Sinking Funds: The Secret to a Successful Budget

Hello all! Andy Hill here …  We have a new guest post from personal finance writer Amy Beardsley from Early Morning Money. Amy is a self-described money geek that is obsessed with simplifying money and breaking free from the burden of debt. Her article below shares why we all need sinking funds in our budgets to help us create that freedom we desire. Enjoy!

When it comes to your family’s finances, you already know you need an emergency fund to protect you from a job layoff or major medical illness. But what about all of those little expenses that come up year after year, like car insurance, Christmas, or your annual family vacation?

That’s what sinking funds are for, and they’re the secret to a successful budget.

When money is tight, or you’re working on a big debt-payoff goal, covering all of your expenses is key to making it work. With sinking funds, you can easily stick to your budget even when faced with costs that don’t come up that often. Here’s how to get started.

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Over $100,000 of Debt Destroyed on a Teacher’s Salary – with Allison Baggerly

For some people, their pile of debt can feel so huge that paying it off just feels like fiction. It feels impossible. It feels overwhelming.

Well today, I’ve invited someone on the show who felt the same exact way, but then she took action and won the battle against her debt.

Allison Baggerly and her husband partnered together to pay off $111,000 of debt in 4 ½ years. They completed this difficult feat on two teacher’s salaries with two little kids at home. In our interview, she’s going to share with us how she did it.

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Why Lazy Investors Become Wealthy – with Mansi Singhal from qplum

For our Fintech Spotlight segment this month, we are featuring qplum, a company that is bringing AI, data-driven strategies, and affordability to the world of investing. I’ve invited the co-founder and CEO of qplum, Mansi Singhal, to tell us more about the company today.

We’re also going to discuss why monitoring our investment portfolio might actually be a really bad idea.

Andy Hill: The markets have been up and down a lot lately, and I’ve been checking my portfolio a lot more frequently. Why is that not a good idea?

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Should I Stop Investing For Retirement When Paying Off Debt?

Our second question of the month comes in from a new listener named Erik!

Hey Andy,

Erik here. I’m a new listener on the Marriage, Kids and Money Podcast. I appreciate all you’re doing to help families achieve financial independence.

When you originally started out with Dave Ramsey doing the Total Money Makeover, did you stop continuing saving for retirement during Baby Step 2?

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With a New Baby, How Do We Prepare Financially?

Our question of the month comes in from Stephen:

Hey Andy!

My wife and I are expecting our first child this year, so it will be a true test on how we work around the new costs we will be accruing. I am on pace to pay off a student loan in 3 years and I don’t want to break that. We max out our 401k and we pay extra on our mortgage and my student loan each month.

I don’t want to lose this momentum we have — we both promised ourselves we would never decrease our 401k contributions because we value investing in our future too much. I guess I’m divulging all of this to ask …

What do you advise so I don’t lose momentum when the baby comes?

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10 Budget Apps That Make Your Personal Finance Goals Easy

There are mobile apps for just about everything nowadays. This includes apps designed to help you improve your personal finances through budgeting.

Using a budget is an excellent way to eliminate debt, save money, and reach your financial goals faster. With new budgeting apps available to download every year, which ones are the best for you and your family to improve your finances?

Here are 10 budgeting apps to that we like.

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How to Increase Your Net Worth by $800,000 in 8 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

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Want Financial Independence? It’s Time to Make More Money – with Grant Sabatier

Financial Independence is when you have enough money to live without the need for full time employment … Sounds pretty incredible, right?

This may seem like something that’s meant for our golden retirement years, but my guest today is going to show us how to make it a reality much earlier than that.

Returning as a guest for the second time, Grant Sabatier is here to share how we can grow our income and invest so we can really enjoy the best years of our lives.

At 30 years old, Grant achieved his financial independence. He went from $2.26 in his bank account at age 24 to over a $1 million in just 5 years.

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How Busy Moms Can Create a Successful Part-Time Business (Without Sacrificing Family Time) – with Crystalee Beck

On today’s podcast, we’re talking about building successful six-figure businesses. This one is for all you busy Moms out there looking to have a business you can call your own.

But as young parents, how can we grow a business that we’re passionate about and make enough money to support our family?

To help us unlock this magical money mystery, I’ve invited Crystalee Beck on the show today.

Just a few years ago, Crystalee got laid off in the midst of her second pregnancy. Today, she’s a 6-figure entrepreneur working just 20 hours per week. Let’s find out how she’s done it!

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