Sinking Funds: The end of surprises in your annual bills
We all know the feeling: December arrives and the car insurance, gifts, and property taxes all pile up, destroying the month's budget. The solution to this is called Sinking Funds.
How do they work?
Instead of paying €600 all at once for car insurance in a single month, you divide that amount by 12. This means every month you must "hide" €50 in a specific sub-account or category. When the annual bill arrives, you will already have the money set aside and won't even feel the hit!
Automate your Sinking Funds:
In the Bills section of Totem Finance, you can add annual invoices. The app will calculate the monthly average you should save and alert you to set aside that small amount in your budgets every month.
Install the free app