![]() ![]() But honestly, if that were working so well, then 37% of Americans wouldn’t be in credit card debt (source). I know this goes against traditional budgeting methods, where you pay your bills first. If you need someplace to separate out your money right now, you can find some DIY cash envelope templates and make some right now! Or use a great savings tracker so you know where you’re at with your savings goal. The very first section, after your income, are your SF’s! This is important, as you want your must spends at the top of the list (while there’s money left), and then the least important expenses are down at the bottom of the list. The cash envelope printable budget planner for sinking funds considers this. Here, your goals are your most important financial obligation! Then in a few months or a year, depending on where you want to go, you will have the money saved! Sinking Funds use a Pay Yourself First model, as you pay your sinking funds before paying any discretionary bills. In a nutshell, you say, “I want to go on vacation.” So each payday, you portion out a set amount of money directly into your vacation fund (a separate bank account ideally). My very favorite way to save money is through sinking funds! One of the easiest ways to do this is through cash envelopes! You have to complete the sign up requirements to get the bonus! Read how to do this here with point #1.Įarlier, I mentioned financial goals, and if you have those, you most likely will need to be saving money.
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