#sinkingfunds #savingschallenge #cashstuffing #longtermsavings #emergencyfund #rothira #petsavings #christmas #travel

Hi friends! Tracey here! I have big goals for 2023 in terms of long term sinking funds! I will be cash stuffing for my long term savings funds which include: Emergency, Christmas, Travel, Roth IRA and Pet! Why wasn’t I able to stuff for my new car sinking fund? Watch to see how much I was able to allocate this month while still paying off debt.

Shops Mentioned in this video:
Emergency Binder:
Hands & Bands @HandsBands –
Coffee & Budget @CoffeeandBudget
Erica Budgets @ericabudgets –
Quaint Prints Boutique @quaintprintsboutique

Christmas Binder:
The Thrifty Sewist @thethriftysewist –
Secret Budgeter @TheSecretBudgeter –
Hands & Bands @HandsBands –

Roth IRA:
Jamie’s Realistic Life –
Lisa Grateful Me @lisagratefulme –
D vs Debt @DvsDebt –
Erica Budgets @ericabudgets –

Travel:
Hands & Bands @HandsBands –

Pet:
Reinventing Rene @reinventingrene –
Janell Rae Budgets @JanellRaeBudgets –
Forty Plus LIfe @FortyPlusLife –
2 Sister Bees @2SisterBees –

New Car:
Taylor Budgets –

Home Improvement:
Budget with Nessa –
Quaint Prints Boutique –
Sam’s Crafts and Customs –

My Etsy shop –
Buy me a Ko-fi –

Happy Mail:
Tracey @ GoldenGirlBudgets
4190 Vinewood Lane N #111-191
Minneapolis, MN 55442…(read more)

LEARN MORE ABOUT: IRA Accounts

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Cash stuffing is an ideal approach to maintain the sinking funds for various purposes, including emergencies, long-term, Roth IRA, pet, Christmas, and travel expenses. A sinking fund is a plan to set aside money over time for planned expenses or emergencies that might emerge anytime.

Long-term sinking funds are designed for future needs, including buying a new car, saving for a down payment of a house or college education, among other expenses with long-term horizons. For example, if you want to save for your child’s college education, you can start working on setting achievable goals by saving in small amounts regularly.

Emergency sinking funds should cover six months’ worth of expenses to avoid becoming overburdened by emergencies, such as unexpected medical bills, losing a job, or other unforeseen expenses. The goal is to have enough money to cover your expenses, so you don’t have to rely on debt in times of crisis.

A Roth IRA is a great place to store your retirement savings for the long haul. With a Roth IRA, all of your contributions to the account grow tax-free over time, and you can withdraw your money at any point without paying taxes on it. For those looking to invest money over an extended period, starting a Roth IRA is an excellent step towards achieving their goal.

Pet sinking funds should be allocated for their routine needs such as vaccinations, routine check-ups, and emergencies such as sickness or unexpected surgeries.

Christmas savings funds are essential to most people, as Christmas is worth celebrating with family and friends. You can start planning how much to spend and break down the costs to be incurred to avoid the last-minute rush. Saving for Christmas makes it easier to enjoy the season without incurring any debts, as you can wisely balance your spending and not dig a hole you cannot get out from.

Having funds expressly syndicated for traveling can be extremely helpful, especially when an opportunity arises that is too good to pass up. By having a travel sinking fund, you can keep your travel goals upon your horizon and be ready whenever the opportunity presents itself, such as traveling with friends and families or on vacation.

In conclusion, cash stuffing sinking funds for various future expenses such as emergency funds, long-term sinking funds, Roth IRA, pet funds, Christmas savings, and travel funds is essential for financial planning. It helps you set achievable goals and achieves them without straining yourself. Start by identifying the expenses that you would like to plan for and break them down into short and long term goals. Incorporating small amounts of your income into these funds routinely will allow the clout to take on more goals and achieve financial confidence over time.