Automatic Bank Transfers to Savings Goals (edited)

qrhouse

I do believe the Savings Goal feature has some potential. If you could release your spending plan transactions and have them automatically be contributed to the goal that would be great. Once that's completed if you could set an automatic transaction for how you want your "unspent" funds at the end of the month in either amounts or percentages that would be such a great future!

For example: End of Month after released spending: $750.

Automated Transactions from Checking Account: $200 Savings Account, $200 to Roth IRA Account, $200 to 401k and $150 to stay in the checking account.

• Percentages would be a good feature because you're not going to have $750 left over every month, so you could set percentages based on what you want to contribute to the your different Goal accounts every month.

I understand there would have to be communication with Financial Institutions to send external transfers (they'd have to be scheduled with your bank or the institution most likely). But, if there was a way for Simplifi to at least show the amounts you need to transfer at the end of the month or communicate that to the institutions you have linked that would be such an awesome future! It would be a great way to help people optimize their finances getting every dollar they earn/save working for them instead of it sitting in a checking account.

Linking and tracking these amounts with the features the Goals page already has would make so much sense. The goal balance would fluctuate based on contributions on a month to month basis causing an adjustment on the projected goal completion date.

I think this is a great idea, any form of this would be a step in the right direction for upgrading the Savings Goal feature. I hope it's considered and others have posted or requested a similar feature! 😁

qrhouse

The Savings Goal Feature has some nice ideas, but I think it can be expanded upon and improved to help optimize users finances. The layout with the Goal future is nice that is allows you to add and withdraw to the goal from a selected account. But if you can use released funds at the end of the month to assign to multiple goals, that would be a nice future. Basically if there was a way to have the "unspent" funds alotted to goals based on your preferences, that would help maximize the savings feature and make it easier for users to put those unspent funds to use.

In addition to that added future (this may be a bit of a stretch) if you could tie in automated transactions with those goals, so the money you have allocated to your goals at the end of the month is moved that would be such an awesome future. I know there would have to be some kind of communication with financial institutions or different accounts based on where you want your money moved or goal allocated. But even if Simplifi could calculate what transactions you have to make for you, that would make this process even easier.

Here's an example of what it could look like:

• End of month "Unspent" funds: $750
  • Savings Goal #1: Roth IRA Contribution $200 (Move to Roth IRA Account)
  • Savings Goal #2: 401k Contribution $200 (Move to 401k Account)
  • Savings Goal #3: Rainy Day Fund $200 (Move to Savings Account)
  • Remaining $150 stays in Checking Account

You could even opt to do percentages instead if you have a more predictable budget at the end of every month or in the event your end of month income is going to be different (it is rarely the same for me haha)

If a feature or some variation like this could be added, it would be such a great way to help Simplifi users optimize their finances and achieve their financial goals. It would allow users to make every dollar they earn/save work for them instead of sitting in their account at the end of the month or being contributed to their faux Savings Goal accounts.

I hope others have suggested something similar from Quicken and at the very least some form of this feedback idea is utilized to improve the Savings Goal feature, it would be a great addition to the program! 🤩

RobWilk

I'm neither for nor against this. It's a different way of using savings goals (right now, everything stays in the same account contributed from). I almost think this idea could be useful -separate- from the existing savings goal system. As I understand it, though, Simplifi has no 'write' access to any of your accounts, so it might not be able to make contributions for you, but that's just a guess.

Right now savings goals are supposed to be well-defined (with an 'end amount') goals, where you get an idea of when you will reach those goals. An example might be I need to save $10,000 for home maintenance, and you'd get an idea of how much to contribute each month and when you could reach that.

A contribution to another account would not match the design, and changing that would affect how many existing users use the software today.