How do Savings Goals, "Yes, set aside" and Recurring Transfers interact?

DannyB
DannyB Superuser ✭✭✭✭
edited June 13 in Savings Goals
I transfer funds from checking to savings to cover non monthly expenses.  To help me make sure I have what I need to cover these expenses, I use Simplifi's Savings Goal function.  I have a savings goal set up for each of the various non monthly expenses that occur throughout the year and have elected to include planned contributions in my spending plan.  This way each of these expenses is accounted for month by month.

My question is: Will having a defined Recurring Transfer set up for the real world transfer impact the way Simplifi handles the included planned contributions in my spending plan?  Or are these two separate functions that have no relation to each other as far a Simplifi is concerned? 
Danny 
Simplifi user since 01/22
 Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer

Best Answer

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Another great question, @DannyB!

    Savings Goals contributions and Recurring Transfers are two completely separate functions in Simplifi. Additionally, since Recurring Transfers are excluded from the Spending Plan (please see here), you won't have to worry about the transaction being counted against you in the Spending Plan since you've already "saved" for it. 

    I hope this helps!

    -Coach Natalie

Answers

  • DannyB
    DannyB Superuser ✭✭✭✭
    edited May 12
    Thanks for your response, @Coach Natalie

    I kind of figured they would be completely serpent functions but wanted to check.

    I currently have my savings goals set up as I've shared elsewhere in this forum.  But as far as I can tell, I will need to manually make the monthly contributions to each savings goal sometime during the month.  Is it possible to automate this process?  Once I've set up a goal and have a set amount to contribute to that goal, is there anyway to have Simplifi automatically fund that goal each month on a certain date.  The "certain date" would be necessary since funding is based on inflow into our real world bank accounts and when real world transfers take place from checking to savings where the savings goals dollars reside until needed.

    My thinking behind this is twofold: 1) I'm basically lazy and the more things are automated the happier I am  :D;) and 2) I already have 97.3% of my monthly bills set up to pay automatically and it just seems natural to have a way to set up savings goals contributions in Simplifi to happen automatically on a given day of the month.  If there is no way to do this currently I would be happy to submit it as a feature request.
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Thanks for the additional feedback, @DannyB!

    We have an Idea post requesting the ability to automatically contribute to Savings Goals that I'd definitely suggest adding your vote and feedback to. :smiley:

    https://community.simplifimoney.com/discussion/947/savings-goals-and-spending-plan-seem-disconnected

    -Coach Natalie
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