Question

Curious if people would consider saving for auto maintenance a cash envelope or a sinking fund? Originally we were doing sinking fund because we don’t contribute to or use it every month, but then I thought maybe cash envelope because it doesn’t necessarily have a goal amount in mind. We just try to stash some extra in there when we can so we can pay for oil changes, tires or like last month we had to get new wipers. I realize at the end of the day it might not matter much I just wonder about carrying over the money every month on my budget might be a pain as I already carry over money from our pet, food & misc cash envelopes usually.  

Answer 1

But you know oil changes are due every xxx miles and tires need to be changed every xx miles so that is a due date. Example for me. the yearly subscription for car washes is so much cheaper then paying each time, so car wash is part of car maintenance and becomes a sinking fund so I can pay yearly fee.  

Answer 2

It's a sinking fund for me, not with an ultimate goal in mind end wise but I have it kept away and add a certain amount to it every pay day.  

Answer 3

I do mine as a sinking fund with no ultimate goal and only add to it when I can.  

Answer 4

I save as a sinking fund now.  

Answer 5

I’m doing $80 month for routine maintenance and currently not funding a sinking fund for major repairs, although it’s a line item. We didn’t use it last year so I’m seeing how it goes this year. If something happened I would pull from holiday or vacation SF.  

Answer 6

I have car maintenance as a sinking fund with my Capital One savings accounts. I try to add to it each pay period as finances allow. I use it for routine maintenance and just keep adding to it with no set goal in case of any major repairs that may come up.  

Answer 7

Sinking fund. I know at some point Derrick (my car) is going to need new shoes (tires) lol. No dollar amount goal in mind, but I do put $50/paycheck in it.  

Answer 8

Any fund that I don’t use monthly stays in my savings account. I make virtual envelopes in my simple budget app so I know how much is in each fund. Keeping it in savings means it’s earning interest and I know it’s not a lot of interest but through the years it’s going to add up.  

Answer 9

We have an account just for our vehicles. We have to drive a lot where we live so one of our vehicles is always getting an oil change or something down to it. I put $80 a week in this account and it’s also used for gas. Fortunately we have two hybrids so we don’t spend that much in gas every week.  

Answer 10

I have a sinking fund for our three vehicles $25 a month. And I have a car replacement sinking fund $25 a month as well. Trying to be forward thinking and pro active. So it technically $12. 50 a pay for each envelope.  

Answer 11

Mine is is a sinking fund

Answer 12

I have a cashless sinking fund for it now in a savings account.  

Answer 13

My understanding is that a cash envelopes is used every month so this sounds more like a sinking fund (though in the end I doubt it matters what you call it . It's just good planning)

Answer 14

We have ours as a sinking fund with no end goal. We plan to let it grow and then will turn it into a new car fund eventually.  

Answer 15

I do mine as a sinking fund and do set a goal of $500, bc that is what I am comfortable with. Once I hit the goal I route that $ to other things, like another SF or debt

Answer 16

Sinking fund that I contribute to every paycheck. It covers car washes, oil changes, any fluids that need to be bought, tires, etc. I'm actually using it next week to replace my windshield that has been cracked for a year that finally started spreading and is now a need not a want.  

Answer 17

You know. We had it as an envelope just because. But now that I'm thinking about it, it might be smarter if I just put it into a sinking savings account with my bank.  

Answer 18

I have a car maintenance Sinking fund envelope for wiper blades or oil changes etc. I add a little cash each paycheck