A sinking fund can help you prepare for those months when you do not have an income. We know there are certain months of every year when we do not receive a paycheck. Rather than dipping into our emergency funds or (gasp!) using credit cards, we can put money aside during the months prior. A sinking fund is a great place to do this. 

Here is a video that shows you how to create a sinking fund spreadsheet. You can always add "August Expenses" or "January Expenses" to the top row. 

If you find yourself dipping into your savings account between "emergencies," you may consider a no-penalty CD or keeping one CD that matures each semester. Here is a video that explains a couple of different options.