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24. Sinking Funds: What they are and how they work for you and your budget!
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In this episode, we delve into the topic of sinking funds and how they can benefit you financially. Sinking funds serve as a means to save money over time for unexpected expenses, such as vet bills, car repairs, medical expenses, and annual subscriptions. It is important to note that sinking funds are separate from emergency funds, which are designed to cover living expenses in case of job loss. By incorporating sinking funds into your financial plan, you can effectively plan and prepare for unforeseen expenses without having to dip into their regular budget.
In this episode I share:
- What is a sinking fund?
- Practical strategies for sinking funds to save money
- How to escape debt with these funds
- How to use sinking funds to help you get to financial freedom
Visit the Show Notes:
Resources:
- Ditch the 9-5 and Go Debt-Free
- Free Budget Template
- Free Training: How to Start Your Freelancing Business to go Debt-Free
- Passion to Profit and On to Debt-Free Workbook
Connect with Megan:
- Follow on Instagram @thedebtfreeceo
- Website - meganmendez.com
- Join The Debt-Free CEO FB Community - The Debt-Free CEO Community
- Email - info@meganmendez.com
- Pinterest - pinterest.com/meganmendez__/
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