Before I go into my rant, let’s discuss what a sinking fund is to start off. It’s a savings account that I use back and forth to pay for the unexpected as well as the expected expenses that pop up every once in a while. I keep a steady amount in my sinking fund to pay my property taxes and my vacation plans. The rest is used for the unexpected appliance repair, tire replacement or tree removal (to give a few examples) Normally, I keep around $5,000 in my sinking fund. As the fund goes down, I fill it back up. That’s why it is called a ‘sinking fund’.
Today, thanks to inflation and the higher costs I am paying for a lot of used-to-be normal things, my sinking fund has sunk to $2,500 (just barely) and I’m having a hard time keeping it at that! I simply do not have any extra cash anymore to stuff away in to my sinking fund. Because of that, I’ve been compelled to cancel things (like cut back on vacations, eliminate live entertainment, no more restaurant meals or take-out, cut back on driving, cut back on energy and heating expenses, no more dog grooming bills (I do it myself) no more hair cuts for either one of us (hubby does both our heads) no more new clothes (it’s either Goodwill or Job Lot) no more streaming services (it’s ROKU or PBS or nothing) no more replacements unless it can’t be repaired……..well, you get the idea. Whatever I am doing, however, isn’t working. The cutbacks are keeping me personally afloat and non-sinking. The cutbacks are doing absolutely nothing for my sinking fund.
My next solution is to start selling things. I was going to donate a lot of my stuff to Goodwill but no more. I’m either going to use Facebook Marketplace or as soon as spring breaks, I’m having my first ever (in 40 years!) yard/garage sale. I’m starting to accumulate whatever it is that has value (or someone else might need) and I am selling said stuff. If that doesn’t help or make a dent in my finances, I’m going to start looking for a part time job. Or get my sewing machine in gear and invent something I can sew, sell and sink!
Right now I have four sources of passive income coming in to my life: 2 Social Security checks, 1 pension and 1 interest investment. Hubby does occasionally get a few days of work here and there BUT nothing steady. Hopefully, my new suggestions will resolve some of my sinking fund issues.
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Ciphers From Cindi 
“Inflation”, or so they say, is just a way for the companies to gouge us. I have no other explanation. It’s not 7%, or even 10% inflation. Companies are taking this crazy time as an opportunity to raise prices 25% – 50%. I just got a notice that my property values have gone up so taxes went up 20%. Some of my insurance policies (sewer and water lines) went up 15%. I’m bracing for the car and homeowner insurance rates — Something as simple as my favorite bagel store went up 50%. Really? They ended up losing my business. I don’t need to spend $40 on two dozen bagels, and my waist doesn’t need to eat them. We will be moving once my husband retires, to a lower-cost living area, and lower taxes. I honestly have no idea how people on fixed incomes are doing it, Cindi. I am working on a way to make money (perhaps a bookkeeping business) to do in retirement, both for keeping my mind active, and having a cushion. I guess we shall see.
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If you need a bookkeeper employee, I’m you’re woman! Been doing it since I was 16. My mother taught me how to do payroll. I do accounts receivable and payable too!! Computer literate!! Lol. That’s the kind of job I’m looking for.
My electricity went up 44%. We were warmed but still not prepared. Now I found out NYS wants everything to be electric. They want to ban propane, natural gas and propane stoves!! I want to run out of this state yesterday. Working on it.
Biden created this inflation when he banned the XL pipeline. Don’t be fooled.
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I hope you do well at your garage sale. You should ask your daughter about the kids clothes she has stored upstairs. Three items I sold out fast on was health and beauty items and grocery items I picked up super cheap(ShopRite) and painted rock pets and small painted paper weight stones and personalized painted garden pots and baskets. I preferred to go to a flea market away from my home and I made so much more money. I sold my girl friends homemade mittens and hats she made from recycled sweaters. We split the cost of the table and I got a commission from her. Sincerely, Lara
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Lara, in this economy and the price of new clothes, I’m selling both my daughters stacks of baby clothes. They have them shrink wrapped and labeled as per age. They’ll be easy to sell. I already started getting my stuff together. I started a Goodwill pile of stuff I can donate too! I’m psyched!
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