Step 5: Adding Savings Accounts
By December 31, 2010 at 02:00 PMon
The final step in budget creation is adding savings accounts. If you have any surplus income after adding all expenses then the extra money may be used as savings for upcoming purchases. The process of adding a savings account is the same as the process to add an expense from Step 4. First, give the savings account a title. Optionally, you may categorize the savings account by selecting one of our predefined categories. Currently there is nothing gained by categorizing an expense, but I intend future versions to utilize this information. The expense can optionally be assigned to a person and bank account. I would strongly suggest doing this as it is very helpful to utilizing the completed budget.
On the top of the right hand side of the expense form are two links which will switch the form amount between a fixed amount or a percentage of some or all income sources. For the amount section, simply enter the expense amount and frequency. For the percentage section, enter the percentage (i.e. 10.5 for 10.5%) select what the percentage will be of and possibly select a value for the third drop-down box depending on your selection for the second box.
Savings account which may be helpful include a new house, school, kids, emergency savings, etc. After you are through adding any savings accounts the budget is complete.