Saving Goals
Tutorial - Written Guide
Welcome to the Saving Goal Feature tutorial, where I’ll guide you through how to use this helpful tool in your budgeting template to track your savings progress month by month.
Location of the Saving Goal Feature
You can find the Saving Goal feature on the Notes Tab of the template. This feature allows you to set savings goals and track your progress towards them.
Step-by-Step Guide:
1. Setting Your Start Date
Begin by entering your goal’s start date. For example, if you start your goal on August 1, 2023, enter that date in the corresponding field.
2. Enter Your Savings Goal
Next, input your savings target. For demonstration, let’s say your goal is to save $25,000. Type that amount in the savings goal field.
3. Track Your Progress
Once you enter your goal, you’ll see a progress bar that fills up as you move closer to your savings target. You’ll also get a summary showing:
- How much you’ve saved so far
- A month-to-month breakdown displaying how much you saved each month
- A running balance on the right-hand side that keeps track of your progress over time.
Tracking Mode: Investment vs. Momentum
One feature that may not be immediately obvious is the Track With option, which lets you choose between two tracking modes:
Investment:
When you select this mode, the feature only tracks money that you directly deposit into investment accounts such as savings accounts, stock portfolios, emergency funds, or similar. Any amount deposited into these accounts will count toward your savings goal.
Momentum:
This mode is a bit different. Instead of only tracking deposits into investment accounts, it considers all the money that wasn’t spent on expenses during the month. For example, if you earned $5,000 in a month and spent $3,000 on expenses, you would have $2,000 in momentum. This $2,000 counts toward your savings progress, even if it wasn’t moved into a savings account—it could be used for paying down debt (e.g., credit card bills or mortgages) or even left in your checking account.
When you switch between Investment and Momentum, you’ll see your progress adjust accordingly. In the demo example, after switching to Momentum, the savings goal hits 100% because all unspent money is counted as progress.
Conclusion
The Saving Goal Feature is designed to give you a clear picture of how well you're progressing toward your financial goals, with flexibility in tracking your efforts. Whether you’re putting money directly into savings or building momentum by avoiding unnecessary spending, this tool can keep you on track.
If you found this guide helpful, be sure to check out the rest of the tutorials for more tips on getting the most out of your budget template!