Frugal Village Forums banner
61 - 80 of 122 Posts

·
Moderator
Joined
·
19,119 Posts
Peanut, what size notebook do you use? I have a lot of notebooks here and would be glad to send you a few.
 

·
Registered
Joined
·
16,430 Posts
Discussion Starter · #62 ·
Oh MM, that's so kind of you. But you do realize the cost to mail them would be more than they were worth? I do have some steno books I can use instead. The value of the ones I was using is that they actually had a stitched binding that didn't come undone with wear. They were the little black memo books from Staples - about 3" x 5"...not very big at all. One reason one only lasted a month!

I'm going through grocery receipts right now trying to figure out when and where we spent money. It's being a challenge. I think I'm going to start over. DH is impressed I'm even bothering.

We operate on the jar system here. Each budget category has it's own jar. I think I'll take leftover money from the jars at the end of the pay period and put it in the sinking fund.
 

·
Moderator
Joined
·
19,119 Posts
My first sinking fund deposit is in!! The teller was really sweet as she was handling the transaction - obviously it was just not a normal one - she said "you haven't used this account for a while" -- She did what she had to do and I am in the sinking fund business!!
 

·
Registered
Joined
·
16,430 Posts
Discussion Starter · #64 ·
I'm going through those grocery receipts and I think I know why DH even bothered to comment...I'm missing a few. He was supposed to file them in the file drawer after entering them in Quicken. About half of March and April are missing. Hmmm...will have a chat with him tonight. If he's not kept them all there's no point in going any further...
 

·
Registered
Joined
·
8,031 Posts
I normally don't use sinking funds, because I'm not saving for anything in particular at the moment and the only erratic expenses I have are car and renters insurance. Current cost is $369 Apr/Oct for car, and $139 Aug for renters. These will go up a little, because I've just increased my liability coverage. I paid the prorated difference yesterday - $24 (money well spent).

Usually I just cover this in the ordinary monthly cash flow when they come up, lowering or skipping savings for the month. But this year I am really focused on retirement savings, and I want those contributions to be consistent month to month, so I think I do a sinking fund for this.

Allowing $800/150 for ball park amounts, I can put in about $80 a month. That won't quite have it covered for the April payment, but I can make up the difference from my tax refund or just let it go and pull that much from ordinary cash flow.

I will put this in my emergency fund account. .I am holding my emergency fund for the present at four months, and I have that now with my deposit a few days ago. Anything over that amount will be construed as sinking funds, so interest, such as it is, will also be rolled into the sinking funds. I'll look at the accounts again. I can probably squeeze a little more into it for January.
 

·
Registered
Joined
·
8,031 Posts
Oops. I forgot. I changed the renters insurance somewhat last year and it was $169. Maybe I'll shoot for about $85 a month.
 

·
Registered
Joined
·
235 Posts
$50 was added. $20 to my misc fund and a total of $30 to the baby fund.
 

·
Registered
Joined
·
440 Posts
I sure wish I had a sinking fund for this. Our glass cooktop broke on one of the burners about 3 months ago. We have not been using the burner because the other 3 are O.K. Well, I put my hand on the broken part and must of put some weight on it, because the whole burner really broke. Now there is a huge whole where the burner used to be. I have to take the money out of our Emergancy Fund to replace it. This will be a hard lesson to me: Make sure to have a furniture/appliance repair sinking fund.
 

·
Moderator
Joined
·
19,119 Posts
going to bump this up to see who else is interested in the sinking fund challenge!!

On the 20th I will be adding another 350 to my account.
 

·
Registered
Joined
·
16,430 Posts
Discussion Starter · #72 ·
DH and I agreed any extra funds at mid-month payday (from last paycheck) goes in sinking funds. No dining out on grocery budget anymore either...it goes into the sinking fund.
 

·
Moderator
Joined
·
19,119 Posts
Peanut - that's a great idea!! I am so glad that my day today is devoted to paperwork and planning (that is if I ever get off this computer!! LOL)

Although I don't want time to go any faster than it already is, I cannot wait until the 20th when I get paid and then I can put more $$s into the sinking fund. As much as I love my automatic savings, I also love the absolute power of doing it myself!! Hopefully this feeling will continue for a long time!!
 
  • Like
Reactions: peanut

·
Registered
Joined
·
1,494 Posts
ok, time for a review of my funds.

10 days in to the month I have:

gifts(birthday, wedding, baby, Christmas etc.): $50
extra house payment: $50
big ticket items: $50
car insurance :$43

total $193 of who knows how much!
 

·
Registered
Joined
·
16,430 Posts
Discussion Starter · #75 ·
Went through my household organization binder yesterday and found $25 in an envelope! We quickly designated it sinking fund money.

Talked to DH. Because of the tap and sink replacement and plumbing work before New Year's (after Christmas) he doesn't anticipate we'll have any money for the sinking fund this pay period!!! Sigh... However, I have an idea. Some is better than none. Any leftovers from other budget categories will be transferred to sinking funds. There'll be some, if not a whole lot.
 

·
Registered
Joined
·
1,494 Posts
peanut;1306135 Any leftovers from other budget categories will be transferred to sinking funds. There'll be some said:
That is my plan too!
 

·
Registered
Joined
·
235 Posts
$20 added to the misc fund today and $20 added to the baby fund
 

·
Registered
Joined
·
16,430 Posts
Discussion Starter · #78 ·
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...
 

·
Moderator
Joined
·
19,119 Posts
Peanut - that's putting the sinking fund to use the way it's supposed to (my understanding!!) Mahalo!!
 
  • Like
Reactions: peanut

·
Registered
Joined
·
440 Posts
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.
 
61 - 80 of 122 Posts
Top