How to Track Your Sinking Funds (Free Printable Sinking Funds Tracker Template)

You are finally wanting to start saving with sinking funds. You have read about them, understand what they are and how they help you with planning your savings for the future.

Want to know about Sinking Funds and how this useful budgeting tool can help you save for large, irregular expenses? Read this step-by-step guide to sinking funds for the answers to all your questions.

Sinking Funds Tracker

Sinking Funds are the best way to save small amount each month for a designated purpose. This tool helps you to have stress-free budgeting, avoid credit card debt and spend large planned sums of money without feeling guilty.

You want to save for lots of different events and goals. But how much can you really afford to?

Sinking funds are a part of your overall budget. In order to successfully be successfully save for your goals, you need to have a realistic budget.

What Amount Can You Afford?

You have got to remember to budget for your monthly bills first (your fixed expenses), your variable expenses next (your food, gas, lifestyle, fun).

Once you have budgeted for these two, the remaining money can be put towards paying off your debt, saving for specific goals or towards retirement. This is where you make a choice based upon your financial priorities and what you think makes sense for you. Ultimately it is what you are most comfortable with.

Now that you know what amount you can realistically afford to allocate towards your sinking funds, let us move to the next step. (This is where we will use the sinking funds tracker.)

Sheet 1: Plan Your Sinking Funds

Once you have an amount that you wish to put towards sinking funds, you decide what goals and amounts.

The Plan sheet from the helpful Sinking Funds Tracker bundle is designed to help you with this step.

Sinking Funds Planner Printable

The entire set is completely free and available in my resource library. Just enter your details below to get access to these templates, exclusively available to my e-mail subscribers.

The first thing you need to do is write down the amount you want to budget for sinking funds each month in the template as shown below. This is the amount you will divide into specific goals.

Sinking Funds Monthly Tracker Template

Now decide how you can divide it across the different goals. Depending upon the number of months you have remaining for achieving your goal, you will arrive at a total amount you will be able to put together.

Let us take an example. Say you are able to allocate $300 from your monthly income towards sinking funds. Out of this you want to set aside $100 for Christmas.

Read More:
How To Budget For Christmas. Start Now

You start doing this from April and are continue to do so each month till December.

Now when you need to start buying gifts you have accumulated $900. Not bad, right.

This is done in the planning sheet.

Sheet 2: Keep Track

While your planning sheet helps you to budget, your tracker sheet is designed to help you know what amounts you have saved. This worksheet let you know the actual amounts you have.

Every time you transfer money to your savings fund account (or your cash envelopes) make a note of it in this sheet. Similarly if you take out some money, make note of the same.

Let us take an example. Out of the $300 you have allocated to your sinking funds each month, you decide to save $50 for your son’s birthday in July.

Assuming you start in April, your starting balance will be $0, and closing balance for that month will look like this.

Sinking Funds Monthly Tracker Template

In July, when you make your transfer, it will look like this.

Sinking Funds Monthly Tracker - Save Money

Then on July 10, you go out an buy a gift for him. When you withdraw $200 and note it down.

Sinking Funds Monthly Tracker - How To Close a Fund

Also remember in August you have $50 which you can decide to save for his birthday in July 2020 (by when you will have $600) or decide to put it away for some other purpose – use the extra $400 to pay off your debt.

Sheet 3: See Your Progress

With your tracker you know at a glance what amounts you have saved up for each specific purpose. Sheet 3 helps you visualize how much you far you are on your journey and how much more you have left to go.

Let us say you are want to save $900 for Christmas. You simply divide your target amount by 20. So each of these boxes represents $45 of savings.

In April, when you save $100 you will color in the first two boxes representing and a little bit of box 3.

Sinking Funds Visual Tracker - Colored In

In July, your visual tracker looks like this.

Sinking Funds Visual Tracker - Goal Achieved

Keeping track of your savings is important. You stay on the top of things, know how far you have come and have motivation to continue strong on your journey.

Other Tools For Creating a Sinking Funds Tracker

You can create your own sinking fund trackers in Google Worksheets or even your bullet journal.


You can use the templates available in my resource library and get started immediately.

So go ahead, establish you sinking funds and easily keep track of them with these printable worksheets. Don’t forget to snag them.

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free printable tracker templates to track your sinking funds

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