If you’re new to budgeting and want something simple and easy to start with, consider using a zero-based budget.What is a Zero-Based Budget?A zero-based budget is a budget where you assign every single dollar a job, even if you have “leftover money” after paying bills. This ...
Here’s how sinking funds work: Every month, you’ll save a certain amount of money for a specific purpose to use at a later date. That way, you’re saving up small amounts over time, instead of having to come up with a big chunk of money all at once. Sinking funds work great f...
If you prefer to budget with pencil and paper, we also have afree printable Budget Binder you can snag in this post. Step 1- Figure out your net income. No matter which tool you’re using to track your budget, the first thing you’ll want to do is figure out your net monthly income...
See a list of other sinking fund categories you might want in your budget! How Much Should I Set Aside in My Sinking Funds? Based on past experience, let’s say we spend $2,000 per year on car repairs. That means I need to be socking away $167 into my Car Repairs savings account...
Sinking funds are a great tool to keep your finances on track. But does your budget really need sinking funds? Come find out! Bonus – 8 tips for success! Continue Reading Save Money What is a Sinking Fund and How to Use One? May 5, 2022 No Comments The perfect financial tool to...
You may be focused on the summer, but do future you a favor and set up a sinking fund to help ease the end-of-the-year financial stress. Sinking funds are money you save each month for specific goals. Examples can include big expenses you anticipate, such as annual insurance premiums an...
None of these are actually unexpected expenses, but they still manage to feel that way when they pop up again. See a list of other sinking fund categories you might want in your budget! How Much Should I Set Aside in My Sinking Funds? Based on past experience, let’s say we spend ...
Maybe you want to buy a house. You could put this money towards a down payment. Read now:Find out the pros and cons of sinking funds Or maybe you want to start your own business one day. You could boost your savings so you have a cushion when you decide to take the leap. ...
11. Use a budget app. Here’s a super practical tip on how to make a household budget that works. Use a budget app. It creates easy access to the budget at all times. And if it’s simple to make and keep up with a budget, that’s half the battle!
The sky is the limit when it comes to sinking funds. There are no right or wrong funds to start with, but if you need some help on getting started, here are seven you may want to consider first. 1. Emergency Fund This one may seem obvious, but did you know 6 out of 10 people ...