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Saving

Change Your Savings Rate Goal
Your Savings Rate Goal is the percentage of your income that you would like to save on a monthly basis. For example, you might want to save 5%, 10%, or more. Some people do best with small, achievable savings rate goals while others do best with high, ambitious ones. You can update the goal by going to Settings and overwriting the old goal value with a new goal value. Step-by-step Instructions Update your Savings Rate Goal by following these steps:
How Savings Rate Is Calculated
Your Savings Rate is calculated on a monthly basis by dividing the money you’ve saved by your total income. Savings Rate = (Saved in budget + Pre-tax saved) / (Income + Pre-tax saved) Saved Money Money can be saved in two ways: Budgeted towards a savings category Money set aside as a pre-tax saved item Your total savings for the month will include both of these. To make sure a category is a savings category, you can click on it and see how it is defined.
Record Pre-Tax Savings
Pre-tax savings are items that get taken out of your paycheck before taxes are deducted. Some examples may include: 401(k) contributions Health Savings Account contributions Here we might also include extra money from our employers that gets put into savings before taxes are deducted, such as: 401(k) match Health Savings Account match Ultimately it is up to you to decide which items to track, and whether they constitute savings.
Record Savings
We save money for all kinds of reasons, and what constitutes savings might vary from person to person. For example, not everyone will agree whether each of these would count as savings: Putting money into your retirement account Setting money aside for a house downpayment Saving up for a rainy day Since it is your budget, you can classify any category as a Savings category. All of the money budgeted toward Savings categories will count towards your savings rate.
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