Question

Stupid question.  I have sinking funds but I keep the cash in my bank account (for when the bills are due {like for annual subscriptions}).Stupid question. I have sinking funds but I keep the cash in my bank account (for when the bills are due {like for annual subscriptions}). When filling out the budget by paycheck workbook, do I deduct those amounts? If so, then my balance doesn't match my bank balance. I'm so confused.  

Answer 1

If you plan on using a sinking fund that month, add it to your income at the top  

Comments

How do you cross reference what is in the budget book and what your bank account has? Just remember how much you have in the sinking funds and mentally subtract it from the bank total? (I'm sorry I'm so stupid on this :( )

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@richie you’re not stupid! We all started somewhere, so depends, like I do cash sinking funds (only have 3) so whenever I plan on actually needing them, I go and deposit them at my bank, I’m pretty sure some people deposit it electronically then move it back to checking whenever they plan on using it, does that make sense? I’m just now like waking up haha

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@find501 I used to move the money to my savings account every month and then someone suggested that I just leave them in my checking account. I use the page in the front of the budget by paycheck workbook to keep track of how much I have saved for each fund. So, when filling out each paycheck page and the expense tracker, the amounts get deducted monthly; however, technology the money is still in my account. So, when I look at the totals at the end of the week (paycheck page) or the end of the month (expense tracker page), the totals don't match my bank total. But if I mentally add the amount in my sinking funds, it does match. I just wasn't sure I'm doing it correctly or if I'm making it more complicated.  

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@richie personally if it’s left in the checking account, I’d count that as rollover money, even though you know what it’s for