Sinking funds are essential
WHAT ARE SINKING FUNDS?
A sinking fund is an account set up to save money for expenses that naturally occur but don’t occur often. These expenses aren’t part of your regular monthly expenses.
Rather these are expenses that may occur with regular upkeep of a home or car or are due annually, such as life insurance. A sinking fund allows you to save money until you need to cover these expenses so that you don’t have to reach into your emergency fund.
You can learn so much more about sinking funds when you click this link.
- Sinking Fund Tracker
- Sinking Fund Goal Visual