Question

Hi, friends!  Just a quick question.Hi, friends! Just a quick question. For those of you who save your sinking funds digitally and just transfer money from your paycheck to a different account, do you have a separate account for EF and then accounts for your sinking funds? How do you go about it separating that money? Thanks in advance!  

Answer 1

We keep them all together in our savings. The app for our bank (BofA) allows you to set goals so I can see how much is saved for each category. We keep our EF, rent money (1/2 from each check), and all sinking funds in it.  

Answer 2

We have a one Captial One account that we use for our sinking funds. I have a chart I use each month that tracks each sinking fund.  

Answer 3

Someone earlier posted about an online account called ally that let's you have up to 10 buckets aka sinking funds

Answer 4

We use ally and have a separate savings account for our emergency fund/savings and then our other sinking funds are in another savings account but we are utilizing buckets for those to keep track of each one!  

Answer 5

Savings account for EF and specific trips, different savings account for sinking funds/cash envelopes.  

Answer 6

My EF is in a Marcus Goldman Sachs account but my sinking funds are in sub categories in my checking account at my credit union