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Sinking Funds & Why You Absolutely Need It
What is a Sinking Fund & Why You Absolutely Need One in Your Budget Have you ever been sidelined by a big expense that completely wrecked your budget? 👀Maybe it was a car repair, back-to-school shopping, or that annual membership you forgot about. That’s where sinking funds come in – your secret weapon to avoid financial surprises from ruining your plans. What is a Sinking Fund? To put it in the simplest of terms, a sinking fund is money set aside, little by little, for a known, upcoming expense. Examples of sinking funds can be: A sinking fund is different from an emergency fund because it is for planned expenses,…
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What My Childhood Taught Me (& Didn’t) About Money
The Things I Wish I Knew Like many of us, growing up I never really understood how money worked. I just knew we never seemed to have enough of it. We weren’t poor by definition. My mom worked full-time, and she worked hard. We lived in a lower to middle class neighborhood, I went to a decent public school. On the surface, things looked okay – but behind closed doors, money was always tight. Despite her steady income, we lived paycheck-to-paycheck. Family vacations were unheard of. Back-to-school shopping wasn’t exciting and filled with name-brand clothes and shoes. We didn’t eat out frequently, and we didn’t buy new things unless they…
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Before the Budget: The Shift That Changed Everything
The Moment I Knew We Needed a Plan I don’t remember every detail of the moments – or the life – before the budget. But I remember how powerless it felt. I was reactive instead of deliberate. I scrambled when all of the eggs had already left the basket, instead of planning ahead where the eggs should go. And I was hoping instead of knowing. The moment I picked up a notebook and gave every dollar a job? Everything started to change! What I Thought Budgeting Was Growing up, the word budget wasn’t just misunderstood – it was almost taboo. It came in with an air of restriction, stress, and…
Budget for Today. Thrive Tomorrow.
