What You Need To Know About A Sinking Fund
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Sinking funds can be a gamechanger for individuals and households. It is a valuable tool to add to your financial toolbox for savings.
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This strategy helps those who want to manage their finances better and gain peace of mind.
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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.
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Budgeting is an essential tool for understanding your income sources less fixed and discretionary expense categories.
Review Your Budget
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Make a list of fund categories, break them down into more specific items. Then determine the target amounts for each.
List Your Planned Purchases
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You can open an FDIC-insured saving account for each type or have one large sinking fund with named sub-accounts.
Where Your Savings Will Go For Purchases
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Whatever you decide to do, each sinking fund should be in an FDIC-insured savings account that is readily accessible.
Need An FDIC-insured Account
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When you have a good understanding of your budget, your fixed living costs, it is easier to plan for discretionary spending.
Better Budgeting
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When you set up your sinking fund, you essentially are planning to buy something you need or want for your home or life.
Conscious Spending
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