Do you need a digital envelope system?
As certified financial coaches, we teach folks to a budget and then use cash with certain purchases like food, gas and spending money. That cash is taken out of their accounts on payday and put in envelopes according to the budget. For example, you might get out $400 for groceries, $200 for gas and $100 […]
What is a sinking fund and do you need one? Or five?
A sinking fund is a savings account with a purpose. You probably have a savings account for emergencies. You might even have savings accounts for your kiddo’s college or your retirement (also called investments). The sinking fund is completely different!
Sinking funds are for your large budget items that come around once or twice a year. For example, property taxes, Christmas and vacation are examples of sinking funds.
