Some of the episodes in my new podcast series Teaching You to Fisch (Spotify, Apple Podcasts, YouTube) include spreadsheets I’ve created to illustrate particular topics. Some of them are modifications of spreadsheets I’ve used before and some are newly created. Because not everyone is going to choose to watch/listen to the podcasts (they are really missing out, of course), I decided I also should make individual blogs posts that just highlight the spreadsheets. That way some folks may be able to use them who otherwise wouldn’t bother with the podcast.
The third spreadsheet is Bank Accounts (when you click on the link it will ask if you want to make a copy, click “Make a copy” to get an editable version). The basic idea is to use your typical balances in your checking (spending) and savings account (or, alternatively, what your goal is to have in your savings account) and compare how much interest you earn with your current bank or credit union versus some high-yield alternatives. It also shows how much that interest will grow to if you invest those savings over time (with a default of 30 years). The spreadsheet has some sample balances already listed, but you will want to change those to match your situation, and then add your bank’s interest rate for checking (spending) and savings.
If you want a more detailed walk through of how to use the spreadsheet, this links directly to the specific spot in Episode 5 where I illustrate how to use it (roughly from 15:05 to 18:20 of the video). This exercise illustrates that, for many people, their current banking choice is dramatically underpaying them, and if they switch to a higher-interest alternative it will result in a significant boost to their finances.
Fisch Financial 