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Budgeting In Action: Do The ‘Monthly Savings Budget – Five Year Plan’

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:


Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 269 times – 17 KB


Monthly Savings Budget – Five Year Plan


Now you have how much each of your three goals will cost in terms of money you can incorporate this information into your ‘Monthly Savings Budget – Five Year Plan’.


First of all, check that the amount you find in the ‘Total Monthly Savings’ column matches the amount in the Monthly Expenses and Savings Sheet – specifically the ‘Budgeted’ ‘Total Monthly Savings’ cell. If it does you can skip the technical bit!


The technical Bit


If it doesn’t simply do the following in cell B4 of the ‘Monthly Savings Budget’ sheet:






Then click on the Monthly Expenses and Savings Sheet – specifically the ‘Budgeted’ ‘Total Monthly Savings’ cell. Then go back to ‘Monthly Savings Budget’ sheet and you will find in cell B4 the following:


=SUM(‘Monthly Savings Budget’!C42


(By the way C42 is just an illustration as this cell number could vary)


Then add the $ sign before the letter and then again before the number, for example:


=SUM(‘Monthly Expenses & Savings’!$C$42)


Close the brackets and then press enter. After this select cell B4 (the same cell you’ve just entered the formula into) and place the curser to the bottom left corner so it changes to a plus sign. Then hold down your mouse and drag it to the Nov 21 row.


The formulas should now all be input correctly and the same figure should go all the way down the column which should match your ‘Budgeted’ ‘Total Monthly Savings’ cell on your ‘Monthly Expenses and Savings’ sheet. Now lets begin the fun part!


Now enter in how you will divide your savings or save towards one goal, remembering your number one goal should be to pay off all your debt first. On the spreadsheet I have listed an example for you. You may want to save for only one goal at a time or choose to spread your savings so that you save for multiple goals simultaneously! Remember any goals with deadlines should be saved up for in full before the deadline or the deadline amended to accommodate for when you will have saved enough.


If you need more than five years to save for your goals just place the curser to the bottom left corner of the cell you want to copy down the column so it changes to a plus sign and drag down the column to add more months. You can do the same for the ‘Total Monthly Savings’ figure which is linked to your budgeted total monthly savings on the ‘Monthly Expenses and Savings’ sheet.


The beauty of having formulas is that if you change your budgeted monthly savings figure  in your ‘Monthly Expenses and Savings’ sheet it automatically changes the figures in your ‘Monthly Savings Budget – Five Year Plan’ sheet without you having to do a thing!


Now fill out your monthly savings budget with what you will save for and how much each month, remembering to refer to your ‘Life Goals Budget’ sheet which will provide you with the total amounts you need to save for each item (TIP: your ‘Life Goals Budget’ should include paying off debt and an emergency savings fund for the unexpected, for example, being out of work).


Did you get excited seeing all of the money you will save? Do you now have an emergency savings fund you are saving up for? How much did your goals cost and what were they? Please share your thoughts in the comments below to gain encouragement, insight and support from our community, we’d love to hear from you.

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