2010 Sinking Fund Challenge
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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.
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.
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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!!
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...
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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.
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.
Okay, finally finished going through the grocery receipts. I came up with 28 different ideas for slashing costs. That's one budget category dealt with! Onto the others...
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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.
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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 $$s into the sinking fund. As much as I love my automatic savings, I also love the absolute power of doing it myself!! Hopefully this feeling will continue for a long time!!
Although I don't want time to go any faster than it already is, I cannot wait until the 20th when I get paid and then I can put more $$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!!
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.
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.
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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.
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.
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