Money Talks September 2021 | Stephanie Garcia

Create a Sinking Fund and Make Your Budget El Robusto

Create a Sinking Fund and Make Your Budget El Robusto

El Robusto is not your typical hero.👾 But let’s think of this task of filling Robusto’s sinking fund as a video game. You can’t fill his sinking funds bar by collecting hearts️ or life diamonds.💎 It gets filled by building a robust budget that allows to put aside funds for a sinking fund.💰

 

Before he gets in the ring, El Robusto🏋️‍♀️ is going to start by letting you, the player, know that a sinking fund is money set aside for a planned expense, something you know is going to happen, like a dream vacation️ or a wedding.👰 As opposed to an emergency fund🚨 which is for surprise expenses like replacing a laptop or unexpected illness.

 

Now it’s time to grab your game controller🕹 and fill that sinking fund bar with help from The Balance Blog!

 

🕹 “CLICK DOWN” to dedicate a separate account for your sinking fund!🏦 This can be a regular savings account. You can even name it something personal like “El Robusto Rancho Vacay” to remind yourself to keep your hands off!🙅‍♀️ Unlike El Robusto using his hands to wrestle his way to the next step!🏋️‍♀️

 

🕹 “CLICK UP” to set a reasonable amount to target.🎯 Don’t underestimate your target because you don’t want to get to the end and not have enough in the account for El Robusto to rise up off the mat and go on his vacay! GAME OVER!😬

 

🕹 “CLICK A” to set a timeline. El Robusto’s game has a time limit! As does the time it should take for a sinking fund. So set the calendar for when El Robusto will have enough funds to head out of the ring and into relaxation mode.🧖‍♂️

 

🕹”CLICK B” to calculate what he needs to set aside each month. Look at his monthly budget. How much can he chokehold out to put into his sinking fund bar? This may mean reassessing his everyday expenses and/or the timeline.

 

🕹 FINISH HIM! But not with an aerial slam. We mean with a full sinking fund bar that covers his expense goal.

 

💥 WEPA! You did it! You’ve leveled up El Robusto’s sinking fund!💥

 

Now, onto the next challenge for El Robusto: building wealth juntos.

 

Sign up for SUMA’s newsletter to learn even more about saving through our Bootcamps and Dinero Sessions or 📲 text HOLA to 323-629-8732.

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