Continuous Savings Goal
Options
Chanse
Member ✭
Hi Everyone,
I'm finding that the goals don't really meet my needs for how I do a lot of saving. The goal is great for a one time target, like a wedding. Save X amount of money and then spend X amount of money. But for things like Emergency Funds, that's a continuous goal. Once I spend from that fund, I need to start saving again.
So, the idea would be to have target balances. If you drop below that balance, then you start saving a specified amount.
Example:
Emergency Fund
Target balance = $2000
Monthly Contribution Limit = $200
This would setup a spending target for $200/month until you hit the $2000 balance. Then lets say you need to spend from the emergency fund. You "withdraw from fund for goal" and spend $800 on some kind of repair. Now the fund should say "you need to add money to me again please" and put $200/month back on your spending plan until you are back at your target balance.
With the current goals I can track my withdraws, but simplifi assumes that I don't need to replenish that fund again. I don't want to have to create a new savings goal for another emergency fund after I use money from it, it is still the same goal.
I'm finding that the goals don't really meet my needs for how I do a lot of saving. The goal is great for a one time target, like a wedding. Save X amount of money and then spend X amount of money. But for things like Emergency Funds, that's a continuous goal. Once I spend from that fund, I need to start saving again.
So, the idea would be to have target balances. If you drop below that balance, then you start saving a specified amount.
Example:
Emergency Fund
Target balance = $2000
Monthly Contribution Limit = $200
This would setup a spending target for $200/month until you hit the $2000 balance. Then lets say you need to spend from the emergency fund. You "withdraw from fund for goal" and spend $800 on some kind of repair. Now the fund should say "you need to add money to me again please" and put $200/month back on your spending plan until you are back at your target balance.
With the current goals I can track my withdraws, but simplifi assumes that I don't need to replenish that fund again. I don't want to have to create a new savings goal for another emergency fund after I use money from it, it is still the same goal.
20
Comments
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This would be a great addition to Simplifi’s Saving Goals. The lack of an ability to replenish an already used goals doesn’t make a lot of sense. I have lots of Emergency Funds that get perpetually added to our subtracted from.Chris
Quicken Desktop user since 2014.
New to Simplifi in 2021.0 -
Pushing this one back to the top since it’s a good one!Chris
Quicken Desktop user since 2014.
New to Simplifi in 2021.1 -
I second this!1
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This is a missing feature that I think is really needed because some of my goals get met yearly or some other interval but then it should start over again.
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