What Is A Sinking Fund? WHY You Need One & HOW to Set It Up To Help You Budget in 2021 + My Savings!

[@Elliecatify]

I love that you are excited to buy a certain hand-wash, that's the kind of thing I think about for our new house. We just had an offer accepted today! I can't wait to set up my baby's room and make it lovely for him. We have lived in 4 different places since he was born as we've been staying with family while our flat sells - I didn't want to risk exposing him to covid due to viewings etc. It's going to be so amazing to be settled 😊

[@puneshasankar]

I could not help admiring your blouse throughout the video. Love it! 😍

[@Courtneyburns90]

I currently save into the credit union as an emergency fund, into plum which skims from my bank account, Quidco and round ups for birthday and Christmas presents and on Monzo I have pots for holiday fund and annual car, house and pets insurance. When my credit card is paid off I plan to save more into a home improvement fund. I know how to save and I save when I first get paid, it's just following through and not over spending which is an issue (shopping addiction) I'm changing my mindset that I have too much and it stresses me..I don't need anything.

[@sunflower7766]

I have a sinking funds for christmas, hoilday, birthdays, school uniform. Being doing this for a few years now. Just added one for garden furniture as we recently added a patio.

[@caitlinpaige1247]

I use a sinking fund to pay for things yearly rather than having to worry about lots of monthly payments so that I can save more money in the longer term. The psychological benefits of this is just 👌

[@r.r.a.6466]

I started doing this when I got a Monzo account. It's brilliant and has helped me save for ,Christmas, holidays, birthdays and house bills. Having the money there ready is so reassuring especially as a 1 income household with small children. Great video 🥰

[@LaraJoannaJarvis]

Fantastic! So glad you've got your savings pots and they're doing well! I need to try Monzo x

[@princesskaitlinhazelwood4703]

We use house saving for repairs, upgrades, furniture. We have car fund to purchase a new car or down payment for a new car. Christmas fund for gifts. We deposit money in those three accounts each pay check which is every other week. We also do occasional big deposits. We get two extra pay checks a year. We use one for Christmas and one for summer vacation. We put our tax returns in our vacation fund. Right now we have a lot for vacations because of the pandemic, we stayed home last year.

[@ballyellam3672]

Thank you so much for this video! I already had a few saving pots but my organisation of them was a complete mess and I wasn't sure what sort of things I should be making them for. Just spent an hour making a new spreadsheet with my existing saving pots + new ones inspired by this video. Feel like I'm finally all organised now and ready to hit those goals!

[@alexandrapearson8721]

I did this for an iPad. Such a good idea when trying to save but to feel like you are treating yourself. So I didn’t feel bad I used my bday and Xmas money mostly for this too.

[@sarahvob]

We have one savings pot that always had the kids child benefit paid straight into. It builds then each month without even noticing...but with so much shut in 2020,we managed to save soooo much more in there. Now going to spend on a dormer extension to loft 👏. Last few years had second sinking fund just primarily for school summer holidays, it’s brilliant to get to August and have extra pot of money for fun activities with kids (and extra food) and not worry about it!

[@margiesvanmori]

This is so helpful. I'm moving into my van this year and I definitely need to have a fund set aside for car expenses. I love that you have different parts to save for. Also your shirt is so pretty!

[@misbahshahbaz3405]

Hi Lara Thank you for this video. I am trying to save for a few things right now. It’s not easy to save for. I need a holiday. X

[@helen6477]

I’ve had these for years ! I have several bank accounts and name them accordingly (hols, Christmas) then arrange standing order into them every week/month, never heard of the term sinking funds lol ....... I am a lot older than u 🥴😂xx my ISA is my actual savings xx

[@TheWellnessAbbey]

Thanks for explaining this as I didn’t know what Americans meant by the term.

[@LaraJoannaJarvis]

Ah, I'm glad to have helped explain it :) xx

[@TheConwayClan]

We do this, I have a different pot for everything and it's all allocated out 😂 it definitely helps! Then when Christmas rolls around or whatever, I know that money is there to be spent, I'm not worried about how to pay for it. Such a good tip! 💞 I've also started using Plum and it's so quick how it adds up without you realising!

[@emmalou2386]

I found Dave Ramsey a few years ago, and although I wasn't in debt he changed the way I thought about savings and I've had sinking funds ever since, car insurance, Christmas and birthdays mainly but it definitely helps with the stress of big payments!

[@MakemelodyinyourhearttotheLord]

I love your blouse! May I ask were you bought it? I would like to get one myself...

[@luckymeat3050]

Sinking funds = Save up for specific stuff. Don't go into debt.

