Our newest tool is a Savings Account Balance – Tracking Tool!
Here is what it is for and how it works.
Ever been saving up for multiple purchases and holding it all in the same savings account? For example, my family saves up for vacations, car replacement funds, property taxes, life insurance payments, and health club memberships. All of that money is saved in the same account! When you look at the account, it is just one balance! How do you know the amount of money saved up for each category? … Let me introduce you to our newest TOOL!
In this example, you can see that for January 2007 this person's savings account has $6,630. However, just because they have $6,630 available, it does not mean they can just go blow it on a new boat! It is being saved for KNOWN upcoming expenses. They actually have a plan!
In February 2007, you can see that the overall balance went up $380 – $100 went to the emergency fund, $60 for Christmas, $35 for property taxes, $50 for the vacation fund, $65 for Life Insurance, and $70 for YMCA.
Make sense? Oh, yeah! You have GOT to go get this tool!