MONEY AND TIME SINK UPGRADE
MONEY AND TIME SINK FREE

Lose any guilt associated with large purchases. Decide up front (with your spouse, if you have one) what you’re saving for and how much money you’d like to set aside.Make room for fun by telling your money what to do, month after month.

MONEY AND TIME SINK UPGRADE

Upgrade your kitchen, take the trip of your dreams, invest in your hobbies, or give generously. Plan for big, extravagant fun. This makes my spender heart so happy.Save for anything and everything under the sun. Get as specific as you like to make sure you cover every need and want on your list.And every swipe of your debit card can leave you and your bank account feeling defeated.Īll of that changes when you add sinking funds to your budgeting routine. But at the end of the day, no matter what you’re spending your money on, it all comes from the same place. Spending money can be fun or not fun at all.

Then there are Christmas gifts, or a down payment for your home, or that adult-sized scooter your husband just has to have. Want to take your family of four to the beach for a week? There goes $1,500.

MONEY AND TIME SINK FREE

No matter what your money tendencies are-spender or a saver, nerd or free spirit, experiences or things-everyone can benefit from a sinking fund. With a sinking fund, on the other hand, you know exactly what that money’s for, and you know when you’ll use it. But you do know life happens, so you have the money set aside and ready. You have no way of knowing if these things are coming or when they’ll happen. Why? Because it’s the safety net between you and life. When your air conditioner burns out and you have to replace it, your emergency fund will step in, and it won’t even feel like an emergency-only an inconvenience.

With a fully funded emergency fund, you should have 3–6 months of expenses saved for any and all possible emergencies. An emergency fund is money you set aside for the unknown. Emergency FundĪ sinking fund is also different from an emergency fund. So, instead of lumping everything together in your savings account, be deliberate and specific by having multiple sinking funds. If you’re saving for a new car, next year’s vacation, your anniversary gifts, your kid’s dance camp, and your Christmas presents all in the same savings account, chances are, sooner or later, the lines will start to blur.

Money and time sink