Set up and track your savings goals with the Tiller Budget to see how close you are to meeting your financial goals.
To create a savings goal:
- Enter an amount into the Savings Target column on your Categories sheet for a category.
- Select the category that represents the savings goal from the Rollover To dropdown.
If you’re NOT using envelope or Zero Sum budgeting:
- Open the Google Sheets Add-ons menu and choose Tiller > Budget > Manage Rollover Adjustments and choose “Yes” to turn off the Rollover Adjustments calculation.
Tracking Progress for Savings Goals
When you designate a category as a savings goal the progress indicator on the Budget dashboard will change from a sparkline to an icon with a percent.
The percentage is based on the amount displayed in the available column for that category. Available = Budget + Rollover.
Your progress indicator is assuming you will save the amount in the Budget column this period and your actual will be $0. If you're saving, and not spending in this category.
The savings goal percentage indicator moves across all periods as long as you have the savings goal "turned on" (i.e. a Savings Target is assigned on the Categories sheet) and does not reset when a new period starts like the progress bar for other non-savings categories.
Savings Goal FAQ
How do I know I've saved if my "Actual" says $0?
The amount you have saved is the amount displayed in the Available column. If you didn’t actually save (or not spend) the amount of money that you have allocated (Budget column) make adjustments from savings category budget or rollover to make sure the Available column reflects what you’ve actually saved for this category.
If you saved more that you originally planned to budget in a period, adjust the budget or rollover accordingly.
How should I categorize if I transfer money between checking and savings?
If you transfer money from a checking account to a savings account you would want to categorize both transactions, 1) money moving out of checking (the debit, negative amount) and 2) money moving into savings (the credit, positive) using the category for this savings goal so you have a net of $0 and your rollover amount in the next period will reflect what you’ve saved (i.e. your Budgeted amount).
How can I turn off a savings goal when I'm ready to spend?
When you've saved up enough and you're finally ready to take that vacation you might want to "turn the savings goal off."
To "turn off" a savings goal simply remove the Savings Target amount from the category on the Categories sheet and categorize spending in for this Category accordingly. You'll see your available balance decline as you spend funds from this category.
When vacation is over and you want to turn it back on to start saving for next year just add a new savings target.
What happens if I spend money in a savings goal category before turning it off?
This is a perfectly normal and desirable thing to do. Perhaps you're saving for a vacation to Hawaii and need to buy the plane ticket in advance. You can categorize the plane ticket purchase as "Hawaii vacation" and your available savings fund will decrease and so will your % progress indicator.
If part of saving was to purchase the ticket you may want to decrease the Savings Target by the amount of the airfare on your Categories sheet to reflect how much more you need to save to finish saving for the goal and other vacation expenses.
Alternatively, you could have a separate goal, just for the airfare portion, and a "vacation spending" goal for the rest of the expenses.