Make a Sinking Fund Spreadsheet in Google Sheets and Excel, by Mr. Jamie Griffin on YouTube. 5 min 58 s.
- Video length
- 5 min 58 s
- Time to do it
- 20 minutes
- Difficulty
- Easy
- Steps
- 9
What you need
Steps
Open Google Sheets or Excel and create a blank spreadsheet. In row 1, add column headers: Goal, Target Amount, Target Date, Amount Saved, Months Left and Monthly Saving.
List each sinking fund on its own row under the Goal column, such as Car Repairs, Holiday or Insurance. Enter the total amount you need in Target Amount and the date you need it in Target Date.
In the Amount Saved column, type the amount you have already put aside for each goal. Leave it at 0 if you are starting from scratch.
Add a formula in the Months Left column to work out the time remaining. For example, use DATEDIF with today's date and the target date, or subtract the dates and divide by 30.
In the Monthly Saving column, subtract Amount Saved from Target Amount, then divide by Months Left. Wrap it in an IFERROR formula so blank rows show nothing instead of an error.
Copy the formulas down every row so each goal calculates automatically. Check that each row shows a sensible monthly figure.
Add a total row at the bottom. Use SUM to add up the Monthly Saving column and see the combined amount you need to set aside each month.
Compare that total with your monthly budget. If it is too high, lower a target amount, push a date back or drop a goal.
Update the Amount Saved column each month as you transfer money. The monthly figures recalculate on their own.
Tips and common mistakes
Keep the target date column as a real date, not text, or the months-left formula will break.
Round monthly savings up to the nearest pound or dollar so you finish slightly ahead.
Review the sheet once a month and update Amount Saved after each transfer.
Name the file clearly and keep it in one folder so you can find it at bill time.
Questions
Can I use the same template in Excel and Google Sheets?
Yes. The layout and most formulas work in both. Paste the same headers and formulas into either app.
What if a goal has no fixed date?
Pick an approximate month and enter it as a date. You can change it later and the monthly saving will update.
Do I need to pay for a template?
No. You can build the tracker yourself with the steps above. Paid templates only save time.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
