Sinking fund

iVillage Member
Registered: 03-27-2005
Sinking fund
7
Fri, 11-20-2009 - 10:10am

This is for Tracy and anyone else who wonders about what

iVillage Member
Registered: 11-14-2008
In reply to: ma2connor
Fri, 11-20-2009 - 11:54am

I guess I was unintentionally doing this and now I know what to call it! I do property taxes, car maintenance, summer camps for kids, Christmas gifts, house maintenance, new house savings(it has 300 in its category boooo!), propane and wood pellets, student loan repayment. I do need to put accountant fees into it. I will likely run $300 this year so I should add that. But basically everything extra goes in there(a savings account) that we don't use on a month to month basis. That way when things come up(and they always do!) we have a little cushion.

Great post!


iVillage Member
Registered: 10-01-2008
In reply to: ma2connor
Fri, 11-20-2009 - 1:26pm

Funny, I was just getting ready to ask the SAME question. LOL!

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 07-26-1999
In reply to: ma2connor
Fri, 11-20-2009 - 2:20pm

Thanks a ton for that explanation Stacy.

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Community Leader
Registered: 07-26-1999
In reply to: ma2connor
Fri, 11-20-2009 - 3:03pm

So I was rereading Stacy's post and it sounds like they just have the money for their month's expenses already cushioned into their account, so come the first of the month they can pay all the bills, take out money for groceries, gas, etc.

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iVillage Member
Registered: 03-27-2005
In reply to: ma2connor
Fri, 11-20-2009 - 4:03pm

My question to you is this:

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
In reply to: ma2connor
Sat, 11-21-2009 - 6:01pm

This is what Mary Hunt calls the "Freedom Account".

iVillage Member
Registered: 02-09-2000
In reply to: ma2connor
Sun, 11-22-2009 - 8:38pm
My insurance is paid monthly, direct debit from my account (a discount for doing so), so that one's not an issue for me...what is, instead, is the annual inspection for the cars, especially since it's so hard to predict what work - if any - will need done