Tracking Assorted Types of Savings?

[LizfromtheBronx]

I'm getting closer and closer to posting my budget....still updating an old budget spreadsheet I had used to reflect current spending, income expenditures, etc. The raise I mentioned in my 401k thread is most likely taking effect next pay period. It is hopefully going to be retroactive to the beginning of this year, and has the potential to be higher than originally anticipated.

Does anyone have a spreadsheet they use to track savings? I'm looking to set up sinking funds for Medical (co-pays, prescriptions, anything bigger would come out of EF), Gifts (birthdays, Christmas) and Travel. Non-sinking funds are EF and General. I'll eventually add a Down Payment fund in there too.

I plan on coming up with an amount per pay period for these categories. Just trying to figure out how to actually set up the spreadsheet.

I have a main page that details out each pay period's "payments" (payments in columns across top, pay period dates in rows). Each row totals out, and is balanced against net pay. Any surplus will eventually go towards general savings (after EF is built up).

I'm adding a tab for savings - not sure if it's going to be too cumbersome to track sinking and non-sinking on one page...or if I should just add a column for each category to the main payments page, and then use the savings tab just to track balances.

Thoughts? Anyone want to share their method for tracking this?

Thanks!!!

[Petunia 100]

I prefer to just set up different accounts. If you keep your savings in an online bank, it is super easy to set up multiple accounts, nickname them, and view them all on a single screen, with a grand total at the bottom of the page. It is also super easy to set up automatic transfers into each one.

I find this method simpler than tracking funds for different goals in a single account.

[LizfromtheBronx]

Thanks, Petunia...I definitely plan on doing separate or sub accounts. I was asking more about tracking (I'm a spreadsheet junkie).

Do you track it at all, or just use the bank's website to do so?

[Petunia 100]

I track my budget, so I make certain I am making my deposits as budgeted. And I keep track of my balances. But as far as withdrawals, no, I don't track them. When I withdraw money to pay for, say, my car insurance, that was what the money was for.

[TheMom]

My spreadsheet is the opposite of yours. I have columns of pay periods and rows for payments.

I have a few sections of rows.
1. cash - school things for each kid, fun money, food, etc
2. checks - bills mostly and includes online payments

then starts the savings accounts. I have 3.
1. First is General Savings. In this are my sinking funds for 'optional' things - vacation, gifts, kids activities, etc.
2. Escrow - non option sinking funds for insurance, prop taxes, etc
3. Long Term savings - for the emergency fund, car replacement, kitchen remodel

Within each of those savings areas are rows for each type of savings. So, in Long Term, there is a row for emergency, car, and house.

Each pay period takes 2 columns, really. The first column is the amount that is budgeted to each category. The second column totals the rows. So, for the cash and check category, the second column is pretty much at zero. I don't add up any left over grocery money. but, for savings, it adds the amount for the pay period to what I had at the end of the last pay period. It's a running total.

I don't think I explained that very clearly, but, I hope you can follow it enough.

[LizfromtheBronx]

TheMom, makes sense!

What I decided to do is just have a separate column on the payments page for each separate fund, and the amount from each pay period gets carried over to a savings tab, where the balances are cumulative. Don't think I'm describing it well...but while I'm budgeting and building savings...it's very motivational for me to see...if I put this much into the acct every month, this is what I'll have after a year, etc.

I've found that in the past when I've been budgeting successfully, it's when I have the entire year laid out in front of me, and I can play around with the numbers to do projections. I'm a sucker for a good spreadsheet, I guess.