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An Easy Way to Save for Irregular Expenses
May 22, 2012
Today I’m participating in the Ultimate Blog Swap. You’ll find me posting over at Northern Cheapskate about Buying Organic On A Budget, and I’m excited to welcome Mandi from Life Your Way to For the Mommas:
For many families, budgeting for everyday expenses like groceries and utilities is challenge enough; thinking about all of the extra expenses that crop up each year – like Christmas and birthdays, home and car repairs, teeth and eye care expenses, sports, back to school, etc. – can be downright overwhelming.
Rather than finding yourself in a position where you’re relying on credit cards for these expenses – and then wasting your hard-earned money on paying off those cards in the following months – try creating separate sinking funds instead.
The term “sinking fund” was originally a business term used to designate a savings account where a corporation holds funds for the repayment of a debt in order to improve their liquidity.