Often you’re not just saving for one thing. You might be saving money towards a holiday, a deposit, Christmas & just for a rainy day.
It can get pretty tough to keep track of how much you’ve actually saved towards your different savings goals if you only have one savings account or just save lump sums.
Use Money Dashboard custom savings tags to keep track of your different savings goals with Money Dashboard & help you mentally account for your different savings ‘pots’.
For example, imagine you are saving £500 a month, but you want to use some of this for holidays, some for your rainy day fund & some for Christmas.
- Firstly, review the Level 2 savings tags available in Money Dashboard.
- Click 'savings' in the top level tag
- Click "add custom tag" on the level two, savings tag list & any relevant custom savings tags.
- When you make a savings payment from your current account tag the transaction with the relevant “savings” tag if it’s all for the same goal.
- If you want to assign your lump sum to different savings goals use the ‘split transaction’ feature on web to keep track of your savings
- For example, you save £250 but want to assign £100 of this towards your holiday, £100 to your rainy day fun & £50 to Christmas.
- Select 'split transaction' on the savings transaction
- Choose "add another split" to create as many sub savings payments as you want
- Update the description, tags & amount for you savings.
- Save your new transactions & they will appear in your transaction list
- 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
- Review & manage your custom savings tags
- Add any relevant custom tags for you
- Go to transactions list
- Choose "split transaction". Add as many splits as you need, update the description, tags and amount
- Saved 'split transactions' will appear individually in your transaction list