[@Field-Meerkat]

Sooo...stupid question but do you actually have a different account for each saving pot? Just wondering how it works logistically x

[@invisible4644]

Aww you’re so lovely. These videos help me a lot x

[@lacuzy31]

Oh Lara it's not silly I too usually have such sweet "silly" thoughts. It's want you want and how you feel 😍

[@LaraJoannaJarvis]

Thank you! I know it may sound silly especially when people just go out and buy these things but waiting is going to make it SO much sweeter when it happens! xx

[@desola17]

Brilliant video, thank you!! Very inspiring!!! I was just wondering, do you also recommend having an “emergency” fund, or would that be something separate?! Thank you so grateful for your great advice!! :)

[@jessicaparkes203]

would love to see a video about what you do regarding kids toys and no spend year. do you give your children any pocket money? trying to do a no soen month but children keep asking for toys they want and they dont understand that we dont have alot of money especially when alot of their friends come from families where money is no problem 😯

[@donnacheyne4239]

Hi Lara, I’m new to your channel and have also been binge watching 😊 This is my very first year being debt free and I’ve set up 6 different sinking funds. This may be a strange question but do you have your sinking funds split into different bank accounts? Are they savings accounts? How do you keep track of them all? Thanks, Donna

[@Justme_elizabeth]

Great video. Please more finance ones and relation to minimalism 😊😊

[@juliehart6218]

My take on sinking funds is everything that is recurring throughout the year ie birthdays Christmas Valentines Day etc and also large yearly bills ie car tax car insurance etc. You know the total amount give or take and you divide the amount by the pay dates of wages. Emergency fund is for ‘in case’ something goes wrong ie washing machine breaks down. A second emergency fund is your total amount of living expenses for a period of time ie 3/6 months. Savings is long term amount that I won’t touch

[@biancathomas9207]

Is there any reason why you haven’t watched Dave Ramsay ? Just curious 🧐

[@lizclarke-hippsley2166]

Love your videos. I’ve been binge watching. I think you are a great blogger. I remember big brother 😁 xx

[@LaraJoannaJarvis]

Oh thank you! That's so kind of you xx

[@princesskaitlinhazelwood4703]

Retirement and college accounts are different than our sinking funds because they are invested for the long term and have to be in specific type of accounts for tax purposes

[@anyasyht]

I have a sinking fund for travelling, however, I doubt I will be able to use it this year 😓

[@michellestanding1410]

Good video I have Started my sinking fund

[@debbiejohnson3723]

I love these videos, I have set up sinking funds after becoming a new mum recently as well. I also remember big bro! I love the introduction for your videos also now. Amazing video 😊

[@LaraJoannaJarvis]

Ah, thank you - so glad you like it!! I can't believe it's been 21 years since BB started! xx

[@shiyamalawickremasinghe3086]

Thank you Lara, your advice is very helpful.

[@amandacartrettewithautism6885]

I Am Going To Order The Cat In The Hat Book, Disney Princess Petite Elsa Doll, Disney Princess Pop-Up Game, Harry Potter And The Deathly Hallows Part 1 And 2 DVD, Britney Spears: Britney CD, And A Gray Sweatshirt For February Of 2021, Lara.

[@paulinetaylor2812]

Hi Lara, have you only had investments and this sinking funds since you had your no spend year or is it something you have always done, just wonder,d, am really interested in this.

[@DImitraCeres530]

A very helpful video , thank you so much . 🌸

[@LaraJoannaJarvis]

Glad it was helpful! xx

[@Stephmadeitforyou]

I tried to copy the link in and it didn't work :( if it happens a lot might be worth reporting it to 212

[@LaraJoannaJarvis]

Thank you, it's so annoying that it doesn't always copy over - did you try using the code I added in the description? xx

[@Stephmadeitforyou]

@@LaraJoannaJarvis yes i did copy it :( then it sent me on the practice platform (clearly I wasn't safe enough to be on the normal one LOL) it's ok not to worry just thought id mention it cause i know you're loosing out as well, but ive been on the practice platform and now one the normal one for a week now so all good :) xx

[@lovingit824]

Great video love your top x

[@sabahatnaheed1435]

love your top. Where is it from?

[@LaraJoannaJarvis]

Thanks! It's Oasis, £10 in the sale! I got it for Christmas :) xx

[@cherylhall7953]

Love this video! So helpfull!

[@LaraJoannaJarvis]

Glad you think so! Thank you x

[@daniellebatista6371]

Hi Lara! Have you ever heard of Skillshare? Just thought I'd mention since you mentioned saving for your editing course. Not sure if they have a specific editing course but they offer tons of different courses for an affordable rate (think like $10 or $20/month) for photography, social management etc. I'll be trying my hand at a course soon too. Hope this helps! 😊

[@LaraJoannaJarvis]

Yes, I loved Skillshare! I signed up last March but then the world fell apart and I had to homeschool for months so any moment I had spare to do courses went out the window but I definitely want to do more this year! So many good courses xx

[@Iloveyou-lz7rr]

I ❤❤ your top

[@LaraJoannaJarvis]

Thank you! Its about 10 years old but I still love it x

[@Iloveyou-lz7rr]

@@LaraJoannaJarvis Most welcome 💥

[@sianquin1618]

"if you remember big brother" how old do you think you are lol it wasn't that long ago lol.

[@LaraJoannaJarvis]

haha I mean the early days when it started in 2000 I think, I didn't watch it past the first few series so it feels like years ago!! Fun fact, I actually went into the BB house after the Victor year! It was so much smaller than it looked on the TV! x

[@loyoga5966]

Haha I knew what you meant. The first few seasons. No one watched them after that 🤣. Haha I remember Victor!!