Overview
What is the goal of your workflow? What problem does it solve?
For users of the original Savings & Debt template, I have made two important changes to make the savings workflow more exacting:
- I have built a paycheck modeler and linked it to the Savings Req’d Budget field to account for paycheck timing.
- I have also modified the Req’d Budget formula to fully fund savings goals by the Deadline date (rather than the end of the Deadline month)
By default, the available amount of a savings goal in the Savings & Debt
sheet will update with the entire monthly total that you allocate to that goal at the beginning of each month. That doesn’t make much sense to me, as my savings goals are funded by my paychecks, which I receive throughout the month. If I get 2 checks in a month, I put half of my goal back from each. If I get 3 checks, I put back a third from each, etc… I don’t have the full amount available until my last check of that month.
With my custom Income Settings
sheet, I was able to modify two formulas to update the available amount with each paycheck I receive. This way, the Savings & Debt
solution is more granular and exacting.
How did you come up with the idea for your workflow?
I build the Income Settings
sheet for a custom finance tracker that I created back in 2019. Once I found Tiller and went through the trial, I was sold and converted to using the foundation template. But I absolutely had to have a few aspects of my old tracker. Once I recreated this part, I noticed that I had all the tools on this sheet to fix the behavior I didn’t like in Savings & Debt
.
Describe your workflow:
I’ve added a new sheet called ‘Income Settings’ where you enter in your 1st pay date (or any past true pay date), and pay frequency, as well as choose the category that you categorize your paycheck under in Transactions (and some other stuff that I have for other custom solutions).
In the hidden section on this sheet, it calculates how many paychecks you should expect to get in the current month (monthly = 1, Semi-monthly = 2, bi-weekly = 2 or 3, and weekly = 4 or 5 depending on how the days fall), as well as queries against the transactions table to get a count of how many paychecks you’ve categorized under the above category this month.
I’ve changed two of the formulas on the Savings & Debt sheet to look at these two fields, and assess the current month’s total that is ‘available’ based on paychecks expected & accrued this month, instead of being a ‘through end-of-month’ balance. The first formula I manipulated was in column AC7 (‘total budget’ under the Savings Categories (through period) section).
I changed the formula in cell AC7 from:
=if(ISBLANK($Z7),iferror(1/0),iferror(SUM(OFFSET(Categories!$A$1,match($Z7,INDIRECT("Categories!$"&$AX$27&"$2:$"&$AX$27),0),$AX$7-1,1,$AX$8-$AX$7+1)),0))
To:
=if(ISBLANK($Z7),iferror(1/0),iferror(SUM(OFFSET(Categories!$A$1,match($Z7,INDIRECT("Categories!$"&$AX$27&"$2:$"&$AX$27),0),$AX$7-1,1,$AX$8-$AX$7)) + (($AB7/'Income Settings'!$X$37) * 'Income Settings'!$X$38) ,0))
The only part that is different is at the end. I am removing the +1 to remove the current period’s budget from the calculation. I am then taking the monthly total, dividing it by the expected paychecks this month, and then multiplying that value by how many checks have been received this month.
From:
$AX$8-$AX$7+1)),0))
To:
$AX$8-$AX$7)) + (($AB7/'Income Settings'!$X$37) * 'Income Settings'!$X$38) ,0))
That assigns the ‘to date’ value for the savings goal, and only updates once you have marked that you have received the income to do so (by categorizing a transaction under the selected ‘Net Pay’ category on the Income Settings
sheet). You will have to enter the calculation into AC7, then drag it all the way down via the fill handle to change the rest of the sheet.
This does mess up one value in the Savings & Debt sheet, which is in cell J6, the req’d budget calculation. This value is calculated by taking the remaining balance, adding the current period budget, and dividing by the periods left. Since the ‘amount remaining’ in Column F changed (due to part of the current month balance moving to the ‘Available’ balance), the calculation was thrown off.
