How do a make a transaction come from savings and not overspent in the regular budget?

mnstrong
mnstrong Member
edited October 7 in Savings Goals
I'm very new to simplifi, so I'm sorry if this is a really obvious answer. I tried searching but couldn't find anything. I had to buy a water heater unexpectedly (broke suddenly) but the money is coming from our emergency fund. I don't want it to count towards the rest of the normal months budget, since it makes it look like we overspent. How do I account for this? Thanks!

Best Answer

  • DannyB
    DannyB Superuser ✭✭✭✭
    Answer ✓
    Hi @mnstrong. Welcome to Simplifi!

    The quick answer is to mark the water heater purchase transaction as "Ignore from spending plan". 

    The rationale behind this is that you will have already accounted for this expense with your transfers to your emergency fund in previous months. To ignore from Spending Plan, find the transaction in your Transaction Activity screen - click on the 3-dot menu bar on the right side of the transaction - select "Ignore from Spending Plan".  This will keep this purchase from showing up in your spending plan and throwing it off for this month.
      
    For the future you can set up a Savings Goal for your Emergency Fund and include what you already have saved in that fund during the set-up process making sure to indicate which bank account holds your emergency fund savings.  Also make sure to select "Yes, set aside." in the final set-up screen so that contributing to this goal will be accounted for in your monthly Spending Plan as you make contributions into this goal.

    Here is an article about Savings Goals that will be helpful:
    Web App: Using Simplifi’s Savings Goals | Simplifi Help Center (simplifimoney.com)
    Mobile App: Using Savings Goals on the Mobile App | Simplifi Help Center (simplifimoney.com)

    Hope that helps.
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer

Answers

  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    I'm bumping this one back to the top since it's an important topic - at least for me - right now and @DannyB gave a really  helpful reply...I learned too!
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
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