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Transferring Funds From Savings Goal

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This discussion was created from comments split from: Contributing to live, interest earning account vs contributing to Savings Goal.

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o.tabitha.228

I'd love to know a fully-explained answer on how best to reflect this in Quicken. Last year - I think i made a mess of things. In June, any category that had a decent amount of rollover I started transferring those collective amounts from Checking (and categorizing the transfer based on the Budget Categories) to Savings, then contributing those amounts to broader Savings Goals. When I needed the funds back to checking, it became a little complicated and, at times, the transfers from Savings back to Checking created issues in the Budget. I'm certain there's a better way! "David Christopher" provided a helpful post I found from the past, but I'm still not sure if that's the best.

Sherlock

o.tabitha.228 said:

I'd love to know a fully-explained answer on how best to reflect this in Quicken. Last year - I think i made a mess of things. In June, any category that had a decent amount of rollover I started transferring those collective amounts from Checking (and categorizing the transfer based on the Budget Categories) to Savings, then contributing those amounts to broader Savings Goals. When I needed the funds back to checking, it became a little complicated and, at times, the transfers from Savings back to Checking created issues in the Budget. I'm certain there's a better way! "David Christopher" provided a helpful post I found from the past, but I'm still not sure if that's the best.

With respect to managing account register balance requirements, I suggest using reminders and the Projected Balances view. Budgets and Savings Goals are useful planning devices but I don't suggest using them to determine which accounts are funded. A budget needs to include the spending accounts. A Savings Goal is simply a way of hiding funds.

So, in my opinion, in June, you should not have used a budget to determinate the amount of money to move from checking to savings. You should have looked at the projected balance of the payment accounts.

Transfers between accounts do not create issues in a budget. Transfers between accounts may be complicated by Savings Goals because there is a difference between the actual balance and the virtual balance of the accounts.

Chris_QPW

I think I know where this question is coming from. It is about shoehorning "envelop budgeting" into Quicken. That's where the reference to "David Christopher" comes, in he had a long post how he did it. And another SuperUser had a post/thread on it too.

In never really took the time to understand all they were doing. It was very complicated and seemed like a lot of work.

I believe one of the methods used Savings Goals and the other just a lot of categories or something like that.

Personally my take on it is just that is either do that outside of Quicken in a tool made for it, or learn how to do budgeting the "Quicken way".

Chris_QPW

One thing about "envelop budgeting". Like I said I never got into the details of what was done, but I did remember that they put in an option just to support the method that David Christopher was using.
Budget Actions -> Budget Preferences

Image: https://us.v-cdn.net/6031128/uploads/editor/26/av2n8cgbpr4j.png

Exactly how this was used I don't know, but it is part of that puzzle.