20. Why My Cats Have Their Own Savings Account (And Yours Should Too)
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Hello, hello! And welcome to the Season 1 finale of The Money Clarity Podcast. I’m your host, Lindsey Ciarrocca, YNAB Certified Coach, Certified Money Coach, and, as you probably know by now, a total budget nerd and very proud crazy cat lady.
Before we get into today’s topic, I just wanted to take a moment to say a massive thank you. Whether you’ve been with me since episode one or you just found me recently, I am so grateful you’ve spent part of your day with me this season. My mission is to help you use money as a tool to live your Greatest Life, and it has been such an honor to hear your stories and see you gaining clarity around your finances.
The Power of Sinking Funds
As we are wrapping up the season, I wanted to leave you with one of my favorite budgeting tips that might just give you a little bit of instant peace of mind. I have talked about this before but I wanted to leave you with this reminder on Sinking Funds.
If you’ve ever felt like your budget was "broken" because an annual bill popped up or your car needed new tires, Sinking Funds are your new best friend. In the YNAB world, we call this "Embracing Your True Expenses." (I talk more about YNAB’s original four rules in episode 14.) What this means is essentially, taking those big, scary, non-monthly costs and breaking them down into manageable monthly bites.
The Emergency Cat Vet Example
For example, let’s talk about cats. As you might know, I have three of them. And while they are basically my children, the last thing I want is to end up at an emergency vet with a $1,200 bill where I’m handing over my credit card thinking…I know I don’t have the money for this but I literally don’t have another option. Trust me, I’ve been there. I remember that exact moment at the ER vet years ago. Maybe you’ve experienced something similar with one of your pets, kids or even a car repair.
In the past, when you don’t have money set aside for those specific expenses, that bill might have felt like a financial emergency. But now? I have a "Cat Medical" sinking fund right in my YNAB budget. This is where I set aside a little bit every single month. Since I don’t spend from this category regularly, the money just sits there and adds up, waiting for the day when it’s needed. Last year, we had another ER vet visit for one of our other cats. This time, we had over $700 just ready and waiting for that specific expense. So we were able to focus on our kitty, rather than how much the bill was going to be.
That is the power of a Sinking Fund…it turns a potential crisis into just another Tuesday.
The April Focus & Your Invitation
Inside my membership, The Empowered Money Circle, Sinking Funds will be our Topic of the Month for April!
We are going to be diving deep into identifying those "hidden" expenses that usually trip us up and get them set up so they never stress you out again. If you are looking for some support to help set up your own sinking funds, I’d love to see you inside the membership!
EMC Price Increase
If you’ve been thinking about joining us inside the membership, I want to give you a heads-up that The price for The Empowered Money Circle is increasing on April 1st. If you are listening to this in real-time, right now is the moment to lock in the current rate. If you join before the price increase, you will be locked into the current rate, as long as you are a member. You will be able to jump into learning more about sinking funds, as well as all of the core course material. I’m also finishing up a 90 day plan so you know exactly what to work on as soon as you jump in.
Head over to theexuberantelephant.com/emc to join now!
Final Thoughts
I’m taking a bit of a break between seasons but I’ll be hanging out in The Empowered Money Circle every day. You can also hop onto my email list, if you aren’t already on it, and you’ll still hear from me every week!
Thank you again for joining me on this first season! Remember, your money is a tool for your biggest, wildest dreams. Go out there and spend and save with confidence! I will talk to you next season!!
RESOURCES MENTIONED IN THIS EPISODE:
JOIN THE EMPOWERED MONEY CIRCLE: Get in before the price increases on April 1st! This is where we are focusing on Sinking Funds all through April.
THE EVERYTHING PAGE: Access all my free guides, YNAB templates, and 1:1 coaching options. Grab any free resource and you'll be on my email list!
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❇️ Join The Empowered Money Circle on Skool! ❇️
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DISCLOSURES
By using the affiliate links above, I may earn a small commission if you decide to purchase anything. Thank you for your support :-)
YNAB Disclosure: I am a YNAB Certified Coach, which means that I have been trained to coach people on using YNAB software and the YNAB budgeting method. I have met select requirements of You Need a Budget LLC in order to receive this certification, which means that I have the ability to competently coach YNAB to others. I am not an employee of YNAB, and all non-YNAB related opinions and recommendations are my own. My views do not reflect the views of YNAB and its employees or affiliates.
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