Have you ever been saving up for multiple purchases and holding it all in multiple accounts? The list of items my family saves for ranges from vacations to car replacement funds to property taxes to life insurance payments. When you look at the account(s), it’s hard to tell what money is for what. Well we have a great FREE tool to help! Let me introduce you to the Savings Account Balance Tracking Tool.
Here’s how it works. Let’s say you are saving for the following items:
- Emergency Fund
- Property Taxes
- Annual Car Insurance Premium
- Life Insurance
And, let’s say that the money is being saved in three different accounts – a Christmas Fund, Savings, and Checking Account. The Savings Account Tracking Tool can help you tackle what each dollar is for! In this example, there is $1,000 in Checking, $5,000 in Savings, and $200 in the Christmas Fund.
What is the $6,200 in the accounts for? Using this tool, you can clearly give a name for every dollar you have!
If all of the money has not been give a name, the BALANCED sections turns yellow with a LOW and show you the amount you still have left to name.
If too much money has been given a name, the BALANCED sections turns red with a HIGH and show you the amount you’ve overspent.
When the total amount matches the total amount named, the BALANCED section turns green with a YES. 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 make sure the necessities get paid.
Ready to try it out? – Savings Account Balance Tracking Tool (Excel)