What is the proper way to use Spending Plan and Savings Goals together since there are no rollovers.

Max1223

I'm trying to use the Spending Plan and Saving Goals properly. I have a Goal set up to save 100/month on Gifts. Can someone confirm that what I have below is the correct way to do this? Step 4 is really what I want confirmation on.

1. I "contribute to goal" $100 in each month to Gifts
2. By the end of Jan, I spend $25 on Gifts
3. Then in Savings Goals I "withdraw from the goal" the $25 I've spent
4. Then in the Transactions, I need to search for the Gift expenses and "Exclude from Spending Plan" so that the expenses are not double accounted as the money came from the Saving Goal, which is accounted for in Spending Plan under Goals

Is this correct? Thanks. [removed]

Coach Natalie

@Max1223, thanks for posting your inquiry to the Community!

Your outline certainly sounds like the proper way to do this. We also have a #TipTuesday that goes over this process in more detail:

https://community.simplifimoney.com/discussion/3446/tiptuesday-using-savings-goals-to-break-down-annual-bi-annual-expenses-in-the-spending-plan

I hope this helps!

-Coach Natalie

Max1223

Yes thanks, this confirms that I have to exclude transactions from the Spending Plan. It would be awesome if there was method to make this more seamless as requested here

https://community.simplifimoney.com/discussion/1357/link-from-transaction-to-take-from-savings-goal-1-merged-vote

Flopbot

@Max1223

Here's another Idea Post that you might consider voting on related to automating Savings Goals.

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