Different savings goals over different time frames? I've made a spreadsheet!

concrete_kid

I've recently started to get my finances in order, and after working through my budget I decided it was time to start saving...gulp. I started to get rather confused, I had lots of different things to save for over different time frames, how was I supposed to know how much to save for each thing?

I'm no expert but set about creating a simple spreadsheet that would work it all out for me (I couldn't find one on the web, although I'm sure they must exist).

Please find the link to the public Google docs document, please save it or make a copy and you can play about. Only edit the shaded areas.

https://docs.google.com/spreadsheet/ccc?key=0AvDiW1EVjlEIdHNFUkN4UTZSVFpqUU5rblA2RE9sOXc&usp=sharing

I think it's self explanatory but If not let me know.

I found it helpful for savings that I would not touch for years. For example I wanted to give my neices and nephews £1000 each for their 25th birthdays, this works out for me that I only need to save £16 over 21 years.

Please let me know what you think.

Tiglath

I do something similar with mine for short-term savings (a few years ahead, so not money I'll invest in my S&S ISA which is kept separately and not to be withdrawn). I have one 'pot' for cash savings and save one amount per month, but use a spreadsheet to divide the total into various 'goals.' I have one month per row so I can see each pot growing until needed, and if I save more than the needed amount each month, I have a separate Misc column for the extra.

racing_blue

It's simple, but effective.

It is actually a very conservative projection (which is good)- as far as I can see you are not factoring the compound interest/returns you will get on your savings or investments.

One comment, if I was doing it, my very first column would be "emergency fund" and I would put all my savings efforts into this until the goal was reached. After this, I would start the clock on the other columns. Not saying that's right or wrong though- but it is such a valuable comfort to know that it is there & that any essential expense is easily covered.

In financial planning terms, if you are in your 20s (guess?), I reckon you are ahead of about 75% of the population starting a sheet like this!

lippy1923

I like it. Simple and easy to use and it gives you a clear indication of what you need to save per month.

opinions4u

It's pretty much how my finances run.

Can't knock it.

concrete_kid

I just hope I can stick to it. I also hope other people find it useful.