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Sinking Funds Calculator

For the costs that show up right before payday and mess up my plans: holidays, the car insurance bill, school fees, a birthday. Give each one a target and a date, and see the set amount to put aside every month and every paycheck so the money's there when it's due.

1. Your goals

Set aside

Per month
–
Per biweekly check
–
26 checks a year
Per weekly check
–
52 checks a year
GoalStill needMonthsPer monthPer biweekly check

Months = full months from today until the date you need it (at least 1). Per-paycheck amounts spread the monthly total over a year of paychecks (×12 ÷ 26 or ÷ 52).

How to set up sinking funds

  1. List the irregular costs you know are coming: holidays, birthdays, annual subscriptions, car insurance, registration, car repairs, back-to-school, vet visits, travel.
  2. Give each a target and a date. Use last year's spending as a guide. For things without a date (car repairs), pick a 12-month target.
  3. Enter what you've already saved so the calculator only spreads what's left.
  4. Set aside the amount on each payday. Put it in a separate savings account, or keep a written tally per goal.
  5. Spend it when the bill comes, without guilt. That's what it's for.

FAQ

What is a sinking fund?

Money you set aside a little at a time for a cost you know is coming, so it doesn't land on one paycheck. It's different from an emergency fund, which is for things you can't predict.

How is the monthly amount calculated?

(Target − already saved) ÷ months until the date. Months are counted as full months from today, so Oct 9 to Dec 20 is 2 months. If the date is less than a month away, it's treated as 1 month.

How much per paycheck if I'm paid biweekly?

Monthly amount × 12 ÷ 26. That spreads it evenly over every paycheck in a year, including the 2 extra checks in 3-paycheck months. If you'd rather only save from 2 checks a month, use the monthly amount ÷ 2.

Do I need a separate bank account for each one?

No. One savings account plus a simple list of how much belongs to each goal works fine. Some banks let you make free sub-accounts or 'buckets' if you prefer.

What if the total is more than I can afford?

Push dates out, lower targets, or rank the goals and fund the most important ones first. A smaller amount set aside every payday still beats nothing when the bill arrives.

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