Season 3 Women & Money Series
I am sharing my tips on how to save a lump sum of money for a specific goal otherwise known as a “sinking fund”. A sinking funds purpose is to be spent on the action it was saved for. This is different than your emergency fund which is used in case of life emergencies.
My top tip is to open a separate bank account for the sinking fund and name the account. That way you are more motivated to add to it when you see it named rather than money in your regular savings account.
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