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 "[download#8#nohits]" tool!
Here is how it works. Let's say that 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 Club, Savings, and Checking Account. The "[download#8#nohits]" 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 [download#8#nohits] 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! – [download#8#nohits]
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