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An Easy Way to Save for Irregular Expenses

For the Mommas

Online banks such as ING Direct make the creation of sinking funds easy: you can literally open a new subaccount with a few clicks, making it possible to have five or ten separate sinking funds according to your family’s needs. If there’s no extra money in your budget, there’s still hope, though. Bank Your Savings.

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Back to Basics: Saving Your Savings

For the Mommas

and putting $30 in the bank may be impossible for you, but here are some steps to start “Saving Your Savings”. Set up a budget. Once you have a reasonable budget in place, work hard to stick to it. I subtract the budgeted amount we will need to make it until the next pay check, and I move the rest of the money left to savings.