Ability to reset Savings Goals (edited)

Flopbot
Flopbot Superuser ✭✭✭✭✭
edited September 19 in Feature Requests
With Savings Goals, you have two options when it comes time to withdraw from your saved funds.



When you select "Withdraw to spend for goal", it shows you the amount of money spent which is nice as a point of reference.  HOWEVER, because of what I've documented below, the only thing I can see the "Withdraw to spend for goal" button being useful for is for truly one-off or one-time purchases (Birth of Child #1, Birth of Child #2, 2023 Vacation Fund, 2024 Vacation Fund, New Home @ ___ Address, etc.).  I don't see it being all that useful for recurring generic purposes like Christmas, B-Days, New Car, etc. that - once spent - will just be started over again.  For those, I see "Withdraw for another purpose" being more useful.


MY IDEA:  Give us a way to reset the Savings Goals.  That way, we don't have to create a never ending series of Savings Goals that I can't get rid of (ex. Christmas 2022, Christmas 2023, Christmas 2024, Christmas 2025, etc.).


DOCUMENTATION NOTES:

Lets say I save $2,100 annually for something and I've already contributed the full amount for this year.  This is what the Savings Goal would look like...



And then, later this year, I "Withdraw to spend for goal" the entire amount...



And then, next year, I contribute the entire amount again...



And then, later next year, I "Withdraw to spend for goal" the entire amount again...



And the following year, I contribute the entire amount again...



And so on and so forth year after year after year.

The longer you go, the more off the % grows until it just becomes laughable.  Also, note that every single screenshot above shows "Goal completed" even though it is no longer completed at the points in time when the Savings Goal returns to an Available $0 balance.
Chris
Quicken Desktop user since 2014.
Brand new to Simplifi in 2021.
2 votes

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Comments

  • DannyB
    DannyB Superuser ✭✭✭✭
    OK, I gave this goal reset idea some thought and I'm ready to give it a thumbs up.  Until rollover abilities are made available in the spending plan, having the ability to reset and reuse an existing savings goal would be very helpful.

    In addition to your reset idea, I would like to also see add the ability to close out a fully completed Savings Goal and then be able to either archive/hide or delete it outright.  What I mean by fully completed is a goal that has been fully funded and all funds have been spent.

    Right now it looks like you can't delete a fully completed and expended goal without Simplifi releasing the originally saved funds back to the bank account they came from.  Over time not being able to close out and archive or delete old goals will lead to an unwieldy Completed Goals Section.

    Another thought - if rollover abilities were available in the spending play would the reset and reuse of a goal still be necessary? 
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    That is a great idea @DannyB.  @Coach Natalie, could you edit the name of this idea to “Ability to Reset or Archive Savings Goals”?

    To answer Danny’s question, yes, I would still want this ability even if/when Simplifi adds the ability to roll over an amount in the Sending Plan from month to month.

    I view this as similar to the Watchlist and Planned Sending.  Each feature has similar abilities - and you can even get the same exact information from both in some cases.  However, I use each one very differently…

    https://community.simplifimoney.com/discussion/3012/planned-spending-vs-spending-watchlist

    In a similar way, the ability to archive/reset just would make Simplifi that much more flexible to work with.  I could choose to handle different situations using different approaches; some using Savings Goals and others using the Sending Plan.

    As it stands, I feel that Savings Goals are one of the least developed parts of Simplifi…though they are leaps and bounds better than Quicken Desktop’s version!

    I’m looking forward to seeing how they improve over time.
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @Flopbot & @DannyB,

    I think having the ability to archive completed Goals is a great idea! It sounds a little different than having the ability to reset Goals, though, and I personally think a separate Idea post would be better. But totally up to you guys -- just let me know. :smile:

    -Coach Natalie
  • DannyB
    DannyB Superuser ✭✭✭✭
    Hi @Coach Natalie and @Flopbot,

    I agree that these are two different functions and both would be beneficial making Savings Goals more versatile.  I'll go ahead and create a separate idea post for closing out and archiving Savings Goals.

    Since these two ideas are related having both to do with Savings Goals, would it be a good idea to include a link in each idea post referencing the other?
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    edited September 20
    @DannyB’s call.  It’s a really good idea, I’m just too lazy to start a new idea post.   :)
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.
  • Flopbot
    Flopbot Superuser ✭✭✭✭✭
    For another idea to enhance Savings Goals by adding the ability to close out and archive or delete a Savings Goal see @DannyB's idea post here:

    https://community.simplifimoney.com/discussion/3833/ability-to-close-out-and-archive-or-delete-completed-savings-goals-edited#latest
    Chris
    Quicken Desktop user since 2014.
    Brand new to Simplifi in 2021.