Manage Your Money God's Way - Use A Sinking Fund to Stay Afloat

A sinking fund is a way to put money aside for planned expenses.  This is different than an emergency fund which is for UNplanned expenses.
A sinking fund is putting money aside each time you get paid to fund upcoming expenses. For example, a sinking fund could be used for Christmas. Based on Christmas 2018, how much did you spend? Take that amount and divide it by the number of months till Christmas and that’s how much you need to save each month for a sinking fund which will pay for Christmas 2019. Sinking funds can be used for vacation, home upgrades, tax bills, back to school shopping or any other planned expense.
Sinking funds are a great way to get ahead of the spending curve and avoid that debt monster!
Check out our blog for more on this topic.

Comments

Post a Comment

Popular posts from this blog

Change Maker - Mind, Body, and Money Connection

  Anne Kertz Kernion, founder of the inspirational greeting card company Cards by Anne, is an international lecturer and retreat leader. She is also the author of Spiritual Practices for the Brain and A Year of Spiritual Companionship. In Spiritual Practices for the Brain, Anne relies on the most current research to link spiritual practices to improved health. Relying on her education and experience in brain development, positive psychology, and theology, Anne is able to relate seemingly simple practices—such as focused breathing, gardening, practicing kindness, or going for a walk—with powerful results for your mind, body, and soul. In this Change Maker Podcast episode, Caitlyn and Anne discuss how these practices can counteract the effects of financial stress. To learn more about Anne, please visit https://cardsbyanne.com. To learn more about Anne's Book, Spiritual Practices for the Brain, please visit https://store.loyolapress.com/spiritual-practices-for-the-brain. 👉 👉 👉 Visi...
Read more

Money Stories - Cybersecurity and Faith

Aaron Munoz is the creator and author of DollarsandSaints.com. He's also in the field of cybersecurity. In this episode of Money Stories, Aaron not only gives our listeners tips to protect their finances, but he also shares how he found how his career can be used to build the kingdom of God.  "If a man is called to be a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, here lived a great street sweeper who did his job well." -Martin Luther King In Compass Catholic's Faith & Money Matters Bible Study, you are given the opportunity to explore how your career fits into the God's kingdom. If you have not yet participated, you can register for an online class at www. CompassCatholic.org. Compass Catholic Ministries:   www.CompassCatholic.org Dollars and Saints Blog:  www.DollarsandSaints.com Cyber Se...
Read more

Manage Your Money God's Way - In Honor of World Day for Consecrated Life Part 2

  In honor of the World Day for Consecrated Life, we are replaying the second part of an interview with Anne Folan. Anne discusses the toll student loan debt is taking on vocations, as well as possible solutions to this crisis. Anne Folan is a member of the Board of Directors of the Mater Ecclesiae Fund for Vocations, a nonprofit Catholic organization that makes grants for student loan debt relief for young men and women with vocations to religious life.  45 million Americans owe student loan debt, collectively owing more than $1.5 trillion dollars. Two out of every three college graduates will graduate with a student debt load averaging over $30,000. For individuals discerning a call to religious life, student loan debt can create a tremendous obstacle they didn't consider when pursuing their college degrees because religious communities usually don't allow a person with unresolved debts to enter formation.  Mater Ecclesiae Fund for Vocations:   https://fundfor...
Read more