Sinking Funds are my new(er) jam! I couldn’t believe how much stress was lifted off my husband and my shoulders when we did this after a few months. The peace of mind of knowing the money is there is completely worth the large monthly deduction.

wow.... clearly needing to go back and watch every single video you've ever done!!! I am embarrassed. I dont work, we have one child, and my husband makes a great living so we've NEVER had a budget. We buy what we want, we go where we want, we spend what we want, eat out when we want, and just spent the evening wasting time in Target spending $200 on things we just wanted, maybe needed. Ugggh.... I'm going to dedicate my year to spending less, planning better, and saving a lot of money! Thanks for sharing.... needing a video on "step one in starting a budget" or "budgeting for dummies!" would be more appropriate! Thank you!!

@JenPlans

6 жыл бұрын

debi powell You just described my *exact* life about 7 years ago! We were ok. We were not in trouble. But we were NOT proactive. We should have been getting ahead, and we weren’t. We still had a credit card balance even with a good income and relatively decent fixed expenses! The FANTASTIC news is that with a good income, you can make progress FAST if you are truly committed and you have a plan!

@JenPlans

6 жыл бұрын

debi powell also. Don’t be embarrassed. Most of us (myself included) just never are taught this stuff, and the nature of most people is to consume. We have to teach ourselves otherwise! Don’t be too hard on yourself. Our past behavior can sometimes be our biggest teacher! 💗

@debipowell9509

6 жыл бұрын

So funny I was JUST telling my hubby about your video and how it really has me thinking about how we should keep track of what we're doing. Girl, we could really stash some cash if we didnt act like money was coming through the faucets when we turned them on!! We have NO debt, large house paid off, 2 cars paid off, and zero credit card debt. We do have Home Owners Assoc fees, and of course real estate taxes (to the tune of $10,000 a year if you can believe THAT!) so we still have lots of bills coming in with just the upkeep of our house/and private school for our daughter, etc) And girl, we STILL dont SAVE a lot of money!! We do have investment accounts, (honestly, not sure what all we even have!) I should be hiding in the closet from feeling so irresponsible NOT watching our money (we want to retire comfortably and at 56 yrs old, we need to start stashing it/saving more!) I have an Erin Condren LP and will make a Sinking Fund page at every month, but need to print the Dave Ramsay worksheets and get started! You're a FABULOUS teacher.... thank you! I'm feeling overwhelmed where to start, but doing to give myself a few months grace period to just start, in order to get a grasp of where we're spending/etc. Have a fabulous weekend!

@juliewilliamson6409

6 жыл бұрын

OMG this is me right now as I am watching Jen's videos. I've followed Jen for a couple years with all the EC planner stuff. I've ignored (avoided) this part of it. Our income has been good for a while, although part of it comes in random spurts. We could have been so much far ahead in life if we had been more disciplined. I need to do this for our security.

@juliestephens7549

5 жыл бұрын

This is me and my family but going to turn it around in 2019

Yes! “If the money is there and doesn’t have “a job to do” I’m going to spend it too! Lol

THANK YOU!!! I have been trying to figure out this budget thing for so long now. I’m good about keeping track of bills and regular expenses such as food and fuel but we never SAVE anything. Whatever is left from paying that we blow on things we feel we need or want. Now mind you it’s never outlandish stuff but things like clothes or eating out. This video has been my light bulb and I thank you so so much for that!! I plan on sitting down with my husband tomorrow night and going over our bills and budget to start putting money back. I know we have the income we just need to be proactive now.

Thank you, Jen. I started following you last year and your ideas and suggestions have really helped me tremendously with my budgeting. Great explanation here of how to manage sinking funds. I tried the sinking funds process last year in March and April. What I realized, being in Baby Step 2, is that all that I was saving in the sinking funds could go towards my debt (gazelle intense). I opted to put the money towards student loan debt and then cash flow things that might come up. I like the idea of starting sinking funds again, but only when my BS2 debt is lowered.

Thanks for the explanation of sinking funds. After watching 2018 Budget Set-Up I have decided to make this one of my "highlights" for 2018. My hubby takes care of the finances although I know how important it is to be move involved, plus it gave me another excuse to add to my EC collection. My monthly deluxe arrived yesterday! I'm going to need a separate budget just for my EC obsession. :)

Finally finished this video! I started using YNAB and I’m hoping I can consistently manage sinking funds without seeing it as free money. Thank you Jen!

