AdvertisementAdvertisementI used to put money into one general savings account, but using sinking funds helps me save more. When I realized that having one savings account was part of the reason that I wasn't tucking much away, I made the switch to "sinking funds" and watched my savings take off. Sinking funds are individual savings accounts that serve different purposes, like a down payment for a home, a vacation, or car-maintenance expenses. Some sinking funds can be permanent and others will come and go as needed. This method has allowed me to save thousands of dollars more each year than I was when I had a general "savings" account.

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Persons: Muck Organizations: Service, Ally Bank Locations: Wall, Silicon, Alaska, Alaska Bush