Depending on how you would like to reflect your savings goals on Money Dashboard Classic (whether it's as a one single pot of savings or different saving pots) and which bank account you are drawing your savings from, the way to track your savings on Money Dashboard Classic would differ. In this article, we run through 3 of the most common scenarios and provide examples on how you can track your savings using features such as 'Split Transactions' 'Tags', 'Budgets' and 'Balance History'.
Important to know before diving into tracking my savings
If you are not sure how to Split a transaction or add a Tag / Custom Tag, we would recommend having a quick read on the articles on Splitting Transactions , how to add a Tag and creating a Custom Tag.
Scenario 1: Only the overall total savings matters for me
If you have all your savings in one account and you are not concerned about tracking savings across multiple saving goals, simply assign a Savings/Custom Tag to the incoming transactions of this savings account connected to Money Dashboard Classic.
Scenario 2: I am saving into the same bank account I am receiving my income from
Scenario 3: I am saving into a different bank account from the account I am receiving my income from
This is a simple option as your Money Dashboard Classic account will reflect the transfer you are making from your main income bank account to the savings bank account. You can then assign the Savings Tag to that transaction. If you would like to reflect multiple saving goals after a single transfer, follow the steps shown in Scenario 2 to split the transaction.
How do I check the value of my 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