The sinking funds challenge..........

Sinking funds is something I have been doing for a while without actually knowing that it even had a 'name'!

A sinking fund is just a fancy economic term for savings :p

Instead of putting money in a savings account for a rainy day or an emergency fund sinking funds is when you know ;

a) the purpose of the savings
b) the amount you need to save in total
c) the amount you need to save each month in order to reach the goal

I love this idea & I sink funds for 6 different purposes each month.

I will start off my sinking funds in the next post & if anyone else wants to join in then feel free.

Dxxx

Comments

  • Work Menage - £50.00 per month
    Rome - £25.00 per month
    Work Xmas - £25.00 per month
    Festive funds - £40.00 per month
    £365 in 365 days - £31.00 per month
    Niece 18th - £25.00 per month
    Mum 65th - £25.00 per month
    Sis & kids holiday - £25.00 per month
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards