{"id":17065,"date":"2023-09-18T12:00:01","date_gmt":"2023-09-18T10:00:01","guid":{"rendered":"https:\/\/getitmagazine.co.za\/joburg-north\/?p=17065"},"modified":"2023-09-14T15:00:39","modified_gmt":"2023-09-14T13:00:39","slug":"why-you-need-a-sinking-fund-for-your-savings-and-how-to-create-one","status":"publish","type":"post","link":"https:\/\/getitmagazine.co.za\/joburg-north\/blog\/2023\/09\/18\/why-you-need-a-sinking-fund-for-your-savings-and-how-to-create-one\/","title":{"rendered":"Why you need a sinking fund for your savings and how to create one"},"content":{"rendered":"

Struggling to boost your savings? You\u2019re not alone! When it comes to saving money, having a clear strategy in place can make all the difference\u2026and it all starts with budgeting.\u00a0<\/strong><\/h4>\n

To make your saving goals clearer, the aim of the game is not to only have savings for emergencies, but to also have \u201csinking funds\u201d. This is for expenses that are not paid monthly, but that you know are coming, such as a holiday or home renovations that you are planning. Perhaps you want to install solar panels on your roof, update your kids\u2019 wardrobe as the seasons change, or they outgrow their clothes, or replace your car tyres next year. This is how you do it:\u00a0<\/span><\/p>\n

How to create a sinking fund<\/b><\/p>\n

    \n
  1. Firstly, decide which anticipated expense you\u2019d like to save up for, and whether you\u2019d like to save towards more than one goal at a time.<\/span><\/li>\n
  2. Research how much each goal is likely to cost and create a target amount.<\/span><\/li>\n
  3. Refer to your budget to work out how much you can afford to pay towards each goal, each month. From this, you can calculate how long it will take you to save up for each target.<\/span><\/li>\n
  4. Now, decide on an appropriate savings account. You may wish to open more than one account for separate sinking fund goals. A standard savings account will be just fine for short-term goals. Long-term goals, however, call for a better investment rate. Look into a money market account, for example.\u00a0\u00a0<\/span><\/li>\n
  5. You want to be able to access your money within 24 hours, in case of an emergency \u2013 so it\u2019s important not to choose a savings vehicle where your funds are not locked in for a long period of time. We like the<\/span> Old Mutual Interest Plus Fund<\/span><\/a> or the <\/span>Old Mutual Income Fund<\/span><\/a>. If you are looking for something that is faith-<\/span>based and Shar’iah compliant<\/span>, there\u2019s the <\/span>Old Mutual Al Baraka Income Fund<\/span><\/a>.\u201d<\/span><\/li>\n
  6. Start saving!<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Struggling to boost your savings? You\u2019re not alone! When it comes to saving money, having a clear strategy in place can make all the difference\u2026and it all starts with budgeting.\u00a0 To make your saving goals clearer, the aim of the game is not to only have savings for emergencies, but to also have \u201csinking funds\u201d. […]<\/p>\n","protected":false},"author":113,"featured_media":17066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51,43],"tags":[6065,2397,5216,6066],"class_list":{"0":"post-17065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-lifestyle","8":"category-shopping","9":"tag-funds","10":"tag-money","11":"tag-saving","12":"tag-sinking"},"yoast_head":"\nWhy you need a sinking fund for your savings and how to create one - Get it Joburg North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/getitmagazine.co.za\/joburg-north\/blog\/2023\/09\/18\/why-you-need-a-sinking-fund-for-your-savings-and-how-to-create-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why you need a sinking fund for your savings and how to create one - Get it Joburg North\" \/>\n<meta property=\"og:description\" content=\"Struggling to boost your savings? You\u2019re not alone! When it comes to saving money, having a clear strategy in place can make all the difference\u2026and it all starts with budgeting.\u00a0 To make your saving goals clearer, the aim of the game is not to only have savings for emergencies, but to also have \u201csinking funds\u201d. 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