Savings Goals add back to Spending Plan when used (2 Merged Votes)

rayhooker
rayhooker Member
edited June 8 in Feature Requests

Currently I can create a savings goal that will allow me to reduce the amount available in my spending plan based on an expected contribution. That is good because I can make sure I set the money aside, but the problem comes I "use" the funds. Logically if to contribute reduces the money in my spending plan, then it should add back to the spending plan when used. So whether this is for a big expenditure or some goal, I would think it best to:

  • Add those expenses to the spending plan (e.g., vacation or yearly property tax)
  • Match those with the funds pulled out of savings.
    Right now even if I release the funds in an account, unless I put those funds in an external account not in the spending plan there is no way to recognize their use. A way to do this would be to have a savings goal register that reflects in the spending plan based on month in which the adjustment occurs.
9 votes

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Comments

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    Hello @rayhooker,

    Thanks for posting this to the Community!

    I have gone ahead and turned this into an Idea post so that other Users can vote on it. Please be sure to add your vote as well! :wink:

    -Coach Natalie

  • Great idea - this takes the savings goal full circle.
  • I would like to see the Saving Goal transactions to manage contributing to and taking from these goals.
  • Simplifi should integrate goal withdrawals into the spending plan so that any goal withdrawals can show as "income" in the spending plan. Without this, any time you spend money from savings (i.e. a goal withdrawal), it looks like you way overspend on your spending plan. For example, say you save $1,000 for a vacation over the course of 3 months, and then spend the money in Month 4. If you spend the $1,000 and categorize it all appropriately, it will look like you blew your spending plan. BUT if the goal withdrawal showed up as income in Month 4, then you would know you were right on track.

    TLDR - we need a way for goal withdrawals to show up as income in spending plan.
  • Coach Blake
    Coach Blake Moderator admin
    edited June 4
    Bennett Burt,

    That is a great suggestion! I can see the importance of a feature like that, thank you for bringing it up. It gets my vote!

    -Coach Blake
  • Juan
    Juan Member
    Yes that is a good suggestion. Furthermore withdrawals or additions from goals need to show up in the reports especially net income or some new goal report.  I went on vacation and spent $2,000 that was not relected in my normal spending plan for that month. I withdrew money from my saving goal to cover the extra vacation $2k. However this transaction does not show up in any reports especially net income.  When time passes and i forget what i did to cover $2k vaca in that month and  i run net income report it will shows i’ve spent more than i brought in. Withdrawal and additions into goals are not accounted well in simplifi. 
  • Would love to see something along this line. Seems like a glaring omission that doesn't simplify a spending plan.
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