Hope for your financial life and beyond

Sinking Fund: The Best Way to Save Money for Christmas Gifts

Ten years ago my wife and I hated Christmas shopping. Sure it take enormous amounts of time and energy. But more than that, it played havoc on our December monthly budget. We’d have to come up with money for Christmas gifts out of nowhere while still paying all our other bills. It was a real challenge that often led to frustration and even overspending on gifts. Thankfully, the financial frustrations vanished the day we heard about a simple money management technique called a sinking fund.

sinking fundThe concept of a sinking fund is not new but it took me to my mid-30s to hear about it. Essentially, a sinking fund is a savings fund you create for the express purpose of purchasing something in the future. And, as I’ve found out, it’s a really easy technique anyone can learn. It’s also one of the best practices to help you eliminate overspending and pay for bills, gifts or other budget items that come infrequently.

Because this has revolutionized how my wife and I pay for things, I want to show you how it works. And at the end of the post, I’ll include the template we use to keep track of our savings.

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How to Easily Protect Yourself When Giving to Charities

Are you someone who loves giving to charities? My wife and I sure do. We make it a practice to give at various times during the year. But our interest really peaks during the holidays of Thanksgiving and Christmas. There are so many charitable … [Continue reading]

4 Basic Strategies for Retirement Planning Everyone Should Know

retirement planning

The retirement years are one of the most rewarding and also potentially delicate phases of life. People experience many joys in their later years. However, they may also have to endure diminishing physical strength, slowing of mental faculties and … [Continue reading]

The Ultimate Beginner’s Guide to Investing Money the Right Way

investing money

Success in our personal financial life is something we all desire. What that financial success looks like is different for each situation. However, there is one undeniable truth that applies to all of us when thinking about how to achieve our … [Continue reading]

How to Avoid Getting Ripped Off From Service Industry “Professionals”

service industry

Have you ever needed to hire a service industry professional for advice, a project or repair? Chances are we have all been there. Why? Because taxes need completing. Cars break down. Computers need fixing. Home air conditioning systems go bad. You … [Continue reading]

Are CDs a Good Investment for the Average Joe?

I don’t think I’ve ever met a person who wouldn’t say “Yes” to the question, “Would you like to make/have more money?” Aside from our job, the best way to get more money is by investing what you have in various financial products like savings … [Continue reading]

Visa Debit Card Safety: What You Need to Know

Visa debit card

My daughter just reached an financial milestone the other week when she opened her first checking account several weeks ago. However, she's even more excited that, along with the checking account, came a Visa debit card. Yep, her first piece of … [Continue reading]

17 Psalms of Comfort for When You Are in the Storm

It’s September, 2017 and a giant storm is barreling towards the coast of Florida. Hurricane Irma's path remains in flux. However, most in Florida have evacuated. Even in Georgia where I live, people are scared about Irma's impact. But it’s in these … [Continue reading]

12 Bible Verses About Friendship That Will Make You a Better Friend

We all want to be a better friend, right? I recently heard a message in church that touched on this topic. So on my own time I decided to look and see what Bible verses about friendship I could find. There are some great examples of friendship … [Continue reading]

What Is a Savings Account and Does My Child Need One?

As part of my return to blogging after a brief absence, I’m going to be writing a series of posts that answer some basic money questions.  Even for seasoned consumers, it’s important to return to the basics from time to time, if nothing more than to … [Continue reading]