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

rayhooker
rayhooker Member ✭✭
edited December 2021 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.
30 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.
  • BillPayer
    BillPayer Member
    I would like to see the Saving Goal transactions to manage contributing to and taking from these goals.
  • Coach Blake
    Coach Blake Administrator, Moderator admin
    edited June 2021
    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.
  • bklimes
    bklimes Member
    I feel this is a major missed item in the Spending Plan and Savings Goal section. A lot of the budgeting tools/teaching material over the years has taught people to save small amounts over a set period for a big purchase which is accounted for in the Savings Goal. Great, but the goal is to then use that money on what you were saving it for, not to just keep it in a goal. Yes, you can withdraw the money manually, but then how do you track it? 

    The product owner should have seen this idea in the last 16 months it was posted and prioritized this to give better value to their customers. Right now, I don't see myself going past the trial on this system as it doesn't do anything different then another free system I'm already using. 
  • Alison
    Alison Member
    I would LOVE to have this! I'm doing it all manually now and ignoring spending from reports/spending plans which means I can lose track of it. 
  • I also agree that we need a feature like this.  Just withdrawing money from the savings goal does not help me track the spending, and makes my spending plan look off. 
  • RobWilk
    RobWilk Member ✭✭✭✭
    I voted yes on this too, if i understand right, withdrawals from savings goals should affect the spending plan's "Income after bills & savings" section, and be reflected as a form of positive balance change from savings goals...   i.e. it would look like more income on that calendar month
    --
    Robert D. Wilkens
    robwilkens.net