Free Savings Worksheet to Rock Your Money Goals in 4 Easy Steps

Soccer ball ready to score a metaphorical money goal
Ready to make a change? Here’s how.

Saving isn’t just about the money in your bank account; it is a commitment to set and achieve financial goals. 

There are many savings goals you might want to achieve: an emergency fund, a retirement account, or maybe something fun like a trip. 

No matter your goal, saving is an important habit to develop, but it’s easy to fall off track.

Ready to make a change and take control of your financial future? Download our free savings goals worksheet (and bonus challenge worksheet) and follow our savvy tips to get started. 

PDF icon DOWNLOAD THE SAVINGS GOAL WORKSHEET

PDF iconDOWNLOAD THE SAVINGS CHALLENGE WORKSHEET

Savings Goals Worksheet

The savings worksheet will allow you to organize your savings goals by including the necessary information needed to achieve them. The savings challenge worksheet will motivate you to start saving this week and keep it up for an entire year.

Follow the steps below to get the most out of the savings worksheet to start crushing your savings goals.

Step No. 1: Decide what you want to achieve

To determine how much money you need to save each month, decide on your savings goals and how much you’d like to save in total. Then, decide on a deadline and hold yourself to it.

To do this, take the total amount of your goal and divide it by the number of months there are until your deadline. This is how much money you need to save each month.

For example, if you need to save $24,000 for a wedding in the next two years, you’ll need to save $1,000 per month ($24,000 divided by 24 months = $1,000). The example below showcases how you can use the worksheet to save for an impending car repair.

OppU Savings Goals WorksheetStep. No 2: Free up money to save

To fund a savings goal, you need to adjust your budget. 

If your savings rate exceeds your goal, then you have an excess of money. Congrats! Your goal is progressing toward being fully funded. Use that additional money to accelerate your goal or add a new goal.

If your goal costs more than the amount you can save, however, then it’s time to reevaluate your priorities. Here are three actions to take to help you get back on track:

  • Cut your spending by reevaluating your needs and wants.
  • Reduce the number of savings goals you are trying to fund. 
  • Extend the deadline for your goal in order to contribute a smaller monthly amount.

Step No. 3: Stay on track with saving

Banks often allow account holders to have multiple savings accounts, or to have savings goals within a single account. 

Consider breaking up savings goals into different accounts to make it easy to track their progress. For instance, create an emergency fund account, a wedding account, a home down payment account, and so on.

One of the easiest ways to ensure that savings goals remain a priority in your budget is to set up an automatic withdrawal for at least once per month. Automatically moving the money takes the decision-making process out of your hands.

If possible, direct deposit a portion of your paycheck into a savings account. Some companies allow their employees to directly deposit a certain percentage of their earnings into different bank accounts. This way you can contribute to your savings goals before the money ever reaches your checking account.

For those without direct deposit, an option is to automatically withdraw money from your primary account and transfer it to a savings account on your expected pay date.

Ready to set up an automatic withdrawal? Make sure that a source, such as a checking account, is linked to the savings accounts. Now, set up the automatic deposit by using the numbers in the worksheet to determine how much money to transfer each month. 

Step No. 4: Challenge yourself to save $1,378

Maybe you’re ready to start saving, but don’t know where to start. Don’t let financial uncertainty stop you from starting a savings account. Join the 52-week savings challenge.

For one year, or 52 weeks, contribute money into a savings account. Contribute $1 in week one. Contribute $2 in week two. As each week passes, contribute money at an increasing rate. 

This is a painless way to save up $1,378 within one year. That’s a huge contribution that will transform an empty savings account to a well-funded one.

Savings Challenge Worksheet

 

Tips to Save Money

We spoke to the financial professionals to hear their top tips on how to follow through and actually achieve any savings goals you make this year.

No. 1: Create a meaningful and specific goal

Wesley Botto, CPA and founder at Botto Financial Planning & Advisory

Having a savings goal that is meaningful and specific helps. 

[S]etting a number goal is not meaningful. It will not prevent you from making an impulse purchase. However if you sit down and really think about your priorities, then your goals will carry out in your daily life.

No. 2: Harness the emotional power of money

Danijel Velicki, founder and CEO of Sqwire and Opus Wealth Strategies, LLC

… Start by having your paycheck deposited into your savings account, not checking account. Then on pay day, figure out how much you need to pay those essential bills and transfer [that amount of money] into your checking account. 

Now every time you want to make a purchase or go shopping, you will have to transfer the money you’ll need from your savings to checking. Seeing the number in your checking account drop when you transfer that money can create an emotional response. It forces you to think about how bad you really want that item, whatever it may be. The extra time to transfer the money will often make you decide that you don’t want or need to make that purchase.

Contributors

Wesley BottoWesley Botto is a certified public accountant and partner at Botto Financial Planning & Advisory. He pursued an undergraduate and master’s degree in accounting. He believes there is nothing better than helping clients properly align their objectives with their strategic actions; his clients include physicians, lawyers, and business owners.
Danijel VelickiDanijel Velicki is the founder and CEO of Sqwire and Opus Wealth Strategies, LLC. A Croatian immigrant, Velicki arrived in the United States with just $40 in his pocket nearly 25 years ago. He has spent the last 17 years in the financial and insurance services arena, building himself into a premier voice and leader in the industry. He has received honors such as Inside Business’ 40 Under 40, and Hampton Roads Entrepreneurial Excellence Award.

How do you accomplish savings goals? Thrifty savers chime in on Twitter @OppUniversity.