Sinking Fund Ideas for 2023

Sinking funds are a great way to save for specific events/items, and it makes it easy to budget and track your saving progress.

Sinking funds are all the hype in the “Finsta” community, and I honestly never even thought about starting one until I joined this community.

Don’t know what the heck I’m talking about? A sinking fund is basically a type of fund that you use when you need to spend money on a specific need or want at some point in the future.

You deposit money into it on a weekly, bi-weekly, monthly, or quarterly basis, whatever works best for you and your savings goals.

Starting a sinking fund is a great way to avoid going into unnecessary consumer debt to fund the wants and needs in your life.

In this post, I’m going to give you ~a bunch~ of sinking fund ideas that you can use to start up your own this year.

• Vacations/Travel – obviously vacations and trips cost a lot and require planning, so this is a fund that I personally started for a girls trip with my best friend and I’m super excited about it!
• Entertainment – these days it costs money to go out, even with your friends for cocktails on a Friday night. When you have other expenses, it makes sense to start a sinking fund specifically for the fun stuff.
• Date Nights – so I can’t relate to this (lol), but if you do have a partner/spouse, going on dates is expensive! If you want to treat your boo to a nice steak dinner, you may need to start saving for it, since steak dinners are pricey.
• Home Renovations/Repairs – buying or renting a home is costly, and so is the repairs and renovations you may need to do. What happens if your refrigerator breaks? Or if your furnace needs to be replaced? These things cost serious dough, so a sinking fund is a necessity if you have your own place.
• Car Maintenance – you never know when your car battery will die, or when something breaks and you can’t fix it yourself. You never want to be caught off guard, especially if you need to drive to work or somewhere else important, so this is where a car maintenance fund comes in handy.
• School Expenses (Tuition, books, etc.) – as a part-time college student myself, I can attest to how costly school is. And I’m sure most of you know that as well! From ridiculously expensive textbooks to the tuition, these expenses MUST be planned out in advance. This is why I’ve ~finally~ started my own school sinking fund that I will be using for the summer semester.
• Self-Care – who doesn’t love a good spa day?! Unfortunately, getting a facial can cost over $100, and add in any other special services, it could end up becoming more expensive.
• Holidays/Special Occasions – it’s no secret that these past holidays were super expensive. From traveling to visit loved ones to buying them special gifts that they will love, obviously those costs add up. This is why it’s best to start a sinking fund earlier rather than later!

There’s definitely more sinking funds you can start, but these were all at the top of my head as I was writing this post.

I hope you got some value out of this, or least a running list of ideas for your own sinking funds, should you decide to start one or two.