Breakdown of Savings

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After you have fully funded your emergency fund, you can start to save for other items, such as furniture, car replacement, home maintenance, or a vacation.

This sheet will remind you that every dollar in your savings account is already committed to something. For example, it’s a bad idea to take money away from car repairs to pay for an impulse Hawaiian vacation, even if you pay cash for it. What would you do if the car broke down the week you got back home? However, it can be okay to reassign the dollars to another category, as long as you do it on purpose and it doesn’t put you in a pinch in another category. Keep up with your breakdown of savings every month, one quarter at a time.

Item                                  Balance By Month
                              _________    _________    _________

Emergency Fund                _________    _________    _________
Retirement Fund               _________    _________    _________
College Fund                  _________    _________    _________
Real Estate Taxes             _________    _________    _________
Homeowner’s Insurance         _________    _________    _________
Repairs or Maint. Fee         _________    _________    _________
Replace Furniture             _________    _________    _________
Car Insurance                 _________    _________    _________
Car Replacement               _________    _________    _________
Disability Insurance          _________    _________    _________
Health Insurance              _________    _________    _________
Doctor                        _________    _________    _________
Dentist                       _________    _________    _________
Optometrist                   _________    _________    _________
Life Insurance                _________    _________    _________
School Tuition                _________    _________    _________
School Supplies               _________    _________    _________
Gifts                         _________    _________    _________
Christmas                     _________    _________    _________
Vacation                      _________    _________    _________
Other ____________________    _________    _________    _________
Other ____________________    _________    _________    _________
TOTAL                         _________    _________    _________



Back to 7 steps to Financial Freedom or Step 3