={"REQ'D BUDGET";arrayformula(if(isblank(A7:A)+ISBLANK(D7:D)+(E7:E>=C7:C),iferror(1/0),Iferror(ROUNDUP((F7:F+I7:I)/(H7:H+1),2))))}
To fix this, I replaced it with this formula:
={"REQ'D BUDGET";arrayformula(if(isblank(A7:A)+ISBLANK(D7:D)+(E7:E>=C7:C),iferror(1/0),Iferror(ROUNDUP((F7:F + I7:I + (($I7:$I/'Income Settings'!$X$37) * 'Income Settings'!$X$38))/(H7:H+1),2))))}
Again, the end is the only thing different. The new formula essentially rebalances that calculation above by adding back in the value that was taken out and moved to ‘Available’
Iferror(ROUNDUP((F7:F+I7:I)/(H7:H+1),2))))}
vs.
Iferror(ROUNDUP((F7:F + I7:I + (($I7:$I/'Income Settings'!$X$37) * 'Income Settings'!$X$38))/(H7:H+1),2))))}
This solution assumes you have one job that is paid weekly, bi-weekly, semi-monthly, or monthly, and that you fund your savings goals from that pay source. You don’t have to fund it from there, but the solution will still just break down the total monthly into chucks instead of the full month balance based on the input in income settings.
Installation
Only two Tiller foundation sheets are required for this to work:
- Categories
- Transactions
Non-foundation templates needed:
To install:
- Open the attached workflow
- Right click the
Income Settings
sheet - Copy to your Tiller solution
- Rename from Copy of Income Settings to Income Settings
- Clear all sample values in the green cells.
– Do not overwrite or clear any of the grey cells. They contain needed formulas. - Setup
Income Settings
sheet by filling in the green fields for your current income. You can enter past periods if you would like, but it is not necessary for this solution. - Open
Savings & Debt
sheet
- In cell
AC7
, paste the following formula, then drag the fill handle inAC7
to the bottom of the page.
=if(ISBLANK($Z7),iferror(1/0),iferror(SUM(OFFSET(Categories!$A$1,match($Z7,INDIRECT("Categories!$"&$AX$27&"$2:$"&$AX$27),0),$AX$7-1,1,$AX$8-$AX$7)) + (($AB7/'Income Settings'!$X$37) * 'Income Settings'!$X$38) ,0))
- In
Savings & Debt
, replace the formula in cellJ6
with the following:
={"REQ'D BUDGET";arrayformula(if(isblank(A7:A)+ISBLANK(D7:D)+(E7:E>=C7:C),iferror(1/0),Iferror(ROUNDUP((F7:F + I7:I + (($I7:$I/'Income Settings'!$X$37) * 'Income Settings'!$X$38))/(H7:H+1),2))))}
- (Optional) Change text in AC6 to read “Total to date”.
Setup
Once you enter in your current Income Settings and replace the two formulas above, you are good to go!
Usage
This is a passive solution, for the most part. The Income Settings
sheet only needs to be updated when something changes with your current pay (new job, pay raise, etc…). If you want historical records, you should enter a new row each time anything changes. Reusing the rows (overwriting values) will not affect anything, but you lose out on that historical data if any other solutions use this sheet and expects that data.
– I enter a new row whenever I change jobs, receive a raise, change my 401(k) contribution, etc… This way, I can build reports that can look at a snippet in time and grab income values as they were during that timeframe.
Permissions
Is it ok for others to copy, use, and modify your workflow?
Yes! If you can get any value out of my solutions, then please adopt, use, modify to your hearts content.
If you have any questions, comments, or find any issues during use, please reach out and let me know!
Notes
Thanks for reading!
FAQ
Please ask any questions you have below and I will reply, and update this section accordingly.
Working Solution Link
Version changes
- 1.0: Original Income Settings solution. Worked with Weekly and Bi-weekly pay frequencies only.
- 2.0: Added Monthly and Semi-monthly pay frequencies. Major formatting and logic changes.
– To update from 1.0, rename the current Income Settings sheet, follow install instructions above, and delete old sheet after moving all data in green cells over. Make sure you change the formulas inSavings & Debt
again.