Using Savings Goal to plan for a large bill payment

Jad

I'm using Savings Goals to save money for my tax property payment. What I have done is I set the bill amount to be the target amount. The bill is due in April, so I set the goal's target date to be April. Then I set the bill amount to be excluded from the spending plan and set the goal's contribution to be subtracted from the spending plan.

The only thing missing to make the whole thing work is stopping the contributions for a Savings Goal from being counted in the Spending Plan beyond the target date.

A couple of additional tweaks would make this use case great:

1. Make it easy to create a Savings Goal from an upcoming bill and linking them together
2. Once linked, make it easy to select whether spending should be counted from the bill based on the periodic contribution or based on the final payment
3. Making it so that contributions are automatically made monthly, without having to manually press "contribute".

Keep up the great work team! I'm loving Simplifi!

Coach Kristina

Hello @Jad,

Thank you for the feedback! There is a similar feature request asking for much of what you mention here. Please check it out and add your vote if you'd like to see this implemented in the future!

https://community.simplifimoney.com/discussion/1814/allow-savings-goals-to-have-full-functionality-of-other-accounts

If there's additional functionality you'd like to see added that isn't in the existing request, please feel free to create your own request, using the guidelines found here:

https://community.simplifimoney.com/discussion/998/creating-and-voting-for-ideas-in-the-community

Thank you!

Jad

Thanks, Kristina. My request is different than what's described in the post you linked. I'm not asking for a full-featured virtual account. In fact, I would not want it to be a virtual account. The core of my ask is only the ability to stop contributions from appearing in the spending plan beyond the end-date. Everything else is cherry-on-top and is significantly simpler than what is asked in the post you linked. Therefore, I would not vote for it.

Thanks,

Jad.

DannyB

Hi @Jad

Interesting observation. Right now that goal will stay in all months going forward as you point out. But as you contribute to the goal and when you meet your goal amount then the goal will be removed from your spending plan and the goal will be moved to completed goals. I believe the logic is that goals are "fluid" meaning one may or may not make routine contributions or contributions may not be in the "full" amount to meet your goal date thus a goal remains in the spending plan until the goal amount is met.

You might want to turn this post into a feature request to make it available for others to add their up or down vote.

Oh, and here is a survey of Savings Goal feature requests from a while back. Yours, I believe, is unique to this list.

https://community.simplifimoney.com/discussion/4089/survey-of-savings-goals-enhancement-ideas-suggestions

Coach Natalie

@Jad, it sounds like you're looking for something along the lines of these existing requests:

https://community.simplifimoney.com/discussion/5788/stop-savings-goals-from-counting-in-the-spending-plan-upon-expected-completion-edited

https://community.simplifimoney.com/discussion/947/ability-to-automatically-contribute-to-savings-goals-edited-5-merged-votes

https://community.simplifimoney.com/discussion/382/recurring-transactions-for-savings-goals-and-make-it-a-part-of-my-spending-plan-edited

If so, please be sure to add your vote and feedback, and then follow them for any future updates. For any additional requests, you'll want to create an individual Idea post for each item so it can be voted on accordingly.

https://community.simplifimoney.com/discussion/998/creating-and-voting-for-ideas-in-the-community

I hope this helps!

-Coach Natalie