You have to answer questions to determine your goals.
It can feel intimidating at the start but it’s quite easy, especially when you have set your goals for the tracker. Using a savings tracker or a money goal tracker helps you organize the way you save money. Savings tracker 21 (49.50 KB) Different types of savings trackers No matter how you choose to plan your savings, using a savings tracker or a savings goal tracker will help you monitor where you place all of your money. You can also “split” or “allocate” interest earned to different goals or accounts. You can see this when you make a deposit in your savings spreadsheet where a transaction, in this case, a savings deposit, gets split into multiple savings goals. Most of us know about “deposits” and “withdrawals,” but what about “splits?” This is an allocation of a single transaction to several budget categories. If you do this, make sure to keep track of the amounts you’ve saved using your savings or money goal tracker.
But still, money saved for other purposes are still all lumped up into one savings account. Many have their separate retirement savings too. Most people tend to put their medium-term and short-term savings into maybe one or two savings accounts.
Most people usually have special savings accounts or just the normal bank accounts which have standard interest rates. This means that you place the money leaving your spending account in these specific separate “goals” or “savings accounts” as specified in your savings goal tracker. The first thing to keep in mind when you start managing your budget is to consider the money that you place into your savings as an “expense.” On your savings tracker, you need to have either a budget category for your savings or the main category with subcategories including “Emergency Funds,” “Travel,” “Education,” and more to name a few.
MY CERTIPHI ACCOUNT TRACKER HOW TO
Savings tracker 11 (9.57 KB) How to use a savings tracker
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