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Spending Plan needs Savings Goal Subtracted [edited] (2 Merged Votes)

prat0088

This is probably going to go against the design of simplifi, but I want a savings category where I can let money accumulate and roll over and watch it grow.

For example, an allowance category, or saving up for a wood or fuel purchase for winter heating, or saving for a vacation.

I never found quicken’s way of doing this useful or intuitive.

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Spending Plan

Feature Request

Savings Goals

Status: Completed

Comments

Coach Tappan

@prat0088 That's a great suggestion! I'm "voting it up" myself! I know our support team is working hard on a new savings module for the next major update of Simplifi. Your comments will help ensure it remains a high priority!

bowgy4

PNC has this functionality built in to their banking product, as I believe others do as well. How would Simplifi know which money from an account to count against which goal if it's not stored in a separate bank account? Would you just manually enter a deposit as a transfer to a particular savings goal?

Coach Tappan

@bowgy4 Good question! I'll check with our development team to see if I can find out how this will be implemented. My best guess would be that you'd first set up a savings goal associated with a specific account -- for example, a day-to-day savings account that's easy to deposit or transfer funds into. Then you'd have options on where you'd like funds to come from, how much, and how often. The module would then keep track of how well you're meeting that goal.

MaryM

I think that if a savings goal is created for annual purchases, let's say vacation. The amount I save each month for vacation should deduct from the overall budget. Otherwise, how am I saving for bigger, or longer term/ occasional purchases?

MaryM

If I have created a savings goal of $3,000 annually for vacation, I am "saving" $250 each month from my bud

Coach Tappan

@MaryM Welcome to the Community, Mary! This is an excellent place to add your suggestions about an option for Savings Goals to be reflected in your Spending Plan budget. Thanks for the idea!

Coach Paco

@MaryM Great suggestion!

annazowada

I like the idea of the Spending Plan feature, but it leaves out my Spending Goals? It leaves “left to spend” for the month way more than what I want projected since the spending goal isn’t factored in. Can there be a tab in the Spending Plan that subtracts my “Spending Goals” just like the “spent so far” tab please!

Coach Tappan

@annazowada Thanks for your question. We plan to add that function in our next major update in the next few weeks. Until then, you can account for the money you want to set aside by clicking on the Pencil icon to the right of the total for your Spendable Income, and entering a custom amount with your Savings Goal for the month subtracted from it.

annazowada

Thank you for adding this in! I wasn’t expecting it to be updated so early, but I’m glad it is. Thank you thank you!