I have been "budgeting" for a while and just always took what we had set aside for things that would be in the sinking funds and said "oh we $300 extra because we didn't spend money on clothes or the car this month." Then away it went on whatever at the store or maybe it toward a new washing machine if ours broke down. This plan is a total game changer for me! This was so clear and helpful. Thanks so much for taking the time to break this down so well. I love sinking funds too, now! ☺

Oh my gosh! $500 to go to emergency! Wow..so blessed to live in Canada. Enjoyed how you explained this! Dave Ramsay needs to hire you! 8)

@JenPlans

6 жыл бұрын

Our healthcare system is such a mess! Grateful we planned, heartbroken for those who struggle.

Thank you for making such a detailed and clear video. I will definitely be adding sinking funds to our budget.

Car tags and oil changes always sneak up on me until about a month before hand. Sinking funds for the win !!!

I was so excited to get home from work tonight when I saw that you had posted this video. I'm just starting to do sinking funds, because I'm in college and I figured I should start this while I don't really have many expenses. Your videos are so great because you explain things so clearly, thank you!

@JenPlans

6 жыл бұрын

You'll be set for life if you start now!!!!!

💺grabs my seat and notebook.

thank you for this been needing to do something like this for awhile jut didn't know how to go about it!

I just started budgeting a couple months ago, I love your videos! Currently I'm figuring how I want to budget for 2020 considering prices are starting to increase so I was referring back to this video. I absolutely love your handwriting!!

I've never done sinking funds before but I'm totally inspired to do them now!! You explain everything so well. Thanks so much Jen!!

Thanks Jenn -- this made me add more sinking funds to what I already have!

Thanks for the explanation -- I just got Dave Ramsey's book and looking forward to digging in to it. I can see where sinking funds can be a helpful tool.

Thank you so very much for taking the time to explain this and do the video! I am starting mine this month! So excited!

This is a GREAT video.❤️ Such thorough explanations!!! I started sinking funds a while back and then stopped. I have an a nice emergency fund, but you have motivated me to start up sinking funds again. *grabs notebook and paper* (I’m a paper girl too!!!)

I’m so happy i stumbled onto your channel! I was originally just looking for planner reviews, but I’ve found so much value from your advice in these! Thanks for the fantastic content!

My girlfriend shared this. My teen boys knew about this from Dave Ramsey Personal Finance class and I got the concept but didn't like have envelopes all over the place. Then it hit me: when my grandma died, there was a coupon organizer-type thing in her stuff that I almost gave away but then realized it would be perfect for sinking funds! Need to save for a Catholic conference next summer NOW. Need to save for pool stuff starting now. Car stuff. Clothing. Christmas. Love this so much! Thank you!

Just loved this. I'll probably be watching it number of times! Thank you!

Haven’t watched this yet but I was just getting started on this part. So glad you were able to post this today!! Thank you for sharing this info with all of us! God bless you & your family!

This was fantastic! I didn't really understand sinking funds and you explained it perfectly. Thank you!

Great video! Awesome examples. Ive had sinking funds for years and importance of them is crucial to not going into debt.

This was GREAT!! At first I was like, this is complicated but I totally get it!! It’s brilliant!

This was such a great video and everything you said resonated. I have to start this!

Thank you so much for this video!!! My husband and I are just starting out with sinking funds so we are super excited to see how this will work for us. Thank you again!!!!

@JenPlans

6 жыл бұрын

Thank you for watching!

Such a great video! I'm glad you shared how to manage the sinking fund when you don't have enough yet. So helpful!

just about to start the sinking fund, just made a list of my finances and it scares me how broke I'm am at the end of the month. I don't make a lot and most of my income goes to daycare. It will take me a long time to save . But I need to try and get out of debt. thanks for the video.

@lookforward2life

4 жыл бұрын

I hope you are well 😘

Hubby and I just started on our sinking funds, and it’s already feeling like a weight has been lifted knowing we have specific money aside for the things that come up. This video really is a wonderfully comprehensive look at sinking funds and you explain yourself so well!

@JenPlans

6 жыл бұрын

It's such a good feeling! Happy for you!!!

This is so helpful!! I feel like I finally know what to do with my money every month, instead of just letting it all sit there. Thank you!

Your budget videos are so helpful! Thank you so much !!!

