Whether you’re building an emergency fund, saving for a wedding, or planning a home upgrade, a simple automated system makes the savings process easier. WordLayouts’ ready-to-use Excel tracker uses the ‘sinking funds’ method of saving, where you regularly set aside small amounts of money for a specific future expense, instead of paying for it all at once. This approach is a form of goal-based budgeting, where each dollar you save is assigned to a specific purpose instead of sitting in a general bucket.
What is a Savings Goal Tracker
A savings goal tracker is a tool used within budgeting methods, such as sinking fund budgeting, to track how much money has been set aside for planned future expenses and how much still needs to be saved.
This savings goal tracker helps you define goals, set targets, and track progress in Excel without paid apps or complicated software. Once you start logging every deposit and withdrawal into your sinking fund for each goal, the sheet automatically calculates how much is saved, what’s remaining, and progress % so you can see the impact of every entry instantly.
At a Glance
- Tracks deposits + withdrawals by goal
- Auto-calculates current saved, remaining target, progress percentage
- Slicers and charts for quick insights into your savings journey
- Best for sinking funds and short-to-medium term goals
Key Highlights of the Savings Goal Tracker
This savings tracker uses built-in Excel formulas to reduce manual data entry and the chances of human error when running calculations. As you log activity, totals update across tables, charts, and summaries. Here’s a quick look at how the template is structured.
- A clean input table to define & categorize saving goals and set specific target amounts for each
- Quick summary tiles at the top showing Total No. of Goals, Total Target Amount, Total Saved, and Total Remaining
- Graphic Illustrations (easy-to-read bars & charts) showing Total Target vs. Saved vs. Remaining amounts
- Data slicers to visually read & analyze goals by goal name and category
- Customizable drop-down menus for Goal Category and Funding Source
- A dated Savings Activity Table for logging deposits & withdrawals
- Blue % bars for enhanced visibility into progress toward each goal
- Red font used for money utilized from each goal’s sinking fund, visually signaling money that’s gone
Typical Sinking Fund Goals in the U.S.
There is no hard and fast rule when it comes to building sinking funds. Many factors come into play, such as income, lifestyle, and future life goals. That being said, most American households typically save towards the following goals:
- Emergency fund (in case of unexpected job or income loss)
- Car repairs and maintenance
- Home repairs and upgrades
- Medical and dental expenses
- Insurance costs (auto/home premiums, deductibles)
- Holiday spending and gifts
- Travel and vacations
- Education-related costs (supplies, fees, tutoring)
- Big annual bills (property taxes, memberships, license renewals, etc.)
- Family events such as weddings
- Tech replacement (say, a new phone or laptop)
A Step-by-Step Guide: Track Savings Goals in Excel
New to personal finance tracking? Or simply struggle with spreadsheets? Don’t worry. This clean user guide walks you through everything clearly, one step at a time.
Step 1: Identify funding sources
Before you start spending or saving money, it only makes sense to identify your funding sources first. To do that, go to the Configuration sheet and customize funding sources as they apply to you.
In case of multiple jobs or income streams, make sure to clearly distinguish between each (for example, Job 1, Job 2, Side Gig, Freelance, Spouse Income, or Business Income). This keeps deposits organized and prevents totals from getting mixed.
Step 2: Define & categorize goals
Head over to the input table. This is where you identify and categorize each new goal you want to track.
Enter the following information in Columns B to D:
GOAL NAME (Column B)
Identify each new goal by name according to your sinking fund requirements. Keep goal names clear, consistent, and unique. Example: Emergency Fund” is better than “Emergency”.
Keep in mind that the calculations rely on matching goal names. Typos like “House Downpayment” vs “House Down Payment” will break tracking, so be careful when entering names and avoid changing a goal’s spelling later.
If you need to rename a goal, update the name everywhere it appears so your deposits and utilization continue to map correctly.
CATEGORY (Column C)
In the next column, sort each goal by category. As with goal names, make sure you spell each goal category consistently so the sheet can group and summarize your data correctly. Even small differences in spelling or spacing can cause a goal to be treated as a separate category, which may affect your totals.
Step 3: Set a target amount for each goal
For each goal you list, set a specific target amount you’ll be working towards in Column D of the Input table. When setting targets, be as realistic as possible and base your target figures on real costs, not guesses.
For example, if you are planning a vacation, do your due diligence by researching ticket prices, hotel costs, etc., beforehand.
