What Is This Money For? A New TOOL!

Have you ever looked at your checking and savings account and wondered aloud – "What is this money for?"

I used to do this all of the time.

For example, I would look at a checking account and see $5,000 there.  Now, seeing $5,000 was a good thing, but I could not keep track of what I was going to use that money for.

Today, I am proud to introduce a greatly improved "Savings Account Balance Tracking (Excel)" tool!

Here is how it works.  Let's say that you are saving for the following items.

  • Emergency Fund
  • Christmas
  • Property Taxes
  • Annual Car Insurance Premium
  • Life Insurance
  • Vacation

And, let's say that the money is being saved in three different accounts – a Christmas Club, Savings, and Checking Account.  The "Savings Account Balance Tracking (Excel)" tool helps you keep track! There is $1,000 in Checking, $5,000 in Saving, and $200 in the Christmas Club account.

What is the $6,200 in the accounts for?  Using the Savings Account Balance Tracking (Excel) tool, you can clearly give a name for every dollar you have!

When the total amount saved matches the total amount named, the BALANCED? section turns green with a "YES"!

If not all of the money has been given a name, the BALANCED? section turns yellow with a "LOW".

If too much money has been given a name, the BALANCED? section turns red with a "HIGH".

Here is what it will look like when it is balanced!

One huge benefit of having your savings account completely named is that you AND your spouse will KNOW what the money is for.  It eliminates disputes (yes – this is what the money was for), it provides encouragement (yes – we get to take vacation), and it makes sure the necessities get paid.

Try it out! – Savings Account Balance Tracking (Excel)

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4 Responses to “What Is This Money For? A New TOOL!”

  1. chris February 27, 2008 at 8:39 am #

    Joe: as always, great post and a lot of intuitive information.

    How do you get your spreadsheet to post in your blog? To see the information in that form is a very useful tool.

  2. Dan February 27, 2008 at 12:03 pm #

    press ctrl+print screen then crop what you want.

  3. chris February 28, 2008 at 5:08 am #

    Dan, thank you.

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