If you just joined in on the budget makeover today, you may want to go back and figure out how you relate to money, get your bills in order, estimate your monthly costs, start saving for an emergency fund , save for big items, and take a look at my example Excel Budget spreadsheet before reading on.
So the whole reason really to keep a budget is so you can pay your bills and hopefully save up money to avoid future financial disasters. Oh, and of course have a little fun along the way– as long as you have the moolah for it!
I keep an excel spreadsheet for our savings account, just like I do our budget. On the savings spreadsheet I keep track of big items we’re saving for such as Christmas and a kitchen renovation, our emergency fund, and bills that aren’t paid monthly such as our trash pick-up. One sheet keeps track of what we’re putting into our savings and another sheet keeps track of what we’re spending of our savings.
I have formulas set up to keep track of how much is saved up in each category and how much the account should be overall. It’s so easy to keep updated and it’s nice to be able to see progress being made towards our financial goals.
Get my Excel Savings Template and customize it to fit your areas of savings. It’s a great way to see what money is earmarked for in your savings account and know exactly how much money you can spend in each category.