What Sinking Funds Should I Have?
15 Sinking Fund Categories You Likely Need in Your Budget Christmas Gifts. I've Used This Example Many Times So Far Because It's Truly a Quintessential Sinking...
15 sinking fund categories you likely need in your budget
- Christmas gifts. I've used this example many times so far because it's truly a quintessential sinking fund category. ...
- Car-related expenses. ...
- Homeownership-related expenses. ...
- Medical expenses. ...
- Self-employed taxes. ...
- Wedding. ...
- Vacations. ...
- Dining out.
What should I make sinking funds for?
Sinking funds work great for things you don't want to pay for in a single month's budget, like:
- New tires for your car.
- Christmas gifts.
- Vet bills.
- Wedding expenses.
- Plane tickets.
- Birthday parties.
- School books and supplies.
- Clothes for a special occasion.
How much should you have in a medical sinking fund?
If you don't have an emergency fund in place, that sinking feeling is all too familiar. Financial experts say you need an emergency fund worth 3-8 months of living expenses (to cover you during a layoff or career change).
Elena Rostova holds a Master's degree in Public Health Journalism. She covers groundbreaking medical research, holistic wellness trends, mental health awareness, and nutritional science.
