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Sinking Funds for 2018

January 2nd, 2018 at 08:10 pm

In past years, I have used one large sinking fund nicknamed "CurveBall" for all irregular expenses. I have wondered if multiple dedicated sinking funds might work better for me. I decided to give them a try in 2018.

So, I played around with categories which would be useful for me and appropriate monthly deposit amounts. Since September, I have been making deposits each month. Starting now, I will use them as expenses arise and need to be paid.

Here is what I am depositing monthly:

Car Ins & Reg - $100
Car Repairs & Maint - $75
Clothing - $40
Electronic Gadgets - $30
Gifts & Xmas - $70
Planners & Goodies - $15
Travel/Vacation - $200
Total: $530

Additionally, I opened (with $1) sinking funds for car replacement and my Roth IRA. I expect to utilize them in the near future, so went ahead and opened them while I was merrily opening new accounts.

3 Responses to “Sinking Funds for 2018”

  1. crazyliblady Says:

    I also find multiple sinking funds to be useful for the car, house, professional expenses, car tax/aaa memberships, escrow payments, appliance replacement, medical, and tax prep. I put mine in regular savings account and make deposits by mail every payday. I believe it saves me thousands of dollars by already having money set aside for these expenses so I don't scramble to find the money or resort to using a credit card. Good luck!

  2. creditcardfree Says:

    I have multiple sinking accounts too. I do need to revise mine as this new year begins.

  3. FrugalTexan75 Says:

    When I followed Mary Hunt, I had multiple (read 20+) savings accounts at ING. Now I have all my money in about 4 places, and track the various funds in YNAB. I much prefer my current method. Smile

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