This article goes through some ways to track your savings including splitting transactions, tracking savings in your budgets, what you can do if you have a savings account connected and how to go about tagging your savings.
Let's get straight to it. Some of us want to check our spend and others want to see all their accounts in one place. But we also want to save money for that holiday, wedding or house deposit. So saving for a single goal is quite simple (we run through it below) but when you have multiple savings goals what are you meant to do?
The likelihood for most people is that you will try and save some of your paycheck (or some other income).
- If you save in the same account as you receive your income this will involve straight of your income transaction.
- If you save in a different account you will have to transfer money to that account. You will split the tags on that transaction.
The Need To Reads
Do you just care about overall savings?
This is really simple. If you just care about how much you have in Savings (as opposed to for multiple goals) and do all your savings in a savings account then this just look at the total value in the account.
Saving in the same account as you receive your income into
- Find the source of income that you want to save (this is probably your salary)
- Click on the transaction to open the dialogue box and select split transaction
- Choose how much you want to save and give it the tag you want (If its one giant savings pot this is probably 'Savings', or you can create a custom tag)
- These will appear on your transaction list
- If you want to then split this 'savings' transaction into different types (like holiday savings, deposit savings) just follow the same steps above.
Saving in a different account than you receive your income into
This is by far the easier option and makes keeping track of savings much cleaner. This is because you will need to transfer between accounts. You then split the transaction whilst also being able to see the total value of your savings account. So please follow the steps
- Transfer the Money to your Savings Account
- If you want to leave it as one bulk sum just add the savings tag.
- If you want to save for specific goals then split the transaction and divide it as you want. If you want to create a custom tag look here.
- This will appear on the transaction list
How to check the value of your savings
- Once your transactions are tagged and split, you can view the breakdown of savings contributions on your Outgoings by Group chart (make sure “savings are marked for inclusion).
- To see the bigger picture of your progress towards savings goals, take a look at ‘Balance History’ and consider enabling the ‘Net Balance’ line