+8 votes
by (2k points)
When you're just starting with sinking funds, how do you handle when you don't have 12 months to save up for something? What if several of those things happen at once? Just started the cash enveloped in January. Today I take my cat to the vet for a 2nd time. My SIL just announced she's getting married next month. The kids and I are all seeing the dentist next month for cleanings (no dental insurance). Just a lot of stuff. Should I ONLY fund those envelopes for now and ignore the rest? Maybe divert a few hundred dollars from my tax return instead of using it for debt? I'm sure I'm not the only one to have this issue when first getting started. what did you do?  
When you're just starting with sinking funds, how do you handle when you don't have 12 months to sav

8 Answers

+12 votes
by (7.8k points)
 
Best answer
I’m using my tax refund for stuff that came up to fast abs that I kind of forgot about. So instead of putting $2000 at debt, I’ll pay $900-1200 for dental work, and the rest between my sons bday party and first communion party
by (7.8k points)
Keeps me from charging these things and I’ll start saving for Easter (I forgot about that too, and start a sinking fund for bday parties)
+10 votes
by (13.6k points)
I would certainly put money toward those things, especially if you will rely on debt otherwise.  
+5 votes
by (670 points)
Unless you're prepared to pay them in cash when they come up, I would definitely use your tax return to fund those sinking funds. Otherwise you may be tempted (or required) to rack up more debt. You can always use whatever funds are left over after those events to apply toward debt then.  
+11 votes
by (1.1k points)
I would use some of your refund to pay for the upcoming events. No sense in putting all round to debt and then use debt again
+12 votes
by (5.6k points)
If these two things are a priority to you, then it’s time to buckle down and cut elsewhere to make it happen. No fun way around it. Work more hrs, pick up a side job, cut somewhere in your budget. Breaking the habit of I “need” it versus “want” it, is crucial to being successful! If either of these things could happen in the future with other pets, same pet, other friends or family potentially getting married one day - create a sinking fund and start saving. As soon as a new expense comes my way that I didn’t think of before, I ask myself if this will happen again or something similar to it, and make a category if it’s important. I even save for grandparent trips because they are getting at that age where they can pass at anytime. I’ll be DANGED if I don’t have the money and have to stress (before, during, & after) about how to be there!  
+11 votes
by (8k points)
We just officially started in February and for now we are ignoring some of the sinking funds that we want to create to prepare for things that are coming closer. I can already tell that within a month or so I’ll be able to start contributing towards the others, but for now I don’t want to rely on debt to get us by.  
+7 votes
by (5.8k points)
I put my sinking funds in calendar order and prioritize how much money they get that way
+10 votes
by (440 points)
I fund the items in the calendar in a first come basis. I fully fund one before moving onto the next.  
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