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

[Deleted User]

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

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

[Deleted User]

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