Financial Freedom: How We Can Afford to Randomly Drop $200 on Miranda Lambert Tickets Without Breaking the Bank

Have you ever heard of a "sinking fund?" I hadn't until recently. Honestly, I just call it a "savings account for items or experiences that I want to enjoy without being concerned about money."

Whatever you call it, it is a great idea to have one. This is going to be different than your "fun" money you have in your regular monthly budget. For me, it is for bigger ticket items: vacations, concerts, hair. In other words, items I can't or don't want to blow my regular pay check on.

When I first had this idea, I had no idea where this "extra" money was going to come from. I had to be more aware of where my paycheck was going. I started having a certain amount of my paycheck automatically go into this account so I wouldn't see it in my checking account. This is definitely a mental thing; you don't see it, you don't have it to spend. I also started putting money I made from my side hustle in that account.

Side Note: Before I decided what this account was for, I had a $10,000 goal for it (I use capitol one and I get a higher interest rate once I hit that). I still have that goal, but now that I know what I want to use it for, I am using it for that. I'm about half way there, but in January I bought the Miranda Lambert tickets ($206) and bought flights for our trip to the East Coast to visit friends and our trip to Cancun for my best friends wedding.

So, how much do you put into this account each month? Well, it is going to depend. Starting with something is better than doing nothing. If you can do $5 a paycheck, do $5 a paycheck. I like to challenge myself, so I started with $60 a paycheck. This was a little difficult to start, but like I said earlier, I started to pay more attention to where all my money was going instead of just randomly spending it on amazon. I started this about 4 months ago, now I decided to add an extra $50 a paycheck. That extra $50 will specifically help when my Bar dues come around (about $500), and when I want to to get my hair done.

This, again, is an adjustment, but once you adjust it gets easier and easier.

Lesson: Knowing where your money is going is one way to enjoy it more. Make this account, start with whatever you can. When something you really want to do comes up, you will be so happy you don't have to say no or go into debt to do it.

Note: What you want to use this money for is endless. Concerts, Shoes, Vacations, the zoo, clothing. Whatever makes you happy. 

What will I do once I hit that goal or if I adjust and have more money to "save?" Obviously I could add more to this account, but I believe what I am adding now is a good amount. I will either start using any extra money to invest or depending on how much we are making, start another retirement account - Roth IRA (there is an income cap on this). Whatever I decide to do, I will keep you posted and let you know how it is going!

Thank you so much for taking the time to read my blog today. :) Feel free to comment or email me with any questions, comments, or topics you'd like me to address.