Sinking Funds

Merlot10

Hi there! New to Simplifi and trying to adapt after using YNAB for 15 years.

How do I create sinking funds?  I want to set aside money for an upcoming spend such as a car replacement fund, house maintenance, vacation, etc.

Thank you!

DannyB

Hi @Merlot10

This is one of the first questions that comes up when someone starts using Simplifi.

Right now Simplifi doesn't have a set feature to handle "sinking funds."  Instead what most of us do is create Savings Goals to handle these types of expenses.

Here are the support articles for setting up and using Savings Goals 

• Web
• Mobile

Here is how some work with savings goals to cover such things as maintenance funds, vacation funds, annual insurance premiums, property taxes, etc.

Something like car replacement is exactly what Savings Goals are designed for.  Setting aside money for fixed our flexible non-monthly but planned spending takes a little more work... and there is lots of discussion and many requests for a better way to handle "sinking funds" in Simplifi.

Chrobrego

I'm in the same boat.  YNAB got too expensive for me, so I'm trying Simplifi out. I create sinking funds using the goal feature of the spending plan.  Set a goal for the amount that you want and decide whether to allow a fixed amount per month or just allow it to collect money contributions as you choose. I'm not sure if it works great, but I believe the money is held aside virtually in your checking account (although I think you might be able to designate another account.  

DannyB

Yes @Chrobrego, the Saving Goal money is set aside virtually by Simplifi and you can "contribute" to a Saving Goal from any cash bank account.  You have to pay attention when contributing or you will have money for a given Goal scattered among account.