Financial Tool Spotlight

Financial Tool Spotlight ==> Savings Account Balance Tracking Tool

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
  • 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 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.

Saving Account Tracker 1

 

 

 

What is the $6,200 in the accounts for? Using this tool, you can clearly give a name for every dollar you have!

Saving Account Tracker 2

 

 

 

 

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.

Saving Account Tracker 3

 

 

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.

Saving Account Tracker 4

 

 

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!

Saving Account Tracker 5

 

 

 

 

 

 

 

 

 

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)

 

Financial Tool Spotlight ==> Early Pay-Off Calculator

Well it’s that time of year again…graduation time! I feel like the school year just started, yet my family is already participating in end of school celebrations for each of my kids!

Graduation season is such an exciting time but it can often be weighed down by the enormity of student loans and other debts. So I wanted to spotlight one of our free tools that can provide significant guidance when tackling these debts – the Early Pay-Off Calculator. This tools is a HOPE-GENERATOR! This tool will get you fired up!! You’ll be able to see how a little extra money towards your debt can make a huge difference.

I have found that the Early Pay-Off Calculator is most impactful when used to calculate how much quicker a student loan, car payment, mortgage, etc., could be paid if one were to begin paying extra principal each month.

As an example, consider a $30,000 student loan financed for 10 years at 6.5% annual interest. The principal and interest payment would be $341/month.

  • Pay $441/month ($100 extra), the early pay-off calculator shows that the loan would be eliminated in 7 years (34 months sooner) and save you over $3,300 in interest!
  • Pay $500/month ($159 extra), the pay-off would occur in a little over 6 years and save you over $4,400 in interest.
  • What if one were able to make two payments per month ($682/month)? Pay-off would occur in a little over 4 years and save you $6,500 in interest!
    Don’t think it’s possible to make two payments per month? Think again! Most people could make two, three or even four payments per month if they eliminated all of their other debts! I challenge you to pull up the Early Pay-Off Calculator, punch in your numbers and discover why this tool will be one of your favorites too!

TOOL: EARLY PAY-OFF CALCULATOR

RESOURCE: I Was Broke. Now I’m Not. – This is a great resource to help you attack debt and make it leave your life!