How to withdraw from savings goal?

llamafilm · November 2

I’ve never really understood how savings goals are meant to be used. But I’m trying them anyway because I like most other things about the Simplifi app.
I made a goal for annual vehicle registration and I’ve been contributing to it monthly. This month, I paid my annual registration bill, so that entire expense appears in the spending plan. Then I withdrew everything from the savings goal, but that doesn’t seem to have any effect on the spending plan. So my spending plan still looks like I’ve gone way over. Is there a better way to handle this?

DryHeat · November 2

@llamafilm

You should exclude the actual transaction paying the registration from your spending plan.

Why? Because you paid the registration with funds set that you set aside in the Savings Goal. And the contributions setting those funds aside were already charged against earlier months' spending plans.

So you have already booked this expense against your spending plan (in monthly increments) and including it now would be double counting.

RobWilk · November 2

i would recommend hiding the expense from the spending plan if you used a savings goal

llamafilm · November 8

Thanks, that makes sense, I will exclude the annual transaction.

What if the expense is higher than anticipated, so my savings goal covers only 75% of it? Then is there a way to have the other 25% appear in the spending plan?

RobWilk · November 8

Right now there's not an obvious way to handle that, but if you were able to 'split' it and exclude part of the split, this would be a workaround (but it's not), you can vote/comment below :

https://community.simplifimoney.com/discussion/2099/ability-to-exclude-part-of-a-split-transaction-edited-3-merged-votes

How to withdraw from savings goal?

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