Recurring Transactions for Savings Goals and make it a part of my Spending Plan (edited)

simplij Member ✭✭✭✭
edited June 29 in Feature Requests

How do I set up a recurring transaction to 'move money' into my virtual savings account? And how can I make that part of my monthly spending plan?

2 votes

In Progress · Last Updated

This ability is forthcoming!


  • Coach Paco
    Coach Paco Moderator admin

    @simplij You wouldn't be able to create a recurring transaction to contribute to your savings goal. There isn't a way to make it part of your Spending Plan but I think that would be an excellent addition to the Spending Plan!

  • simplij
    simplij Member ✭✭✭✭

    Oh funny. I figured that was a big part of how this works. If I can’t track that ‘spend’ in my spending plan, not set up a recurring transaction’, savings goals have little to no visibility and much reduce value. IMHO.

  • simplij
    simplij Member ✭✭✭✭

    Just to add, I feel like this is a real 'miss'. There are so many great uses of savings goals, IF we can set up recurring transactions and make them part of the spending plan. If it can't be made automatic, and I would have to manually always be moving money into it, I honestly don't see the value of it.

  • chanceryder25
    chanceryder25 Member ✭✭✭
    I agree with this thread - the savings goals as they stand right now are not very useful, but they have a LOT of potential to be super useful if they could be better incorporated with the app’s other features, like the Spending Plan. My current workaround is to set up manual transfers (which are showing up with the opposite sign like I chatted you about Paco - having transfers properly show in the projected balances is crucial), then mark them as bills so they’re deducted from my spending plan, and finally manually update each savings goal. To have the these be set up as recurring (just virtual OR linked to real) transfers would be waaaay helpful! Even if it’s not changed completely, it would be nice to have the option.
  • simplij
    simplij Member ✭✭✭✭

    Simplfi peeps, since I can't use savings goals with the spending plan, what is the suggested method for 'saving up' for annual bills, like property taxes? I need to make sure I am virtually putting aside a certain amount each month so that I have that money available when the bill is due. I definitely don't want to have to manually do that every single month with the Savings Goals. And I don't want to have to set up an actual transfer between bank accounts just to make it work with Simplifi. Is there another way?

  • Coach Paco
    Coach Paco Moderator admin

    @simplij There isn't another way I can think of for your situation other than a savings goal, to be honest. I see if I can figure something out and IF I do, I will post it on this discussion :smile:

  • Flopbot
    Flopbot Member ✭✭✭✭
    Agree with @simplij!

    It's a proven method of building wealth over time; to consistently save little bits each and every month, repeatedly, indefinitely. In searching for new budgeting software, the lack of a way to automatically / repeatedly contribute to Savings Goals is one of my critical requirements and is causing me to question if Simplifi will really work for us.

    While I'm new to Simplifi (still in my 30-day trial), I've been using Quicken Desktop since 2014 and it does have this functionality. For a real world example, lets say I have one (1) $200 deposit going directly into my Savings Account each and every paycheck - every two weeks. Then, in Quicken Desktop, I set up six (6) automatic, recurring Savings Goal contributions:

    ~$100 into a "Car Replacement" Savings Goal
    ~$50 into a "Home Maintenance" Savings Goal
    ~$20 into a "Appliance Replacement" Savings Goal
    ~$10 into a "Education" Savings Goal
    ~$10 into a "Computer Replacement" Savings Goal
    ~$10 into a "Whatever" Savings Goal

    I - nor do other users - have the time to do this manually. For me, this would be twelve (12) manual transactions every month! If I added more Savings Goals, it would get even more untenable!

    Simplifi, please add Savings Goals to this list when adding transactions to the "Upcoming" tab.

    Thank you.

    P.S. There appears to be something wrong with the voting button on this idea (no up/down arrows)...I am logged in...on Chrome...on Windows 10 and I would have voted for it if I could!
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.