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What is a sinking fund?
A sinking fund is an account that is used to save money for a specific purpose. The fund is designed to allow for regular contributions over time, which will eventually be used to pay for a specific goal, such as a car, a down payment on a home, or any planned future expense.
How fast are sinking funds growing in popularity?
Interest in Sinking Funds grew 48% over the past year, compared to the year before, putting it at a current volume of 4.1K searches per month, as of last month.
Sinking fund content is predominantly talked about on TikTok, where users are sharing more casual and everyday money-related tips and tricks.