So I get asked “How do you track your sinking funds?” The answer is that I put all the money in one savings account and use an Excel Workbook to track how much of the funds are assigned to what future expenses. I used to call it the Sinking Fund Ledger. Now I call it the Savings Planning Tool.
It will tell you how much you need to save each month for each savings fund. Whether for HOA dues or a vacation, knowing how much to save to reach your goal is critical.
You can get a FREE copy of the Savings Planning tool from Hope Financial Coaching.