Thank you so much for this, note I have a better understanding of sinking funds and how to budget for those categories

Omg this is so simple! Thank you for the lesson!

Thank you! I was wanting to know how much and plan to put end amount on envelope

This is exactly what I was looking for. I dont feel so comfortable doing everything in cash. I’m just starting out, and this video explained everything 👌🏽

It was nice too hear you prefer paper and pencil!!! Me too!!! My husband makes fun of me for it (lovingly) but he knows that's what i prefer!

Thank you for explaining exactly what sinking funds are. I’m now very excited for starting my own. I will also be subscribing and reviewing your past videos.

Appreciate this video! Cant wait to see what your coming out with next!

I love how you just use an extra checking account. That makes much more sense to me than what I've seen people do with withdrawing their paychecks and then doing the cash envelope system and then they'd have to deposit some of that money back into the bank for their subscriptions. Way too many trips to the bank for, so using the checking account is exactly what we are just starting to do. And love paper and pencil too!

Nice to see your face🙂and great video! Finances can be so complicated for some of us.

This makes so much sense! Thank you!

This was so helpful! Thank you for walking through it all!

Thank you so much!! Makes perfect sense to me now!!

Okay legit this video is awesome. I really appreciate how much detail you went into showing how it works.

Great video, I'm wanting to start a sinking fund and this was very helpful and an eye opener for sure.

More budgeting videos please!! They’re so helpful!

Awesome tutorial! Can't wait to check out your other videos.

Thank you for posting!! This is really helpful! We for sure can't put that much in monthly but we will be doing what we can!

When I did this system I used a wallet from thirty-one.. The wallet Has many dividers works great.. I need to get back to using it.. Great video!

Excellent step by step and expainations of why and how!

Very Helpful! Thanks!

Just found you and love your videos! Thank you!

Finally, I get it. Thank you!

Awesome. Explained where I can understand!

you are changing my life. OMG. this explanation and the fact that you use PAPER. I love, love, LOVE this!!! we went to the dave classes and just couldn't pull it together. i'm going back to mint.com and I'm going to use your monthly budgeting and sinking fund ideas. WE CAN DO IT!! I want peace.

@JenPlans

6 жыл бұрын

You can do it!!!!!!!!

Very helpful video. I just started BS3 and I still don't feel like I've quite mastered my sinking funds, so it's helpful to see how others manage them. You've given me some good ideas on how to refine my process so that I can keep better track of what I've saved in each category. Thanks!

Love this concept, i've never heard of it before and i've never checked out anything from Ramsey. I opened the links you gave us even before you finished as this year it is my plan to get a hold of my finances. Thank you so much for doing this!

HiJen - back to your videos to refresh my memory - your upbeat way of training is so motivating... got out of these good habits and want to go back to managing my time and money better. You're the best! I learned so much from you. Miss you much, hope all is well with you and your family :).

Thank you so much for this. I really learned a lot!

Omg!!! I love 💕 it

Your penmanship is gorgeous!!!

Hi Jen! Great video - thank you! I have been doing sinking funds for about a year now, but I do have them in separate savings accounts, but thinking of switching them into a secondary checking account, for the very reasons you described here. Question about that - in your example family, would they just have a secondary checking account with $5400+ in it, and then they just know how much is in each fund based on their keeping track on paper (or an app)? What I like about the savings accounts is I can have a separate account for each sinking fund, and I guess it worries me a little to have it all lumped together in one account, but it does make sense. Thanks!

Thank u so much now I really get it.

BRAVO! This video.is life changing for me. Thank you! 💖💖💖 Keep these videos coming! I.am going straight to work tomorrow & creating my sinking fund! 💖💖💖

Outstanding tutorial ! Inspirational ! Thank you , Jen !

Hi! You're video is an eye opener. Where did you get the monthly cash flow that you have used? 😇

Excellent explanation. Thank you for this video.

Thanks so much Jen. You put this important topic in understandable terms. And your example was spot on! Great video. Thanks again 😀

Fantastic video. Thank you. Just want I needed. More videos please.

This is so helpful!!!!!

You are awesome Jen! Thank you so much! I always had problems starting budgeting and I finally really get it and it is because of you and your videos!

@JenPlans

6 жыл бұрын

Thank you so much! I'm so glad it's been helpful!!!

How many checking accounts do you have? One for each category?

