What You Need To Know About a Sinking Fund
Sinking funds can be a game changer for individuals and households. It is a valuable tool to add to your financial toolbox for savings.
Setting up a sinking fund is easy to do and enhances your ability to save money for large purchases you will make in the future.
Before setting up your sinking fund, you should a good grasp of your household’s budget.
Review Your Budget
Please make a list of sinking fund categories, break them down into more specific items.
List Your Planned Purchases
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Where Your Savings Will Go For Purchases
Whatever you decide to do, each sinking fund should be in an FDIC-insured savings account that is readily accessible.
Need FDIC-insured Account
When you have a good understanding of your budget, your fixed living costs, it is easier to plan for discretionary spending.
Benefits of A Sinking Fund - Better Budgeting
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