Is there a way that text in bold gets a different color in word?

I would like to make a template file in Word in which all words in bold are not just in bold, but also have a different color. For example in the text below, I want the word important not just to be bold, but also in blue as this fits the color scheme in my document.

This is very important

I would like to include this in my template file, so I can use it for all my documents. Ideally, this would work by just selecting a word an pressing the [bold] icon on my toolbar.

Here is a screenshot to show you want I want...

Your idea isn't something that Word supports. You might be able to code it in VBA, but it'd be a load on your system.

As a workaround, you can create a character format that can apply bold and a color.

EDITS:

Word support Paragraph, Character, and Linked Paragraph/Character formats, denoted by the Paragraph Mark, lower case a, and both, respectively:

In the above, Strong is a Character style and List Paragraph is a Paragraph style. Quote and Intense Quote a Linked styles, meaning you can apply either of them as a Character style when you use them on selected text. Word applies it as a Paragraph format when you don't have any selected text, so wherever the text cursor resides is the paragraph where Word applied that format.

To make a Character style:

For example, enter a word that you want bold and blue and apply that formatting:

Next, click the Create New Style Button on the Styles dialog:

On the Create New Styles from Formatting dialog, give your new style a name, select Character as the Style Type, and if you wish, select "New documents based on this template" if you will need this in your document template (probably normal.dotm):

Now your character style will appear on the Styles dialog and you can apply it to any selected text.