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What is the difference between sinking funds and extra savings?

+4 votes
by (970 points)
What is the difference between sinking funds and extra savings? I saw Miko had a vacation sinking fund but then also had an extra savings spot for Disney land. Also, how do you guys budget your sinking funds? Do you throw everything that you have left over after bills paid and cash into envelopes into those sinking funds? Do you leave yourself a buffer? So many questions!  
What is the difference between sinking funds and extra savings?

2 Answers

+7 votes
by (11.6k points)
 
Best answer
I use the "extras" for my excess funds I'm left with. There is a good Mentorship program here! Check it out, I love having someone to talk about TBM with that understands what I'm talking about  
+5 votes
by (6.9k points)
Extra income is left over money and where you decided to put it. An extra debt payment or extra money to a sinking fund.  
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