How do you keep track of savings?

posted 3 years ago in Money
Post # 3
Member
795 posts
Busy bee
  • Wedding: September 2014

@MsJ2theZ:  I was just going to say mint.com, but then i saw you already do that 🙂 

Post # 5
Member
2209 posts
Buzzing bee
  • Wedding: May 2014

@MsJ2theZ:  I love Mint.  To track individual goals, you need to set up a new savings account.  My bank lets me add as many sub-savings accounts as I like, so that’s how I track my savings.

Right now, I have sub savings accounts for:

– Christmas (so my Nov/Dec every day budgets aren’t affected by my holiday spending)
– Semi-yearly bills (water bill, car insurance, car registration, overage on property taxes that escrow doesn’t cover, etc.)
– Major expenses (For large unexpected expenses, or for large purchases if I meet my personal threshold that allows me to upgrade appliances or buy new furniture)

I also have a regular savings account that I don’t touch at all, just build up (long term savings).

Post # 7
Member
845 posts
Busy bee
  • Wedding: June 2013

@MsJ2theZ:  We used mint.com for years and now we use youneedabudget.com. It does cost $60 for a subscription. But it is superior to mint.com in every way. It comes with weekly lessons on budgeting. It has a great philosophy of assigning every dollar of income a job for the month, so that you don’t overspend in certain areas and you can really be dedicated to saving for the unexpected. 

Post # 8
Member
4441 posts
Honey bee
  • Wedding: January 2013 - Harbourfront Grand Hall

@MsJ2theZ:  I have different accounts for each goal, so previously it was wedding and school, now that the wedding’s over it’s house (improvements, unexpected things, etc.) and school.  Regular big bills like car insurance also come out of the school account.  This all sounds like Ramsay’s Money Make over, dividing everything into folders. I think he suggests you use cash tho….

My savings is automatically deducted from my paycheck after I deposit it, I don’t even have to think of it and try not to!  Anything I can’t afford from paycheck to paycheck goes on the credit card and for the last few years I’ve been able to pay it off each month anyway!

Why must you stick with one savings account?

Post # 12
Member
4441 posts
Honey bee
  • Wedding: January 2013 - Harbourfront Grand Hall

@MsJ2theZ:  Hmmm, yeah switching SUCKS!  Chase allows me and DH to have tow main checking accounts and I think up to six misc./savings accounts.

I write down my finances in a journal that’s ALWAYS with me and under the school/savings account if there’s something coming up or money for something else I just write subtract x amount for whatever.  Even if it’s still in there, it’s getting me to think it’s gone and unavailable!

Post # 13
Member
845 posts
Busy bee
  • Wedding: June 2013

@MsJ2theZ:  The big claim that ynab.com makes is that if you follow the rules of budgeting, you can eventually get to the point of living off of last months income. I was SO skeptical that this would work since we’re really focused on paying off debt and building our savings post-wedding. They said it would take about 4 months to be able to pay your bills using the previous month’s income and we are about to start month 3. For October, we will be able to pay for our mortgage and utilities with last month’s income! So insanely awesome. 

 

 

Post # 14
Member
263 posts
Helper bee
  • Wedding: December 2014

@MsJ2theZ:  I use an excel spreadsheet to monitor my checking and savings accounts.  Here are somethings I’ve found helpful:

  1. Make a list of all your monthly bills and their due dates and figure out which paycheck will be used to pay for which bills.  For me, alot of my bills are due at the beginning of the month.  In order to avoid having one whole paycheck going to bills, I set aside a fixed amount of my 2nd month’s paycheck and move it to a savings account.  When the 1st of the month comes around, I’ll transfer that money back to checking and pay my bills as usual. 
  2. I have 2 checking accounts – 1 main account where I pay all my bills out of and a 2nd “fun” spending account.  Every paycheck (I get paid twice a month), I direct deposit a fixed amount of money into the “fun account.”  Once money runs out of that fun account, I have to stop doing fun things (eating at restaurants, shopping, movies, etc.) until the next paycheck. 
  3. At the end of the pay period and after paying that period’s bills, any money left over in my main checking account is swept cash to an online savings account.  This is my main savings account for big things…down payment, wedding, etc.  I like using the online savings account (i.e. Capital 360) because it’s harder to withdraw money, so less tempting to dip into that account.  I would set up a separate savings account for each project, or track it in a spreadsheet.
  4. I set up a direct deposit for my online savings account so that every payday, a small amount automatically goes there.  It seems like a small number on its own, and I usually forget that it’s going to savings, but after a few months it really adds up. 
  5. All bonuses and tax rebates get an express ride to the savings account.

I hope this helps you a bit!  I would say the most important thing is keeping on top of your finances.  I check my balances almost daily and update my spreadsheet every pay day.  I try to analyze where my money is going and if I can cut back in those areas.  There are weeks when unexpected expenses come up, but then I make a bigger effor to make for it the next month. 

I personally don’t like to use the money apps like Check or Mint because they seem limited.  I have alot more flexibility with a spreadsheet and I’d rather keep everything in one place. 

Post # 16
Member
2052 posts
Buzzing bee

@MsJ2theZ:  1 and 3)  I’ve not had the best time seperating out my savings so I’m doing something new.  I had saved up about 3 months emergency savings…Then dipped into it and justified two vacations this past summer, a living room update (slip covers, paint for our entertainment center, etc) by just transferring money from the savings account to the checking account.  Now I’m in what I refer to as the ‘red zone’ because I have less than 1000.00 in savings (oh no!!!)  MY CURRENT SOLUTION:  I’ve decided to open an extra savings account.  One is for ’emergency savings’ and one that I’m opening Thursday when I get paid will be a ‘Wedding/House Down Payment’ savings account.  I actually got this advice from a post that I wrote last week. 

2)  I’ve started clipping coupons, tracking every dollar I spend every month to see where I can tighten my belt.  I was not a ‘smoker’ per se…but I realized that for someone who didn’t consider themselves a smoker I was spending 60.00 a month for cigs!  So, I gave that up. Food is where a LOT of my budget goes.  So, I’ve committed myself to make sure SO and I have ‘leftover night’ where we clean out the fridge and eat the food instead of cooking a new meal every night.  Meatless mondays helps as well, because meat is expensive.

Additional note:  On the same spreadsheet I have where I track every dollar spent, I also track every dollar saved.  I’ve included my medical savings account and my 401k too. 

Good Luck!  I’m trying to save too!! 

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors