Track Your Savings

[johnt78]

If you budget, surely you've had to deal with the problem of how to track your savings goals.Part of the problem with tracking savings goals comes from trying to lump all your savings into one or two savings accounts.There is the need to plan activities very well by matching income against needs so that you can know what to cut from expenses to be able to save towards highest priorities.

[johnt78]

You can't get to your destination unless you have a road map. Having a clear objective of what you are saving for is the first step, whether it's for a family vacation, a TV or second family car. "People know they have to save, but if they can visualize their financial goals, it really helps," says Sheila Munch, a CFP and owner of Durham Financial in Oshawa, Ont. It also helps to write down each objective with the amount you want to save and a target date for reaching your goal. "Don't rush this part," she says. "This helps ensure you'll succeed."

[Randomsaver]

Target Savings : Jun 2014 $4,000
Actual Savings : Jun 2014 $4,698

Target Savings : Jul 2014 $5,000
Actual Savings : Jul 2014 $5,268

[johnt78]

A little common sense and fiscal discipline would do a lot more good than any online spending tracker.All you need is a notebook, a pen (or pencil), an understanding of a budget, and you'll be on your way to fiscal bliss.And remember: be sure to squirrel away some money in a savings/retirement account each month.

[johnt78]

It’s important to make sure you’re keeping on track to meet your goal, so that you can make changes to your savings approach if you need to. Set yourself a savings goal – it’s easier to stay motivated and resist dipping into your savings when you know what you’re saving for

[Randomsaver]

Guys,

I'm back to zero here. One of my 2 cars finally died and the cost to fix is of about the same value if not more than that of the car's.

So I decided instead to buy another car.

I bought a 2005 SUV that took me $10,500 out the door. I don't want to add to my already $200K debt so I used all my savings from different sources. I will send the check tomorrow that will pay it all (including the interest accrued of ~$50) off.

I'm walking on tight rope at this time and just hoping for the best. But to me it's the conservative decision, rather than incurring more interest expense on addtitional debt.

R

[Randomsaver]

P.S., my parents at the time were advising me to buy a brand new car and use the $10,500 as downpayment and then get the rest in a loan. A brand new SUV costs about $35K out the door. They were telling me all the advantages and I think what I said to them was

"I agree with all you said and I definitely would buy a brand new except at this point in my life, I am staring at a home mortgage principal of $200K and I can't afford to add to it."

[snafu]

RS, considering you started 3/2014, a mere six months ago at zero, having $ 10,500 to replace the dead car is terrific. Explaining your thinking to pass on a 2014 model SUV to your parents had to be hard but we'll support that decision. Since you did amazingly well earlier in the year, I hope you'll go forward with your saving plan to see what you amass by March 2015. The fact that you were able to cover a car replacement without incurring debt is miles ahead of 80% of the population! Good on you!

[Randomsaver]

Thanks snafu for the encouraging words.

Apart from the savings I target, I have this "holder" or monthly budget I save for car repairs since I don't own a warranty on my prior old 1995 sedan.

Same thing with the car I just bought -- 2005 SUV. It's past the warranty so I should start saving for future repairs. I'm hoping since it's in very good condition that it will get me through 5 years without headache. The mileage I get though is not good -- 19mpg on the city.