Question

I know this has been answered but I’m still confused. Sorry  Sinking funds : i use her workbook if that helps anyone . 1. I withdraw money from checking account to put in my sinking funds and cash envelopes. 2. Track the withdrawal on my checking account for that full amount This is where I’m confused. How do I track when I use the money ? Example: I have a birthday I’m saving for in March. Ive been taking $20 weekly from my checking and putting aside. 1: How and where am I tracking that money weekly when I add to that sinking fund ? 2. When I use it for that birthday, how and where do I track it ? Cash tracker? Checking account tracker? Income? Withdrawal?  

Answer 1

The tracker on the envelope

Answer 2

When you are ready to use the money in the envelope you add It as an income line for that weeks paycheck budget. Then when you spend It, put on tracker. If you spend the cash, put on cash tracker. If you deposit It into your bank and use a card to pay for the items, put on checking tracker. If you don’t use all of the $ saved you can decide to roll it over or use It for another debt. Up to you.  

Answer 3

When it’s time to use money from a sinking fund you add it as income and then track it when you spend it so they cancel each other out

Answer 4

I think that's why Miko has two trackers. One for her checking and other for cash which is where she tracks her cash spending and she highlights based on the categories/ sinking funds so maybe use another sheet and calculate overall cash total and deduct your cash based on what you track on the actual envelope?