Comments on: Why You Should Start Using Sinking Funds Today

By: How to Curb Your Out of Control Spending | Credit Guy

How to Curb Your Out of Control Spending | Credit Guy — Sat, 30 May 2009 05:09:59 +0000

[...] Why You Should Start Using Sinking Funds Today Impulse buying can be the end to all financial plans…. [...]

By: New Credit Card Rules Edition of the Carnival of Debt Reduction | Prime Time Money

Tue, 26 May 2009 10:03:17 +0000

[...] presents Why You Should Start Using Sinking Funds Today posted at Moolanomy Personal [...]

By: Melissa

Melissa — Tue, 26 May 2009 09:17:35 +0000

Hi, I’ve been reading your website for a while, first time to comment.

We have been using a sinking fund for years although this is the first time I’ve thought of calling it that, but of course that’s what it’s called!

Keeping you money in a high interest savings account is great to boost your fund while saving for your expenses. Beware of bank fees if you have multiple accounts though. We keep our sinking fund in one account, but I “allocate” the money in a spreadsheet for each expense category to keep track of my savings progress and this is linked to our budget so I know how much I have to save for each expense.

By: Weekend reading: 23/5/09

Weekend reading: 23/5/09 — Sat, 23 May 2009 08:28:51 +0000

[...] Moolanomy makes the case for sinking funds. [...]

By: Rajeev Singh

Rajeev Singh — Wed, 20 May 2009 19:33:31 +0000

Sinking fund is similar in a way to the “depreciation fund” which large corporates maintain in order to replace their high ticket items like machine tools etc. It is an important concept in accounting and it does work. Sinking funds work on this principle only with few more benefits thrown in. Good idea to have one.

By: My Journey

My Journey — Wed, 20 May 2009 14:19:44 +0000

My Wife and I do this, and we LOVE IT! We have tons of ING accounts already named for their purpose. We have a vacation fund that gets 20 bucks a week, a wedding gift fund that gets 20 bucks a week, etc.

I recommend it to everyone, yet few listen lol

By: Money Beagle

Money Beagle — Wed, 20 May 2009 14:00:10 +0000

I have been doing this for quite some time. I call them ‘earmarks’ or ‘written off funds’ because I’ve already dedicated them for spending. But, I have multiple categories that I tweak occasionally, for things like utilities, car tags and roadside assistance funds, gifts, utilities, and multiple others. I just added a ’spring flower’ fund that I’ll start adding to next month so that I don’t have sticker shock at the nursery next year like I did yesterday when we bought our flowers and plantings for the year!