You only need an income, Excel, and ambition! 12 small steps are included!
By: Alexandru Vasai
Tags: Personal Finance, Savings Plan, Financial Planning, Money, Savings Tips

Here are the detailed steps:

1.) Decide how much money you need to save.

2.) Set a deadline.

3.) Count the working days that remained until your deadline.

Don’t include days without an income.

4.) Split in two the number of days used for savings and the total desired amount.

My plan

I need to save 280$, so 50% of the amount should be 140$.

By the deadline, there are 22 working days left, so the first half of my table will have 11 rows.

5.) Set a small value for the first day.

For my example, I have chosen 4$.

6.) Increase the amount by a constant value daily.

For the last date, you will have your peak value. I use the Excel formula =A1+2 for the A2 cell.

A1 is the cell for the initial value.

is the cell for the initial value. 2 is the value with which I increase my savings daily.

Hold and drag the fill handle down the column, over the cells A3:A11, where you want to copy the formula. I use the A11 cell because that’s the last one for my first half.

For example, you can go until A30 if you need 60 working days, and your first half has 30 days (rows).

7.) Calculate the total amount for your progressive half.

Formula example: =sum(A1:A11).

A1 is the cell of the initial value.

is the cell of the initial value. A11 is the last cell in the first half of the savings period.

8.) Adjust the progressive half.

Ask yourself:

Is the total amount the one I desire for my first half?

The total amount for your first half should be a little bit higher than the half of your total desired amount.

Is my peak value affordable?

If not, try to change the initial value and see how this change affects the total amount. If this does not produce the results you need, go to the A2 cell, and change the value with which you increase your savings. Then, you have to hold and drag the fill handle again.

9.) Build the regressive half.

I leave the B column for comments about the values entered in the A column. I use the C column for the second half.

For the C1 cell, I use the formula =A11–2.

A11 is the peak value for my first half.

is the peak value for my first half. 2 is the amount I selected for each increase and decrease. It has to be the same value.

For the C2 cell, I use the formula =C1–2.

Hold and drag the fill handle down the column over the cells where you want to apply the formula. In my case, the cells are C3:C11.

10.) Calculate the total amount for your regressive half.

Formula example: =sum(C1:C11).

In the formula, you have to insert the first and the last cell you want to add.

11.) Calculate the final amount

Add the total amount of the progressive half to the total amount of the regressive half.

Formula =sum(A13;C13).

A13 is the cell for the total amount of my first half.

is the cell for the total amount of my first half. C13 is the cell for the total amount of my regressive half.

12.) When saving money, write the date next to the value saved.

This way, you will make sure you don’t skip a day.

On some days, you will save more than you need. Add a note next to the cell with the peak value, remembering to reduce its value by this exceeded value.

My table after three days of savings