend having an “emergency” fund, or would that be something separate?! Thank you so grateful for your great advice!! :)
I Am Going To Order The Cat In The Hat Book, Disney Princess Petite Elsa Doll, Disney Princess Pop-Up Game, Harry Potter And The Deathly Hallows Part 1 And 2 DVD, Britney Spears: Britney CD, And A Gray Sweatshirt For February Of 2021, Lara.
Hi Lara, have you only had investments and this sinking funds since you had your no spend year or is it something you have always done, just wonder,d, am really interested in this.
@@LaraJoannaJarvis yes i did copy it :( then it sent me on the practice platform (clearly I wasn't safe enough to be on the normal one LOL) it's ok not to worry just thought id mention it cause i know you're loosing out as well, but ive been on the practice platform and now one the normal one for a week now so all good :) xx
Hi Lara! Have you ever heard of Skillshare? Just thought I'd mention since you mentioned saving for your editing course. Not sure if they have a specific editing course but they offer tons of different courses for an affordable rate (think like $10 or $20/month) for photography, social management etc. I'll be trying my hand at a course soon too. Hope this helps! 😊
Yes, I loved Skillshare! I signed up last March but then the world fell apart and I had to homeschool for months so any moment I had spare to do courses went out the window but I definitely want to do more this year! So many good courses xx
haha I mean the early days when it started in 2000 I think, I didn't watch it past the first few series so it feels like years ago!! Fun fact, I actually went into the BB house after the Victor year! It was so much smaller than it looked on the TV! x
