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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.
Congratulations to you. Hope it all goes as planned, that would be so great for you. Fingers crossed for you on this end.
 

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Discussion Starter #82
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.
 

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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!!
 

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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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I deposted $350 to my Sinking Fund today!!
 

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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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Discussion Starter #88
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!
 

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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!!
 

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Added $400 today
 

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Thanks for the advice. I looked into the ING accounts. While they are at a good interest rate, it takes 2-4 business days to get your money when you need it. The more I looked around, I found that my high interest saving account from my credit union gives me between 1.25-1.75%. I can also access the money immediately. We are looking into an ING fund for our kitchen remodel fund and our just in case/retirement fund. (DH and I both have reserves in investing in the stock market, except for an ESA for the kids.)
 

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added $16.50 to my sinking fund for a total of $41.50
 

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Discussion Starter #93
How's everyone doing?

DH and I checked in with a couple kitchen designers today. They agree with the other outfit that our cabinets alone will be $10,000CAD for our size kitchen...even if we pick the cheaper ones. In fact, the price difference between el cheapo and what we want is all of $1500. Because of the age and character of the house we're going for the $10,000 cabinets...maple Shaker design.

DH and I had a discussion on the difference between a Sinking Fund and an EF. He thinks we can drain the EF to pay for the reno. I'm not impressed. I need that EF to maintain my equilibrium.

Added $160.00 to the sinking fund today. Today is payday here.
 

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Added another $125 today to my funds. Will be adding more after date day with the hubby!
 

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Discussion Starter #95
Ooops! Spoke too soon. DH took the money out to pay the CC statement with the bill for our new tap set, sink, and plumbing work...our sinking fund is down to $8600CAD right now...sigh...
 

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end of the month reports:
(note here are my categories, may be different than yours)
car insurance:99
big items:50
gifts:40
extra house payment:50
baby:20
vacation:20
for a total of 279.00

We also put $80 in savings and paid cash for $900 tree removal. Hopefully we can get going better next month, but glad the trees are gone without a bill. Oh, we do have a new dr. bill, so we may not be doing any better next month.
 

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Added $112.50 to Christmas 2010 fund. I'm half way there on that fund. I will be getting 3 more refund checks from our dentist bills this month, all of which will be put into sinking funds.
 

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haven't added anything this month, hopefully next week we will have a little extra
 

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added $120 today
 

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Discussion Starter #100
Added $7 to the Sinking Fund. Someone paid me back for lunch. I decided to put it in the SF.
 
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