Annual recurring savings goals

Carl274

I set up a savings goal to pay property taxes in June. Monthly contributions were made. The goal of $1,061 was met. The taxes were paid and the funds were withdrawn from the goal. The taxes were a bit less than the goal and so the goal has an amount left of $161.

I now want to set up a goal for next year, same goal amount, but with a target goal date of June, 2024.

Editing the goal date for next year results in the following:

Saved so far $1,061
Monthly contribution $-12.40

So how do I reset the goal for next year keeping the remaining funds ($161) as the initial funding?

Thank you.

Flopbot

@Carl274

With Simplifi's current design for Savings Goals, there isn't a way to reuse a savings goal year after year after year. If that's something you'd like to see in the future, you might consider adding your vote to this 'Idea Post'.

https://community.simplifimoney.com/discussion/3826/ability-to-reset-savings-goals-edited

That said, ALL my Savings Goals are this type and I've found a pretty simple solution that seems to work well for me. So far, I haven't found any drawbacks; doesn't mean they don't exist. When withdrawing from a Savings Goal, I always use the 'Withdraw for another purpose' option and never use the 'Withdraw to spend for goal'. By doing it this way, you don't have to worry about that annoying purple status bar getting out of whack after the first year. It you want to set up our Savings Goals this way, you'll have to delete any that have the purple status bar and recreate them. As for the date settings, all my Savings Goals are set to not track the date and I've never tried setting it to see what would happen.

You might find this post interesting as well (click here) which lays out my approach to Savings Goals in more detail. As you'll see in the responses, there are others here who have other approaches.