Published on

Sinking Funds Update 3rd Quarter 2024: How Much I've Saved Using the Cash Envelope System #budget

Introduction

As we find ourselves in the fourth quarter of 2024, it's remarkable to think that there are only 2.5 months left in the year. This moment serves as an ideal opportunity for me to update everyone on my sinking funds for the third quarter. In this article, I will share how much I've saved in both cash and digital sinking funds year-to-date and whether I'm on track to meet my financial goals.

The Benefits of Tracking Sinking Funds

One of my favorite aspects of this journey is the thrill of opening my cash envelopes or reviewing my digital accounts and witnessing the growth of my savings. Throughout this process, it’s crucial to maintain awareness of your financial goals. If you’re like me, having a structured plan can significantly enhance your accountability.

Before we dive into the details of my sinking funds, don't forget to subscribe to my channel and turn on notifications to stay up-to-date with my financial journey.

Cash Envelope System Overview

If this is your first time reading about my sinking funds update, I primarily include only my priority categories and business expenses in my cash envelope system. Savings challenges and YouTube income will be discussed in separate videos later this year.

To begin, I opened my priority binder and took a look at my sinking fund tracker.

Counting Cash Savings

Let’s break down what I have saved across various categories:

  • Mini Me Fund:
    • Cash Saved: $ 420
  • Car Maintenance:
    • Cash Saved: $ 10
  • Medical:
    • Cash Saved: $ 60
  • Miscellaneous:
    • Cash Saved: $ 165
  • Home:
    • Cash Saved: $ 85
  • Fun:
    • Cash Saved: $ 115
  • Clothing:
    • Cash Saved: $ 480
  • Amazon:
    • Cash Saved: $ 420
  • Travel:
    • Cash Saved: $ 1,410

These amounts in cash from my priority binder allow me to keep track of my savings efficiently. Some funds, like clothing and fun, require me to visit the bank more frequently to keep them in check.

Business Sinking Funds

Now, focusing on my business binder, I have additional sinking funds that include:

  • Post Office:
    • Cash Saved: $ 70
  • Supplies:
    • Cash Saved: $ 100
  • Subscriptions:
    • Cash Saved: $ 320
  • Social Media:
    • Cash Saved: $ 120
  • Budgeting Just Because:
    • Cash Saved: $ 120
  • Charity:
    • Cash Saved: $ 155

Digital Sinking Funds

In addition to my cash savings, I also have several digital sinking funds where I automatically move money over to high-yield savings accounts. These include:

  1. Christmas Fund:
    • Monthly Deposit: $ 150
  2. After Child Support Savings
  3. Home Emergency Fund: Fully Stashed
  4. Family Fund: Fully Stashed
  5. Miscellaneous and Additional Saving Categories

Total Savings Review

After counting everything, as of the third quarter of 2024, I have saved a total of $ 56,000, marking an increase of $ 16,924 from the second quarter. A significant portion of this growth is attributed to sales from my shop, and I want to express my heartfelt thanks to everyone who has supported my business.

The exercise of regularly updating my sinking funds keeps my financial goals clear and motivates me to stay on track.

Conclusion

If there’s one takeaway from my experience, it’s the importance of setting clear financial goals. Accountability helps to turn goals into reality, and this structured approach has proven to be both fulfilling and effective.

If you enjoyed this article, please subscribe for more insights and updates. Thank you for joining me on this financial journey!

Keywords

sinking funds, cash envelope system, savings update, financial goals, budgeting, cash savings, digital savings, money management

FAQ

What are sinking funds?
Sinking funds are savings set aside for specific expenses or future purchases, helping to manage budgets more effectively.

Why do you use a cash envelope system?
The cash envelope system helps me visually track my savings, encourages discipline in spending, and ensures I stay on track with my financial goals.

How often do you update your sinking funds?
I update my sinking funds quarterly to monitor my progress toward my savings goals.

What types of expenses do you include in your sinking funds?
I include priority categories such as medical, car maintenance, travel, and business expenses in my sinking funds.

How do you manage digital savings?
I manage my digital savings by moving money into high-yield savings accounts where it can earn interest, making it more effective than simply holding cash.

Read More