What is the best way to earmark a certain amount of money for a future purchase?

pst

Let's say I know I have to fix my roof. I know approximately how much it'll cost me. It is a big single purchase. I know I'll have to spend this money but I don't know when. How do I use Simplifi to 1. remind me this is looming and 2. help me not spend this earmarked money?

pst

It seems like a "Goal" would work, at least for putting money aside and earmarking it. Would it be helpful to show an upcoming expense?

Coach Natalie

Hello @pst,

Thanks for posting your inquiry to the Community!

I'd say that using a Savings Goal to earmark the money would be the best way to go. If you already have the money set aside, you can designate it towards the Goal at the time of creation. 

When it comes to reminding you that the purchase is coming up, I think entering a future-dated transaction is a good idea. When doing so, you'll be able to see it in the 'Upcoming' view as a Reminder so you'll know it's an upcoming expense. 

I hope this helps!

-Coach Natalie

Flopbot

@pst,

Since - depending on how you do it - there are likely to be a number of individual transactions related to "New Roof", I'd concur with @Coach Natalie and probably recommend using a Savings Goal if you feel comfortable with how those work.

If you haven't done much with Savings Goals and don't feel comfortable with them, then maybe start out by creating a smaller Savings Goal - "Buy a Dozen Eggs!" - as a test so that you can become familiar with what works and what doesn't.

In addition to the Savings Goal, remember that you can also create a One Time Planned Spending card for one-off purchases if you want to build it into your spending plan for a particular month.  That way you could save the money, but also start planning for the physical transactions in the month they'll hit your bank account.