Sinking funds are an effective way to plan for upcoming expenses. For example, if you know you'll need to pay $750 to renew your car insurance in six months, you could put $125 into a sinking fund each month. When the clock expires after six months, you'll have the $750 you need to renew your insurance without having to make sacrifices. Many people could benefit from having multiple sinking funds.
So, when those expenses arise, it's important that you're able to access the money you've saved for them. High-yield savings accounts are similar to traditional savings accounts in that they give you easy access to your money. In most cases, you'll be able to withdraw money from your account up to six times per month. Just keep in mind that you may have to pay a fee if you go over your account's maximum withdrawal limit.
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