Assume I setup and account that has multiple categories, say I have 1000 to invest, and I do something like this:
- 300 Kid 1 college
- 300 Kid 2 college
- 150 Emergency Fund
- 250 New House
It is pretty easy to figure out percentages, in this case. So later if the account value is 1002, and I need to withdraw some money for taxes (say 10), the percentages for each will remain the same (30%,30%,15%,25%), although the total balance will change.
But what happens when I want to withdraw some money from one account? Say Kid 1, needs some cash to take a class. The percentage of kid 1 college will change, and it is a bit tedious to do the work by hand:
- Figure current balance for all categories
- Subtract the amount needing to be withdrawn
- Re-figure all the new percentages for each category with the new balance.
First what is that called? Second are there some easy spreadsheet tricks to make the work easier? Third is there software for doing such?