![]() Step 2: Decide where you’re going to store your sinking fund. Whatever you’re saving for, you want to start planning for it now-so it doesn’t sneak up on you and make you broke. Step 1: Decide what you’re saving up for.Īn Alaskan cruise, a down payment on a house, Christmas presents, or a wedding reception. Now that you know what sinking funds are, how they work, and why they’ll help you, here’s how to create one in four easy steps. Saving strategically means fun purchases will actually be fun, and frustrating expenses won’t be a big deal. These aren’t emergencies yet, and if you start saving up now, they never will be! If you know the house you just bought has an old roof, start saving for a new one.
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