How to Create a Sinking Fund?

Creating a sinking fund is not something that has to take a lot of time or effort to complete. You just need to come up with a plan and decide how you will spend the money along the way. Some of the steps that you can follow to create your own sinking fund includes:
 
# Decide what you want to save for: This can be personal and for whatever you would like. You can put the money aside for a vacation, that concert you have always wanted to go to, for a down payment on a home, or even for Christmas presents for the kids. The sinking fund allows you to start saving for it now, rather than later.
# Decide where you will store the sinking fund: You can choose to open up a separate account to hold onto the money for the sinking fund, but make sure that you stay away from things like a money market account that requires a minimum balance. It needs to be separate from your emergency fund and your regular checking account to be safe.
# Decide how much to save: You then need to figure out the amount that you want to save. Figure out how long you have to save the money overall and how much it will cost. Then divide the cost by how many months you have available to save. This will be the minimum amount you need to put into the account each month to reach your goals. If you don’t have an end date, then pick a number that you can comfortably save back each month.
# Set up your sinking fund into the budget: This kind of fun is only going to work well if you take the time to place it into your monthly budget ahead of time. Whether you do it with pen and paper, in an app, or on a spreadsheet, you need to put the sinking fund item into your budget from the start.
 
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