Automatic calculations: Progress, remaining target, and current saved
In the next two columns, the sheet auto-calculates the following:
- TARGET ACHIEVED: Calculated as Total Deposits for that goal − Total Utilized for that goal
- REMAINING TARGET: Calculated as Target Amount – Total Saved for that goal
Be careful not to write in any of the cells in these columns, as this will disturb the formulas built into them.
The overfunded sign
Our sheet shows an Overfunded sign (in Column G) when the amount you’ve saved for a goal exceeds the target amount you originally set. This is not an error.
It’s an intentional signal that serves practical purposes. For one, it confirms that the goal has been fully funded, preventing you from continuing to deposit into a goal that no longer needs money. Moreover, it helps you spot excess funds that could be redirected to other goals, debt reduction, or near-term expenses.
Step 4: Start logging savings and withdrawals
The Savings Activity Log is where the action truly happens. Any time you set aside money for a specific saving goal or utilize money from your sinking fund for a particular goal, you’ll add a new row to record this activity. The sheet then automatically updates this new information across the spreadsheet components in real time.
Enter information in Column B to H for each savings account activity or transaction.
- B — DATE: Sort your log by date. Accumulated totals and progress are easiest to interpret when the log is chronological.
- C — GOAL CATEGORY: Use the built-in drop-down menu to identify the right category for each goal. The menu is synced to the categories defined in the Input Table (See Step 2)
- D — GOAL: From the drop-down menu, choose the specific goal the transaction relates to. Based on what the user enters in the Input table, the sheet instantly updates this drop-down menu, allowing users to quickly identify specific goals in a streamlined way.
- E — DEPOSIT: For deposits, use this column to manually specify the amount of money you are setting aside for a specific goal.
- F — UTILIZED: If you are taking money out, enter the exact amount here. The sheet shows money utilized in Red to make spending visible and impossible to ignore, while still keeping the math clean. Because red is a warning color, when an amount is marked as utilized in red, your brain immediately reads it as spent, consumed, or no longer available, not progress.
- G — FUNDING SOURCE: Use the drop-down menu to identify the funding source. The Funding source menu is directly pulled in from the Config sheet, where the user identifies sources applicable to them (See Step One).
- H — MEMO: Use this column to add specific details about the transaction. This can be particularly helpful when you log withdrawals to record what the money was used for.
Be consistent when it comes to logging transactions. The more regularly you log transactions, the more accurate your total and progress will be. Each time you log a new transaction, make sure to view your Progress level and the current saved amount.
Use one row per event or transaction. If you did a deposit and utilization on the same day, still log them as separate rows for clarity.
What we calculate for you
Based on user input in Columns B to F, the sheet calculates the following:
- I — PROGRESS: Shown as a percentage and calculated as Current Saved ÷ Goal Amount
- J — ACC. DEPOSIT: Shows accumulated deposits for the specific goal the transaction relates to. Calculated as the sum of all individual deposits made toward that goal so far.
- K — ACC. UTILIZED: Shows the accumulated withdrawals from that specific goal account. Calculated as the sum of all withdrawals made from that goal so far.
- L — CURRENT SAVED: Shows the total amount you have saved for that goal. Calculated as deposit-to-date minus utilized-to-date.
Step 5: Review progress after every entry
Each time you add a new transaction, take a quick moment to review your Current Saved Amount and Progress Level so you can see the real-time impact of that entry. This helps you spot issues early (like falling behind, withdrawing too often, or missing a planned deposit), and it keeps you focused on the goal. Over time, the table becomes a clear record of your saving habits, making it easy to stay on track and adjust your monthly deposits if needed to reach your target by the deadline.
Step 6: Use data slicers to view savings activity by goal & category
To review savings activity and progress level for individual goals and goal categories, use data slicers (top-right) so you can view your transaction history for each goal or goal category.
For those new to Excel, a slicer is a clickable filter UI. When you click an item, Excel filters the connected PivotTable(s), and any charts or tables linked to those PivotTables update instantly.
In this sheet, you can use data slicers to do things like:
- “Show me only Home & Housing goals.”
- “Show me only the House Down Payment goal.”
Best practices when using data slicers
Slicers pull their choices from the PivotTable cache, not directly from what you typed two seconds ago. So if you add a new goal name in the goals table or add new transaction rows, make sure to refresh the sheet first to ensure the information is updated.
To select multiple items: hold Ctrl while clicking. To clear a slicer: click the Clear Filter icon on the slicer (funnel with a red X).
