So for our kids, who are still quite young, instead of opening an entire other savings account for them, we decided to do “virtual” savings accounts....
I recently started giving plain text accounting a go. For a long time I did not do any accounting, as my income was high enough to get by perfectly fine, but recently I wanted to get a lot more control over my personal finance in order to easier achieve more long term financial goals....
I wanted to go this route, but for the current stage of my life, I couldn’t go that granular. I currently have a spreadsheet that keeps track of totals in each bank account (short term, long term, college, retirement savings and checking) as well as total (net) income and expenditures (broken into “essential” and “non-essential”).
I then setup formulas to calculate total saved, (as well as necessary only saved, in case of financial stress to see what we can cut out), total assets, and compares those assets to the previous month and year.
While I want to get more granular, that is all I can do for now.
Calculating Interest on a "Virtual" Savings Account
So for our kids, who are still quite young, instead of opening an entire other savings account for them, we decided to do “virtual” savings accounts....
Anyone doing plain text accounting here?
I recently started giving plain text accounting a go. For a long time I did not do any accounting, as my income was high enough to get by perfectly fine, but recently I wanted to get a lot more control over my personal finance in order to easier achieve more long term financial goals....