I use multiple supplemental savings. I don’t mind the 6 transactions limit because I don’t take money out of them multiple times a month. Most don’t get touched for months, others like my sinking fund for my dogs is used less than one time per month.

Great Video Jen!!

Thank you so much for such informative videos!

I’m very confused I have schools fees bills yearly bills months bills weekly bills do I work out per week what goes in cos I tried to do that and I don’t have enough

What are some tips for initially getting started. I've been working on this, but I never seem to get them all going at once like I would like, I mostly just end up focusing on main things that are coming up quick like christmas, car insurance or school tuition and etc.

Perfect! As always!!!

@JenPlans

6 жыл бұрын

Elisa Clark 😘 you’re too kind!

Thanks so much fo step by step😊😊😊

Thank you, thank you, thank you. I have been watching other sinking fund videos and have never really understood them and how to do them until this video. You did a wonderful job. Now I can make my own and feel confident about it.

@JenPlans

6 жыл бұрын

I'm so glad you found it helpful!!!

SO HELPFUL!!!😉

Great explanation!!! Thanks so much!

YAY!! you have explained this in a whole new way for me. I was telling my fiance that we need to separate our money because when he sees that we have x amount in the checking account he thinks its spending money and before I can check my book he wants an answer. He prefers to do thinks mentally and it makes me go crazy because he doesn't account for everything.

@TiaBudgets

5 жыл бұрын

Shalonda Swansonp

Yes, yes, yes, yes! I have wanted you to make this video!!! I love ALL of your budget content on YT & IG! It is so helpful! My husband and I started our first sinking fund for gift giving because of you. I'm so excited about it. I just used it for the first time to buy a birthday gift and it was SO nice to know I had the money and knew how much I was going to spend!! Thank you for sharing so much about budgeting.

@JenPlans

6 жыл бұрын

It's such a great feeling! Thanks for watching!

Great explanation! Thank you.

With things like clothing, decorating...etc. How do you know how much to put in the sinking fund vs put in your savings?

@JenPlans

6 жыл бұрын

Depends on which baby step we're on! Right now, we're in debt payoff mode, so we have our small emergency fund saved and don't contribute anything else to it monthly. I choose amounts for clothing and decorating based on the rest of our budget - how much can we reasonably contribute? I have held off on home decorating for a year or two now because it's not a necessary expense, but I keep that amount pretty small. For clothing, I've looked back at what we typically spent and cut from there. We do $60/month for the kids' clothing fund now ($20/kid/month) and that includes coats, shoes, socks, etc, and regular clothes.

Very well explained.

Wow. Neta, que video tan mas genial. Encerio explicas las cosas, claras como el agua. Mucho amor y bendiciones para ti y tu familia.

Thank you for the explanation , I like pen and paper too

Love! Love! Love!

I didn't realize this had a name, but my husband had to go to a budgeting class when he was getting out of active duty and learned this and we started doing it immediately. We actually have a second checking account that we transfer (what we coined our "nonmonthly expenses") into. That way there is no accidental spending of the money at all. It's out of sight, out of mind :) It's really nice to not have to worry about where money will come from when something comes up.

@JenPlans

6 жыл бұрын

LOVE that they taught this!!!

I just came across your channel and this video was super duper helpful... thank you sooooo much!!! I'm just starting to budget I'm pretty good with money so hopefully this will be pretty easy to stick with.. God bless!!!

I've been trying to figure out a good way to do this for years. I tend to overthink and over complicate things. You've explained this AMAZINGLY! Thank you so much! I am SO excited to start working on this!

@JenPlans

6 жыл бұрын

I'm so glad it made it more simple!

Amazing Video! It helped a log. Thanks for sharing❤

YOU ARE THE BEST! Now just have to get my other half to face the budget!

@hillaryfarley4186

6 жыл бұрын

brownmommylife I'm in the same boat! I wanna just DO THIS! But I've gotta butter the hubs up with coffee and the promise of a short budget meeting. 🙄

this is great...question...what do you do first? sinking funds first or debt pay off? right now all extra cash goes to debt pay off but it seems sinking funds would stop the swiping of credit cards in emergencies though.....

@JenPlans

6 жыл бұрын

First, a complete budget with at least necessary sinking funds! Then, $1,000 EF, then debt payoff. Exactly for the reason you said!

SUCH a great video!!!!! Thank you!!!!

@JenPlans

6 жыл бұрын

Thank you!!