What is the goal of your workflow? What problem does it solve, or how does it help you?
When you’re trying to save for different things, like Emergencies, College, Christmas, and Vacation, the default method is to open up different savings accounts for each one. But then your banking gets more confusing, especially if they’re split between different institutions. Even worse, you may lose money by missing out on interest and getting hit with fees for transferring between these accounts.
The goal of this template is to gather the funds from your savings accounts, decide how to split them between the things you’re saving for, and then easily keep track of those fund balances over time, no matter which savings account they’re in.
How did you come up with the idea for your workflow?
I was discussing this Tiller Builder Challenge with a friend who said he’s always wanted to set savings goals without moving cash around, but never found a way to do that. He’s got one savings account, is saving for several different things, and has to manually keep track of how much is for each thing. If I win, I’ll contribute some of the earnings to his savings account .
Please describe your workflow. What are the sheets? Does it use any custom scripts or formulas?
The workflow uses Tiller’s Transactions and Balance History functions. The Start Here tab gets you set up by selecting your savings accounts, listing the funds you’re saving for and their goals, and entering the starting balances of each.
You categorize transactions in the Transactions tab, and can use the Transfers tab to move funds around when there isn’t a bank transaction.
The Fund Balances tab serves as your dashboard. You can see where your funds are at compared to their goals, how they’ve been growing over time, stats on your total balance and growth, and the fastest growing funds and accounts. The full dataset by date can be expanded to the right.
Lots of custom formulas were used but no scripts. I like Tiller’s branding so I tried to stick to that.
Anything else you’d like people to know?
This was very fun to work on and get feedback from friends who need a tool like this in their life.
Is it ok for others to copy, use, and modify your workflow?
Have at it.
If you said yes above, please make a copy of your workflow and share the copy’s URL: