RE: Savings goals in spending plan
in the spending plan, do savings goals only ever calculate how much you've planned to contribute and not re-calculate based on how much you've actually contributed to the goal?
Best Answer
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@shandranancy , thanks for posting to the Community!
Savings Goals contributions and withdrawals are counted in the Spending Plan as follows (this is outlined in our support article here):
When electing to include your Savings Goals contributions in the Spending Plan, the 'monthly contribution' amount will automatically be used, however, if you end up contributing more in a given month, the extra amount will also be included in the Spending Plan.
When it comes to withdrawing from a Savings Goal, withdrawing to spend for the Goal will not impact the Spending Plan. However, withdrawing for another purpose will remove the funds that have been withdrawn from the Spending Plan up to the standard 'monthly contribution' amount.
Please note that this only applies to Savings Goals that are being included in the Spending Plan, as ignored Goals will show as grayed out in the Spending Plan, and their contributions and withdraws do not impact the Spending Plan in any way.
I hope this helps!
-Coach Natalie
-Coach Natalie
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Answers
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Do you have an example?
As you make contributions Q-Simplifi will calculate how much you have saved so far as an amount and a percentage as well as how much you have left to save and in which acount(s) the saved funds reside. When you make a withdrawal to spend on the goal, Q-Simplifi will keep track of how much has been spent out of what you have saved. If you withdrawal to spend on something else Q-Simplifi will adjust your saved amount to reflect what remains toward your goal amount.Is there some other calculation you are looking for?
Danny
Simplifi user since 01/22
”Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer0 -
For the total for the savings goals in the spending plan, does it adjust with the contributions added or will it adjust after the end of the month?
eta: I don't really have an example per se as last month was my first month with simplifi so last month was a little rough and potentially not fully accurate. but for this month if my bills are a different amount then I've set them to be (like my electric bill which fluctuates) it recalculates the total amount in the bills section in the spending plan. with savings goals I just want to make sure that come the end of the month the savings goal total will calculate for the amount actually contributed to the goals whether it be less or more than what is set to be contributed.
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I just took a look at my November Spending Plan and under Savings Goals it's using a total including what should've been contributed to the savings goals, for some that I didn't contribute the full amount, + what I believe is exactly what was contributed to the accounts where I either contribute the exact amount or over. So I am about ~$15 short of my total goal. Like I said this could be do to the timing of when I joined up and not an accurate representation of how it's supposed to work.
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When electing to include your Savings Goals contributions in the Spending Plan, the 'monthly contribution' amount will automatically be used, however, if you end up contributing more in a given month, the extra amount will also be included in the Spending Plan.
okay so that's good. but lets say you have a bad month and are only able to contribute an amount that's less than what the set monthly contribution is. once that month closes, would it still go by the set amount? or would it go by what was contributed even if it was less than what the savings goal was set to be?
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@shandranancy , included Goals will always count the 'monthly contribution' amount at a minimum.
With that, I think this existing request would meet your needs, as you'd be able to ignore the 'monthly contribution' amount for those bad months:
-Coach Natalie
-Coach Natalie
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