Yes, it’s a great idea to have more than one sinking fund, especially if you have various goals that you’re working towards. Having separate sinking funds will help you keep track of your progress and also stay on course, rather than having one pot for everything.
In addition, having multiple sinking funds can help you prioritize your financial goals. If needed, you can always send more money to the sinking funds that are most important to you and adjust your savings plan accordingly, because life happens and priorities change.