Spending a completed Savings Goal question

StarbucksBob
StarbucksBob Member
edited May 6 in Savings Goals
Hi-
New user....
When I complete a saving for a Savings Goal and am ready to buy the car/go on vacation/ etc......is spending from this Savings Goal accounted for in the monthly "Planned Spending"? Also, if the full amount is not spent can it be released or transferred over to another Savings Goal?

I really like the concept of a Savings Goal but it seems like it could overwhelm normal monthly expense numbers once spent. For example if I save 30K for a car and spend all 30K in a month, the normal monthly expenses will be eclipsed and show at least -30K over spending, even though this was a known expense explicitly saved for before.

Hope I am making sense, I'm still in my first month and haven't seen how this is implemented yet.
Thank you!
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Best Answers

  • DannyB
    DannyB Superuser ✭✭✭✭
    Answer ✓
    The I learned to handle spending from a savings goal (thanks @Coach Natalie) is this.  When you spend the $30k on that new car and the transaction shows up in Simplifi, click on the transaction to open it for editing.  In the transaction screen select "Ignore from spending plan".  Of you don't want the expense to show up in reports select "Ignore from reports" also.

    This way Simplifi will ignore that expenses and it won't throw off your budget for the month.

    I'm still learning how to best use Savings Goals and how to account for the various expenditures I save for.
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @StarbucksBob,

    Thanks for posting!

    Yes, if you've already been deducting your Savings Goals contributions from your Spending Plan, then you'll want to ignore the actual transaction(s) that take place so they're not being counted against you again. 

    Additionally, withdrawing to 'spend for a goal' does not impact the Spending Plan in any way, as, again, you've already saved up that money. More details on how this works can be found here

    I hope this helps! :smile:

    -Coach Natalie

Answers

  • That makes sense, I had not thought of doing that....thanks!
  • So can only one account be assigned to Savings Goal? 
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @StarbucksBob,

    You can contribute to your Savings Goals from any "banking" account type, however, you can only withdraw from a Goal back to an account that's been contributed from. And you can only withdraw up to the amount that's been contributed from that account, preventing you from having a negative 'Savings Goal' balance. 

    I hope this helps!

    -Coach Natalie
  • DannyB
    DannyB Superuser ✭✭✭✭
    @Coach Natalie I’m still working on how to contribute to savings goals from my spending plan.  I think I’m starting to figure out how to make this work.
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Awesome @DannyB -- let us know if you have any questions along the way! 

    -Coach Natalie
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