Hey Coaches, do I understand withdraw to spend correctly?

kscooley
kscooley Member ✭✭
edited November 2021 in Savings Goals
Hi there!

I have the basic gist of what to do for goals when you spend from them:

1.  Withdraw to spend from goal 
2.  Hide transaction from Spending Plan
3.  Tag transaction with Goal name

What I should have done was taken a screenshot or write all the numbers down before I withdrew the $$ I spent.  I did watch the Savings Goal video in hopes of learning the process, but it doesn't say what happens, just tells you how

Help a girl out?   :smile:

When you click Withdraw to Spend - I see the purple of what I spent, see the amount I spent, and (yay!) can't wait for the Spending report that's coming in the future.     

So what happens when I do those 3 steps above?

Does Simplifi keep the "Income after bills & spending" number the same because it's already been "spent" (contributed to the goal) and the transaction amount just "poofs" (purple) from the Goal?

And I hide the transaction from the spending plan because, again, I already contributed the money to the goal & Simplifi already had it deducted from my "Income after bills & spending"?

And if I tag the transaction with the goal name, I can easily run a report to see what I spent the money on?

I think writing it out helped me understand the process better, but if you wouldn't mind letting me know if this is what happens, I'd appreciate it!

I've been really enjoying Simplifi the past few days.  I'm hoping it will go even more smoothly for me once I understand a bit more.  :smile:

Thanks for your help!

Karen
New to Simplifi as of Nov 2021
Ultimate Goal: Liveaboard Sailing

Best Answer

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited November 2021 Answer ✓
    Hello @kscooley,

    Thanks for posting your inquiry regarding Savings Goals and the Spending Plan to the Community!

    It sounds like you have a pretty good handle on how this process works, however, to answer your question about how withdrawing to spend for a Goal impacts your Spending Plan, it looks like that option doesn't actually deduct anything from the 'Savings Goal' section of the Spending Plan.

    When you create your Goal and elect to have your monthly contribution deducted from your Spending Plan, that amount, plus any extra contributions, will be reflected in the 'Savings Goals' section of the Spending Plan, and withdrawing from the Goal for "another purpose" will remove what you're withdrawing from the Spending Plan, but the 'withdraw to spend for goal' option does not impact the contributions made in the Spending Plan.

    With that being said, I would definitely suggest ignoring the transaction from your Spending Plan, as it has already been accounted for by way of your contributions. 

    And last, in regards to using a Savings Goal Tag on the transaction to pull it into a Report, that is absolutely correct, and a great way to report on what you've spent from your Savings Goals!

    I did also want to share our Support Article on Savings Goals here, as well as our Support Article on using the Spending Plan here, as they may contain some additional helpful information. I hope this helps, but please let me know if you have any questions! :smiley:

    -Coach Natalie

Answers

  • kscooley
    kscooley Member ✭✭
    @Coach Natalie  Perfect!  Thanks for answering and confirming!  :)
    Karen
    New to Simplifi as of Nov 2021
    Ultimate Goal: Liveaboard Sailing
  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    @Coach Natalie,

     Do you know if there’s any plans/roadmap to help automate these steps?  I - for one - tend to get forgetful when it comes time to actually make the withdrawal from a Savings Goal and it would be great if Simplifi helped automate a rather step heavy, yet routine process.

     Thank you @kscooley for posting all the details on what you learned.  Your post was very informative!
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
  • kscooley
    kscooley Member ✭✭
    @Flopbot so glad it helped!  I know writing it down and having Coach Natalie confirm helped me, too.  :smile:  It would be pretty awesome if they were able to automate that for us, but part of me appreciates being the one to do it.  Having to manually withdraw those funds forces me to think about the spending, whether I already did or I'm about to.  A bit of accountability, so to speak.  
    Karen
    New to Simplifi as of Nov 2021
    Ultimate Goal: Liveaboard Sailing
  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    @kscooley, interesting thought about the “accountability” idea.  You make a good point when it comes time to make the withdrawal from your ‘Sailboat’ Savings Goal 🙂 about forcing you to stop and think.   I’m often too forgetful/distracted to rely on myself.

    I’d be interested to hear your thoughts on this idea post?

    https://community.simplifimoney.com/discussion/2331/add-refund-from-savings-goal-option-to-refund-tracker-edited

     Welcome to Simplifi fellow 2021 newbie!
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @Flopbot & @kscooley,

    I found a couple of existing Idea posts that you both may be interested in adding your votes and feedback to!

    Ability to automatically contribute to Savings Goals: https://community.simplifimoney.com/discussion/947/savings-goals-and-spending-plan-seem-disconnected

    Link a Transaction to "take from" a Savings Goal: https://community.simplifimoney.com/discussion/1357/link-from-transaction-to-take-from-savings-goal#latest

    I hope this helps! :smiley:

    -Coach Natalie
  • kscooley
    kscooley Member ✭✭
    I think at this point, the reason I like Simplifi so much is that it IS simple.  Adding all of these items, like auto contribute to goals, etc. takes away from that for me.  I'd much rather take the moment or two to do all of those things myself.  Then again, I'm more hands on with our money apps.
    Karen
    New to Simplifi as of Nov 2021
    Ultimate Goal: Liveaboard Sailing
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