Do you need to budget for something you want to buy in the future? Get used to the idea and practice of having extra money saved and classified into different sinking fund categories.
A medical emergency can happen anytime, so it is better to be prepared. This way, you can cover the gaps your health insurance policy does not cater to.
The policies require a periodic payment, and a sinking fund can help you meet the payment requirement cyclically.
Homeowners may know a house’s regular repair and maintenance requirements. Something must always be tended to, even if it’s a new home.
Put some money aside in a sinking fund for regular checks, oil changes, or when you know you’ll need a tire change soon.
Holidays are a major expense in every family, especially toward Christmas. Knowing that you’ve saved enough money throughout the year to buy presents gives you peace of mind.
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