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