2010 Sinking Fund Challenge - Page 6
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  1. #76
    Registered User qsaver704's Avatar
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    [QUOTE=peanut;1306135 Any leftovers from other budget categories will be transferred to sinking funds. There'll be some, if not a whole lot.[/QUOTE]
    That is my plan too!

  2. #77
    Registered User JoJoBean8's Avatar
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    $20 added to the misc fund today and $20 added to the baby fund

  3. #78
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    Added cash to top up to $8086.00 about. My have to take some out to cover for the taps, sink and plumbing job. But that's part of the kitchen reno we're saving for. We'll see...

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  5. #79
    Moderator mauimagic's Avatar
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    Peanut - that's putting the sinking fund to use the way it's supposed to (my understanding!!) Mahalo!!

  6. #80
    Registered User nic4549's Avatar
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    Queston for everyone:

    Do you have your sinking fund in cash in your home or at the bank in a savings account?

    We are looking at the hard numbers and have an opportunity to get out of debt by the end of the summer. I'm specifically wanting to know for my 6 month emergancy fund and car replacement/fic/insurance fund. Any help would be great.

  7. #81
    Registered User NikoSan999's Avatar
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    Quote Originally Posted by nic4549 View Post
    Queston for everyone:

    Do you have your sinking fund in cash in your home or at the bank in a savings account?

    We are looking at the hard numbers and have an opportunity to get out of debt by the end of the summer. I'm specifically wanting to know for my 6 month emergancy fund and car replacement/fic/insurance fund. Any help would be great.
    Congratulations to you. Hope it all goes as planned, that would be so great for you. Fingers crossed for you on this end.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

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  8. #82
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    Quote Originally Posted by nic4549 View Post
    Queston for everyone:

    Do you have your sinking fund in cash in your home or at the bank in a savings account?
    Both. We have a savings account at the bank for large amounts of cash. I save up small amounts at home (think under $500). Once it gets over a certain amount, it will be deposited into the bank account.

    We pay all sinking fund expenses on DH's rebate credit card...so we get maximum cash back/discount. And pay the CC from the bank account. That gives us maximum interest on the money in the bank.

  9. #83
    Moderator mauimagic's Avatar
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    Our sinking fund is in an online account with ING. We keep minimum amount of cash around at this time.

    Nic - ggod luck in meeting your financial goal!!

  10. #84
    Registered User qsaver704's Avatar
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    we do both: Emergency fund is at the bank. Large item type of things (roof replacement money) is also kept at the bank. Little things (car insurance) is kept at the house because I will have to pay it out. I plan on depositing it when I get a bill and then writing a check.

    I don't use it, but from everything I read here it may be worth checking out ING. If I were to open a new account, I would go there. I am holding out because I already have 5-6 accts at two different banks now.

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    Moderator mauimagic's Avatar
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    I deposted $350 to my Sinking Fund today!!

  12. #86
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    Quote Originally Posted by mauimagic View Post
    I deposted $350 to my Sinking Fund today!!
    Way to go Maui! That's a huge chunk all at once. Congratulations!
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

    Challenges
    Coupon/Sales Challenge Feb
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    Grocery Challenge/Feb
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    No Spend Challenge/Feb
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    Accomp 4

    Change Jar 2020
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  13. #87
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    Mahalo NikoSan - I am trying to making this a #1 priority for us this year. This deposit is one I am responsible for making as opposed to being an automatic deposit - so it's the first thing I do when I get paid!!

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    DH just put a whack of money in the Sinking Fund...another $700! It will probably have to be taken out to pay for the sink taps and sink and plumbing job...but that's what it's for. So we're over $8700.

    My kitchen reno has to be upped. Latest guesstimate is $30K to redo our kitchen. I hate old houses!

  15. #89
    Moderator mauimagic's Avatar
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    Great going Peanut!! So glad your DH is on board with this!! And good modeling how to use the sinking fund too!!

  16. #90
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    Added $400 today

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