#Free printable expense tracker in color how to#

Set up automatic transfers from your checking account to your sinking fund account every month.įor example, you want to go on a trip to London in eight months. Divide the total amount needed in each category by the number of months until you need it.ĥ. How many months do you want to save over?Ĥ. Write down the deadline (or due date) to save up in each category. Determine the amount you need to save in each category.ģ. Decide which sinking fund categories you’d like to create.Ģ. Of course, you’ll want to tailor it to your own personal circumstances and goals.ġ.

Here’s a simple sinking fund template to follow when setting up your sinking funds and deciding how much money you should save. Read Next: 50 creative ways to save money on a tight budget How much should I put in a sinking fund?

Unexpected expenses (car repairs, home repairs, replacing a laptop, medical expenses).

Annual expenses that may have been overlooked (insurance bills, taxes, school tuition).

Large planned purchases (new car, new phone, family vacation).

Most sinking funds fit into one of the following three categories: The sinking funds you choose to create in your budget will depend on your lifestyle and goals. Top Sinking Funds Categories You Need In Your Budget

#Free printable expense tracker in color how to#

I’ve also included some of my favorite sinking funds tracker printables to help you stay organized and learn how to track your sinking funds.įeel free to use these sinking funds worksheet PDF to help you stay motivated when reaching your savings goals! Today we’re going to cover sinking fund examples and the most common sinking funds categories you might need in your budget.

If you want to learn more about sinking funds, such as how to track sinking funds in your monthly budget, head over to this in-depth guide here. However, we all have expenses that occur on an annual, irregular, or sometimes unpredictable basis.Ī sinking fund can help you plan for these large expenses by setting aside a small amount each month, so you’ll have the money available to pay for these expenses, without stress or worry. The typical budget is designed to cover expenses on a monthly basis or by paycheck (if you budget by paycheck). Having a sinking fund can help you save money, so you’ll be prepared to cover expected expenses without having to dip into your emergency fund or go into debt. Think of sinking funds as mini-savings accounts for expenses that you know are coming up, such as car insurance or a wedding in one year. Track your sinking funds & make saving money fun!Ī sinking fund is money you set aside each month to pay for an upcoming one-time or regular planned expense.How much should I put in a sinking fund?.Top Sinking Funds Categories You Need In Your Budget.