Now I use sinking funds, I don't have to worry about forking out for large expenses in one go, writes Nataasha Torzsa.
Earlier this year, I found myself between jobs. The news came out of the blue, and I had to reassess my spending while I looked for work.If you haven't heard the term before, a sinking fund simply means money put aside over time for a particular purpose, like a big bill.
The sinking fund account needs to be accessible enough to be used when needed, but not so easily accessible that you'll spend the money at the shops.As with all aspects of personal finance, you need to use sinking funds in a way that works best for you.I recently set up an "activities" fund, for example. The idea is to put away money for weekend activities like the zoo or theme parks.
Nataasha Torzsa is a 34-year-old executive assistant and freelance writer living in Meanjin/Brisbane with her son, Ryan. You can follow her on InstagramStay on top of the things that matter to you: food, wellbeing, work, money, travel, style, sex and relationships, home and garden, and family.
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