Step 7: Review charts to visualize your savings at a glance
For enhanced analytical insights, the sheet comes with built-in bar & doughnut charts so you can visualize your progress towards your savings goals at a glance.
These quick insights are particularly helpful when you’re tracking multiple goals at once, reviewing your month-end progress, or deciding whether you need to increase deposits, pause spending from a category, or adjust a goal deadline based on your current pace.
Here’s what each visual aid shows:
The first bar chart shows category-level information for each goal, with the y-axis showing the following amounts:
- Target amount for each goal category (light blue bar)
- Amount saved for each goal category (blue bar)
- Amount you still have to save to successfully meet your target for each goal category (dark blue bar)
The next bar chart compares your savings goals side by side. Each bar represents a goal and shows how much you have saved so far relative to other goals. This makes it easy to see which goals are progressing fastest and which ones are lagging behind.
Lastly, the donut chart shows how your total saved money is distributed across all goals.
The chart is divided into three segments: ‘Total Saved,’ ‘Remaining,’ and the total ‘Target.’ This helps you understand where most of your money is currently allocated, check whether savings are overly concentrated in one goal, and help strike the right balance across short-term and long-term goals.
How to Use The Saving Goal Tracker for Scenario Testing
You can use this Saving Goal Tracker for scenario testing in a few very practical ways. The idea is simple: change assumptions (targets, deposits, utilization timing, funding sources) and see how progress and remaining targets move.
Tip: Scenario testing without breaking formulas
Build “Scenario copies” inside the same file for clean scenario testing without messing up real data or disturbing the built-in Excel features and formulas programmed into the original sheet.
Here are two scenarios you can map out using our Savings Goal Tracker:
Scenario A: Compare multiple goals competing for the same money
Do I fund a vacation first or the emergency fund? Here’s how you can figure out which goals to prioritize and focus on more.
- Keep the same total monthly savings (example: 500/month).
- Scenario A: Allocate 350 to the Emergency Fund + 150 to Vacation.
- Scenario B: Allocate 500 to the Emergency Fund only.
- Compare progress % and remaining target across goals using the goal slicer. This shows the real tradeoff: speed on one goal vs progress on multiple.
Scenario B: Explore affordability with hypothetical deposits
What if I save X per month instead? Here’s how you can test affordability and timelines for different saving goals
- Pick a goal (e.g., Emergency Fund).
- Add hypothetical deposit rows for the next 6–12 months (same goal, same category).
- Change the deposit amount (e.g., 100 → 200 → 350).
- Watch how CURRENT SAVED, PROGRESS, and REMAINING TARGET change.
Excel Compatibility and Google Sheets Limitations
This template is best positioned as an Excel-first tool. Open the file using any modern version of Microsoft Excel (2003 and newer). Because slicers and pivot features do not translate well to Google Sheets, this template does not come in .gsheet formats.
Disclaimers and Limitations
This Saving Goal Tracker is ideal for personal planning, tracking, and record-keeping only. Even then, outputs depend on the accuracy of user-entered data. The more accurately and consistently you update the activity log, the better the result. It does not provide financial, tax, or legal advice.
Related Savings Calculators
- Savings Interest Calculator: Track and visualize interest-based growth on your initial investment. We also look at the compounding effect of regular contributions over a set period. Sanity-check best vs. worst-case scenarios for your individual saving plans, ensuring informed financial decision-making.
- College Savings Calculator: Excel-based planner that projects balances from today through college. Enter age, grade, savings, interest, deposit schedule, and withdrawals. The sheet auto-calculates interest, yearly projections, summaries, and charts for scenario testing.
- Simple Savings Goal Tracker: Monitor the real-time impact of your regular deposits using progress bars & monthly check-offs, ensuring you meet your personal savings goals on time.
- Savings Snowball Calculator: Use standard snowballing-style saving to prioritize your personal saving goals. A monthly tracking view is also provided in a separate worksheet. Use dummy values to see how even small contributions, if made consistently, stack up over time.
Beginner at Excel?
Spreadsheets are fragile. There is always a possibility that you might accidentally introduce errors as you edit it. That’s why we recommend this template only if you are comfortable with Excel and are able to identify and fix errors that may be introduced.
To avoid and fix broken formulas, feel free to check out the official Microsoft Support page on How to avoid broken formulas in Excel – Microsoft Support. With that said, download & enjoy!
