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

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
1 reply 1.5K views
Dolly_RockerDolly_Rocker Forumite
5.2K Posts
Tenth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
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edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
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
MFW - £0/£66,498.57
EF - £0/£8,000
1% MF Challenge - £0/£665
Mum IOU - £0/£3,000
Survey Cash Out - £0/£600
Goal Weight - 73lbs/95lbs - 22lbs to Lose

Replies

  • Dolly_RockerDolly_Rocker Forumite
    5.2K Posts
    Tenth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
    ✭✭✭✭
    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
    MFW - £0/£66,498.57
    EF - £0/£8,000
    1% MF Challenge - £0/£665
    Mum IOU - £0/£3,000
    Survey Cash Out - £0/£600
    Goal Weight - 73lbs/95lbs - 22lbs to Lose
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