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Travel expense tracker printable4/17/2024 ![]() Most financial experts recommend having at least 3-6 months of living expenses saved up for in your emergency fund. The key difference between and emergency fund and a sinking fund is that an emergency fund is money set aside for unplanned or unknown expenses. SINKING FUND TRACKER SALE! Each printable tracker is $1.99 or you can grab our 14 essential sinking funds trackers for a discount. Here is a list of different types of sinking funds you may want to consider including in your monthly budget, depending on your lifestyle and goals. You’ve budgeted $2,000 for the trip, which means you’ll need to save around $250 per month for the next eight months. 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?
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