Readers, with the holidays approaching quickly, I’m concerned that I don’t have enough savings set aside for Thanksgiving, Christmas, or any potential emergencies that may arise. Yesterday, I shared with you the budget and savings challenges I wanted to tackle. Today, I decided to start a sinking funds binder.
For those who don’t know, a sinking fund binder is a binder where you can save up a certain amount of money. I purchased an A6 binder with zippered envelopes from Amazon. Then, I used my Cricut Explore Air 2 to label the envelopes and the front of the binder. I named the binder “Mama Needs Funds” because I’m in need of money. Last year, while I was unemployed, I emptied my 401(k) to keep the bills going and not to get evicted and have to go to a homeless shelter.
I measured the binder top to bottom, left to right, and the clasp. For the lettering, I used the font Bluebell on the front cover, and did two offsets in black and white. The wording was in purple. I glued rhinestones on the front cover. I did the same thing for the zipper envelopes, minus the rhinestones. I gave each envelope its own category.
I got the idea for starting a sinking funds binder when I saw someone on YouTube explain how she got out of debt by utilizing this system, and I want to try it for myself. I forget who she is, but I’d like to thank her if she reads blogs.
I want to save a set amount for each envelope, beginning with $20. I plan to fill each envelope with every paycheck after the bills are paid. Once the envelopes are filled to capacity, I plan to open a high-yield savings account (HYSA). One of the envelopes is for Zora, and I plan on starting her a sinking fund binder as well. She’s only in third grade, but I want to start saving for her future milestones, including eighth-grade graduation, prom, and other significant events.
That’s it for today. I’ll see you here tomorrow.
