Budget Worksheet - Savings Goals

Overwhelmed by your savings goals? Organize them

Budget worksheet to help you manage your savings goals

There are a lot of great reasons to save: you might want a nicer car, a bigger home, or a honeymoon in Italy. Maybe you just want to pay off your student loans and have a decent retirement!

Saving is more than just how much money is left at the end of the month. It's an essential component of your budget.

Unfortunately, most people forget to include their savings goals in their budget, spending their extra money instead.

If you want to start saving and making progress with your goals, this budget worksheet will help you list your goals, compare those goals with how much you can realistically budget towards savings, and rank your financial priorities.

Make The Most of This Sheet

You can either use this worksheet alone to map out your goals, or you can use it along with the other budget worksheets to create a complete budget.

I highly recommend using this worksheet along with the budget worksheet for income and necessities and the budget worksheet for discretionary spending.

This will give you a comprehensive view of your finances, and having a pulse on what's going on with your money in terms of spending, saving, and earning will only help you.

Guide Tips

To figure out how much you want to save each month for a certain goal, first decide how much you'd like to save in total. Then decide when your deadline will be.

Divide your goal by the number of months until your deadline to determine how much you should save each month.

For example, if you want to have $12,000 saved for a wedding within one year, you'll need to save $1,000 per month. (12,000 divided by 12 months = 1,000.)

At the end of the month, write down how much you actually saved, so you can compare it to your goals.

Short-Term / Emergency Fund Goals

This is savings you need to rely on when life's emergencies arise.

 MONTHLY GOALACTUAL
Car repairs/maintenance  
Home repairs/maintenance  
Illness or Accident  
In Case of a Layoff  
Cushion to Prevent Overdrafts  
TOTAL  


Mid-Term and Non-Emergency Goals

These goals mostly fall within a one to 10 year timespan.

 MONTHLY GOALACTUAL
Wedding  
Car Purchase  
Vacation  
Education  
Home Remodeling  
Down Payment  
Holiday Gifts  
Misc. #1  
Misc. #2  
TOTAL  


Long-Term Goals

For some people, these goals may have a time horizon of longer than 10 years, although that isn't the case for everyone. Adjust these goals into the mid-term category as needed.

 MONTHLY GOALACTUAL
Retirement  
Buying a Second Home  
Misc. #1  
Misc. #2  
TOTAL  

 

Add your totals, and compare it to the amount you're able to save. You can get this number by filling out the income and necessities worksheet and the discretionary spending worksheet.

If your goals cost more than the amount you can save, you have three options:

If your savings rate exceeds your goals, congratulations! Consider adding a new goal or saving more to accelerate your progress toward your current goals.

How to Manage Your Savings

One of the easiest ways to manage your savings is to set up an automatic withdrawal system

Many banks, especially online banks, allow you to have multiple savings accounts. If that's not the case for your bank, or if it's a hassle to set up, look into other banks that have this option. You want to make saving as easy as possible. 

Set up multiple savings accounts for each of your goals. For example, you can have a wedding account, a down payment account, a car repair account, etc. 

Once these accounts are set up, you'll need to link your main checking account to them. If these accounts are all with the same bank, you won't need to do this, but if your savings accounts are at a different bank, you will. You'll usually be prompted to do this while you're setting up automatic transfers.

 

Once everything is set up, use the numbers from the worksheet to determine how much money you should be transferring to each account. So if you want to save $1,000 for your wedding each month, set up an automatic transfer from your checking to your wedding fund for $1,000 each month. 

If you'd rather split up the savings, you can do that, too. Most banks will allow you to do weekly, bi-weekly, twice-a-month, or monthly transfers.

Do this for all of your savings accounts so you're automatically contributing to them. Then, sit back and save!