Link from Transaction to 'take from' Savings goal (1 Merged Vote)

achester99

I'd like to see an easy way to assign a specific transaction to be 'taken from' a savings goal. 
For instance Christmas. I saved over time $600 in my Christmas savings goal. At Christmas time I go shopping for Christmas gifts which generates a transaction from the store that I shopped at, for $100. I'd like to be able to click a toggle or box that would subtract that $100 I spent on Christmas gifts from the $600 I have saved in my Christmas savings goal. So that the next time I go Christmas shopping I know that I currently have $500 available in that savings goal. It saves step of having to manually go and 'take from' the savings goal. I hope that makes sense.

Fitch

Would also be great if you link those transactions to a savings goal, they would be excluded from your spending plan by default

Brad

I agree! Since the goal automatically creates a tag, I'd hope that tagging a transaction as connected to a savings goal would deduct that amount from the goal total. 

hpadrick

The ability to assign a transaction to a recurring bill is great. It keeps everything on track to see what is really planned vs unplanned. Adding the ability to assign a transaction to a savings goal would also be extremely helpful. It achieves the same purpose that you have a plan to spend, it's just from the goal instead.

Some Examples:

Example 1: We save large chunks of money (not monthly) for our kids education in a Savings Goal called School Tuition. When transactions come in related to tuition, it would be great to have it pull from the Savings Goal in effect pulling the funds from the goal and hiding the transaction from the spending report.

Example 2: We recently sold our house and moved. This created a large bucket of cash that we placed in savings goal. Throughout the months, we did some reno work on the new house. So again, assigning transactions to that particular savings goal lets us see the burn-down and how much funds we have left for adhoc jobs we are getting done and removes them from being unplanned spending.

I achieve this right now by hiding the transaction from the spending report, going to the savings goal, and removing funds manually. This is easy enough but after a while it gets impossible to reconcile what the individual transactions are and I'm sure I've missed some. I've tried adding tags to keep the disconnect sane but again, it we be nice to Simplifi the process

Flopbot

This idea would be phenomenal!  

I too plan to use Savings Goals, extensively, and would love to see them more thoroughly integrated with everything.  As a long term user of Quicken Desktop, Savings Goals have always been tedious and confusing to use and hard to maintain; requiring multiple register transactions (up to 6 per real world expenditure).  In my mind, they're a necessary evil in Quicken Desktop and I want them to be easier in Simplifi.

The basics of Savings Goals have been much, much better thought out in Simplifi from what I see through the eyes of a new user and, with some tweaks, they could be outstanding.

There are probably multiple ways to do this, but to surf off @achester99 's idea, I could see a fairly straightforward way being...

1. Contribute $100 to "Christmas Fund".
2. Spend $25 on Christmas presents and mark transaction as "Expecting a refund" on the Refund Tracker feature.
   
   
3. Have an option/toggle like this...
   
   
4. If you click "From Same Account", it would function the same way it does right now.
5. If you click "From Savings Goal", it would let you select the desired goal (i.e. "Christmas Fund").
   
6. Here's where it gets wonky since there could potentially be any number of situations/accounts associated with this one transaction.  For me, personally, my Savings Goal money physically exists in my SAVINGS Account, the present was purchased with a CC Account, and the CC will be paid off with a CHECKING Account so ultimately the $25 needs to get transferred from SAVINGS to CHECKING before paying the CC bill.  Any number of other situations could exist.
7. So, at this point, one possible solutions might be this option/toggle...
   
   
8. If you click the "Create transfer" option, it would have to give you the option of scheduling it on a specific date since I'd have to go and schedule the actual transfer on my bank's website so the $25 wouldn't physically show up for a few days.
9. The "Christmas Fund" now shows a total of $75 remaining with the $25 having been returned to the appropriate account.

I'm sure I'm not thinking of something, but these steps would cut out a number of the manual entries that were required by Quicken's other software (Quicken Desktop) to do the exact same thing and hopefully would cover many - if not all - of the possible ways people use Simplifi.

Flopbot

So, I'm doing a second comment because I found a bit more info.

I didn't realize that you can direct the Refund to be put into other accounts.  I can't think through how this would affect the above post, but it is intriguing.  Unfortunately, I can't test it in Simplifi yet since my CHECKING bank isn't supported...someday...hopefully...soon.

Can someone who knows Simplifi much better than I think of a way that this ability could somehow help either @achester99 or myself to do what this post is asking for?

Giantsfan

I would love to be able to have a transaction that is marked as the same category as a Savings Goal item, be automatically linked or assigned to that Savings Goal and have the money automatically withdrawn from the goal, and removed from the spending plan.

That would save a lot of time and effort having to manually remove the transaction from the spending plan, and have to withdraw the correct amount that you have to manually remember.

Flopbot

I gave my reply on August 28, 2021 some more thought and think there's a pretty clean solution that uses an existing Simplifi feature (Refunds) and would improve the whole "Paying yourself back from a Savings Goal" type of transaction.  I turned in a feature request (click here).

aewelch

We've automated our savings so have a series of recurring transfers. I'd LOVE to have these recurring transfers connect to our savings goals (so no manual entry when money is saved) in addition to being able to connect expenses to savings goals (no manual entry when money is spent). I've created a separate feature request for the saving side here: Link Recurring Transfer to Savings Goal (simplifimoney.com)

Suki

Any update on this feature? Being able to identify which transaction is part of which goal is a very valuable feature.

Coach Natalie

Hello @Suki,

Thanks for reaching out!

If you navigate to the very top post in this thread, you'll see that the status of this Idea is "In Review" and that it was submitted to the Product Team in June of last year. There has been no further update since that time, however, please be sure to follow along here for future updates, as we will update the status accordingly as soon as any news becomes available. 

-Coach Natalie