Facing reality

Parkyp

Can I just ask, what is a sinking fund? 

Sarahwithlove

Parkyp said:

Can I just ask, what is a sinking fund? 

It's basically a pot you dip into for one off expenses. So instead of having small amounts here and there you just have the one pot. So I worked out to have enough to cover everything I would need about £2k in it. Which eventually id like to get to that point and then just keep adding to it. But for now paying £200 in a month means I have enough in there to cover the expenses as they pop up each time. It's about preference but I found that doing it seperate I just kept moving money around from categories and I don't want to do that 

vixx_123

I'm pretty sure my dad had two sinking funds that he called misc A and misc B. All I remember now is that they were for car, school clothes, birthdays, Christmas, etc. He always budgeted the MSE way before MSE was a thing 😂 I used to think he was tight growing up, but we were always financially secure. He always had an emergency fund that was needed when he lost his job around the recession. 

Sarahwithlove

vixx_123 said:

I'm pretty sure my dad had two sinking funds that he called misc A and misc B. All I remember now is that they were for car, school clothes, birthdays, Christmas, etc. He always budgeted the MSE way before MSE was a thing 😂 I used to think he was tight growing up, but we were always financially secure. He always had an emergency fund that was needed when he lost his job around the recession. 

Sounds like he knew what he was doing! 

One-step-at-a-time

Re: Amazon spending I have built myself some hoops to jump through. I have a Starling account with various savings pots in addition to my main account. Main account is zero based budgeting so is always practically empty. This is the one I keep linked to Amazon, so the routine is to check the main account before I use Amazon, then go to Starling and move the spending money back to the main account before I buy anything on Amazon (and if I've browsing for things I think we need, the rule is that they have to be added to a wish list and not be bought the day I see them). I'm not an impulse shopper by any stretch of the imagination, but I do get impatient to finish household projects. Having a wish list for each area (kitchen, bedroom, bathroom, garden etc.) helps me with the discipline/planning side of things.

Sarahwithlove

One-step-at-a-time said:

Re: Amazon spending I have built myself some hoops to jump through. I have a Starling account with various savings pots in addition to my main account. Main account is zero based budgeting so is always practically empty. This is the one I keep linked to Amazon, so the routine is to check the main account before I use Amazon, then go to Starling and move the spending money back to the main account before I buy anything on Amazon (and if I've browsing for things I think we need, the rule is that they have to be added to a wish list and not be bought the day I see them). I'm not an impulse shopper by any stretch of the imagination, but I do get impatient to finish household projects. Having a wish list for each area (kitchen, bedroom, bathroom, garden etc.) helps me with the discipline/planning side of things.

That's a good idea. I've started adding more stuff to my wish list to stop myself buying it. Seems to be going OK so far. 

Parkyp

Sarahwithlove said:

Parkyp said:

Can I just ask, what is a sinking fund? 

It's basically a pot you dip into for one off expenses. So instead of having small amounts here and there you just have the one pot. So I worked out to have enough to cover everything I would need about £2k in it. Which eventually id like to get to that point and then just keep adding to it. But for now paying £200 in a month means I have enough in there to cover the expenses as they pop up each time. It's about preference but I found that doing it seperate I just kept moving money around from categories and I don't want to do that 

Thanks, that’s a really good idea 

Sarahwithlove

Parkyp said:

Sarahwithlove said:

Parkyp said:

Can I just ask, what is a sinking fund? 

It's basically a pot you dip into for one off expenses. So instead of having small amounts here and there you just have the one pot. So I worked out to have enough to cover everything I would need about £2k in it. Which eventually id like to get to that point and then just keep adding to it. But for now paying £200 in a month means I have enough in there to cover the expenses as they pop up each time. It's about preference but I found that doing it seperate I just kept moving money around from categories and I don't want to do that 

Thanks, that’s a really good idea 

I've found it to be better for me working this way 

Couldsavemore

congratulations on how far you've come. I've just read the first few and last few pages.
Re your sofa...
I'm another who got a 50% off at laura Ashley. Its over a decade old. I have had to start hiring a Rug cleaning maching as its cream but they have survived +10 years of cats, 9 years of ADHD and 5 years of spaniel bouncing.
So definately agree with other.
If it needs repairing have you thought of a small independent.
Our local one does repairs and re upholstery. 
I've also discovered I have a sinking account but really need a second one for nice stuff.

Sarahwithlove

Couldsavemore said:

congratulations on how far you've come. I've just read the first few and last few pages.
Re your sofa...
I'm another who got a 50% off at laura Ashley. Its over a decade old. I have had to start hiring a Rug cleaning maching as its cream but they have survived +10 years of cats, 9 years of ADHD and 5 years of spaniel bouncing.
So definately agree with other.
If it needs repairing have you thought of a small independent.
Our local one does repairs and re upholstery. 
I've also discovered I have a sinking account but really need a second one for nice stuff.

Thank you. I do believe Laura Ashley has gone into administration. 
The company coming to do the survey are an independent furniture repair company so hoping they might be able to suggest something. Tbh the sofa is just rubbish in general, all the cushions have lost their shape and gone flat, one of the legs we discovered when pulled it out is all bent and out it shape. One of the zips that holds the cushions onto back of sofa has broken as well. I think this could just be an expensive lesson learnt about not always going for what looks nice and doing more research beforehand.