Post of Shame

Monday, July 21, 2014

Please forgive me as I put myself in the corner of shame for all that I have spent this week! Yes, I crumbled! Katie don't hate me, please! After receiving a Michael Kors handbag for my birthday, I went a little crazy. Along with the actual handbag, I got birthday money. Of course, birthday money means I get to spend it! So I went to TJ Maxx to see if I could find a Michael Kors wallet. I didn't find the wallet, but I found this adorable little blue handbag for $80 (originally $228 designer price). I just couldn't let it go; it came home with me.

Welcome to the post of shame version of No Spend July! While I stand here in guilt, I will tell y'all all about how I plan to not break the bank for Christmas gifts. While you're at it, check out how Katie is doing with her spending. Hopefully she is being better than I am!

My research of no spend and savings on Pinterest led me to some pretty interesting ways to save while living on a budget. One blog (Kosher on a Budget) had a very wonderful concept called "Sink Funds" that I am starting to practice.

Sink Funds are money you set aside each month to cover annual or semi-annual bills that you know will come up.

I read and researched different ways to hold your money in sink funds but I didn't really think I needed anything too fancy. Some people are very into banking and know all the great places to have savings accounts with sub accounts and very technical stuff. For me, a savings account at my local credit union works just fine. There's a low minimum requirement with no fees, so it's perfect for me. I can even name my accounts online so I will know exactly what the funds are for.

So what kind of sink funds do people have you might ask?! Kosher on a Budget set up 14 sink funds that works for their family. Some of their funds are family gifts, car insurance, emergency, computer, vacation as well as 9 other types of funds. Personally, I don't have that many bills as of yet so I only need two sink funds so far: Christmas/random gifts and wedding.

Christmas/Random Gifts: I have already started to plan out my gifts for Christmas this year. Heck, I've already bought a few! But I took my budget I am planning for each person added it up with a little extra for birthday gifts between now and Christmas and divided that by the months I have left (5 to be exact). I should be in good shape for all the gifts for the rest of the year thanks to this.

Wedding: This is a little more difficult because I don't know exactly how much money I working towards saving. I've taken the zero balance approach to this. I've set a specific amount that I call $0 and I won't go below that number. My zero is my few bills plus $400. So when the month is over I zero my account out to that balance and put the extra in savings for the wedding. It might not be the most efficient way to save, but it is working well for me.

I think having some sink funds will definitely help me with my savings and not pulling too much from my every day budget. Everybody's budget and personal fiances are different so this might not work too well for you. I get motivated when I see my savings numbers go up!

Don't forget to check out Katie's blog, Chalk it Up to Better Luck, and wish her luck for the fall semester at UNLV!

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  1. Hahaha Ashley! Too funny. It's okay. Sometimes that happens. As long as you're consciously working to pay attention to your finances that's all that matters. I've honestly kind of sucked this month too! haha

  2. No reason to apologize it happens! :)

  3. Such a cute bag! I completely understand the splurge. My husband and I do the zero thing at each the end of each pay period. We've actually built up a nice amount of money in our savings.