Using Savings Accounts

A Savings Account is a bank account used to store money for future use.It typically has limited transactions compared to a checking account.
To learn how to add a savings account, see this page:  ⁠⁠Adding Accounts⁠ .


Why Use a Savings Account?

Using a savings account usually has three purposes:
  • Keep saved money physically separated from everyday spending.
  • Regularly transfer money from your checking account to your savings account.
  • Earn interest from the bank for keeping your money deposited over time.


Recording Interest Earned

When the bank pays interest on your savings, record it in Pixel Budget as an income transaction:
  • Transaction type: Income
  • Amount: $100 (the interest paid by the bank)
  • Vendor: Bank of America
  • Income Category: Investments / Bank Interest
  • To Account: My Savings Account
To learn how to add transactions, see this page:  ⁠⁠Adding Transactions⁠ .
This ensures that:
  • Your savings account balance increases correctly
  • Interest income is tracked properly in reports


Making Transfers from a Savings Account

In Pixel Budget, it is technically possible to record expenses directly from a savings account.
However, in real life, some savings accounts do not allow direct purchases.If that is the case, first transfer money to your checking account, then spend it.
Example transfer:
  • Transaction type: Transfer
  • Amount: $15,000
  • From Account: My Savings Account
  • To Account: My Checking Account


Managing Savings with Budgeting

Using a savings account is a good first step in managing your savings in Pixel Budget.
On the Budgeting page, additional tools are available to help you plan and track your savings:
  •  ⁠⁠Savings and Budgeting⁠ 
  •  ⁠⁠Monthly Savings⁠ 
  •  ⁠⁠Saving for a Large Purchase⁠ 
These features allow you to allocate money intentionally and track progress toward your goals.