Master Your Money in Seven Days – 5

You deserve to have saved money.

Let me say that again – You deserve to have saved money!

Folks who have never saved often develop a mental block that makes it hard for them to put money aside – even when they are finally able to afford it. What’s worse is that most of them don’t even know it. Are you like that?

I was. After we paid off all our consumer debt and finally had money to put aside I found myself feeling almost bad about it. I mean, I liked having it, but kinda felt like I didn’t deserve it. That’s because I had never had any significant savings before.

Sounds crazy, but it’s true.

Well, it’s time to break that cycle.

It’s time to step into a new financial realm – one where we’re the masters of our money. Instead of living paycheck to paycheck we’re going to pay off debt, save, and give!

I love YNAB because it helps get us there, as long as we know how to use it.

All about Savings

Today we’ll learn how to set up savings accounts in YNAB, budget to savings categories, handle interest, how to move money between accounts, and much more.

Here’s a complete list of what we’ll cover:

  • Accounts vs Budget
  • On and off budget accounts
  • Why people save
  • Setting up a savings account
  • Specific savings goals
  • Setting up savings categories
  • Recording savings deposits
  • Automating savings
  • Transferring money
  • Spending saved money
  • Recording earned interest

Go head and open your YNAB software now so you can follow along with the video.


(If you cannot see the video, click here to watch it in your browser.)

Now that we know how to handle our savings, all we need to do is put these lessons to work in our life.

Savings Goals

Before we conclude I wanted to stress how important it is to have savings goals.

Do you know what you want to save for? I mean specific stuff.

Think on this tonight. Get out some paper and a pencil and start writing down the exact things you want to save for. If you have a spouse, get them involved – it’s actually really fun to talk about.

Betsy and I have long and short term savings goals. Every goal is documented with a target date  and amount so we know how much to transfer toward each goal each month. We set up auto drafts for each specific goal and just sit back and watch them grow.

It’s a pretty cool feeling; a feeling you should be very excited for!

Tomorrow – in Day Six – we’ll learn all about Importing Transactions from your bank – so stay tuned.

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Days in the Series

  1. Day One
  2. Day Two
  3. Day Three
  4. Day Four
  5. Day Five
  6. Day Six
  7. Day Seven


About Matt Jabs

Adventure. Stewardship. Purpose. You can also follow my financial insights on and my sustainable living adventures on