Using Savings Goals in the Budget

karensc7
karensc7 Member ✭✭
On December 31st, I created Savings Goals and filled them with "leftover" money from our savings accounts. On January 1, I created our new budget for 2022. I've struggled with how to handle Savings Goals with our budget.

After a lot of reading today, I now know that I can show the Savings Goals within the Budget screen. I then backtracked to January to see how it might work, as I had withdrawn money from one of our Savings Goals to cover a transaction that was spent.

When I looked at the Budget, our Vacation Savings Goal bar was green with -$268 allocated budget. The budget category that was spent ("Vacation") was red with $268 spent/over & $0 budgeted. What I am wondering is if I understand/did this correctly - since the Savings Goal was green -$268, I simply added $268 to the Vacation budget. I hid all the other categories and now the budget bar at the top is gray with zero spending and a green check mark. Was that the right approach?

TIA!

Answers

  • Quicken Jared
    Quicken Jared Moderator mod
    edited March 28
    karensc7 said:
    On December 31st, I created Savings Goals and filled them with "leftover" money from our savings accounts. On January 1, I created our new budget for 2022. I've struggled with how to handle Savings Goals with our budget.

    After a lot of reading today, I now know that I can show the Savings Goals within the Budget screen. I then backtracked to January to see how it might work, as I had withdrawn money from one of our Savings Goals to cover a transaction that was spent.

    When I looked at the Budget, our Vacation Savings Goal bar was green with -$268 allocated budget. The budget category that was spent ("Vacation") was red with $268 spent/over & $0 budgeted. What I am wondering is if I understand/did this correctly - since the Savings Goal was green -$268, I simply added $268 to the Vacation budget. I hid all the other categories and now the budget bar at the top is gray with zero spending and a green check mark. Was that the right approach?

    TIA!
    Hello @karensc7,        

    Thank you for bringing up the subject of Savings Goals for discussion. I am sorry for any confusion you may have experienced. 

    If I am understanding correctly that your Vacation Savings goal was intended to indicate a surplus from your savings accounts, then the 'green' highlighting of the associated graph seems appropriate. Were you expecting the bar to appear 'red' and indicate a budget deficit? Perhaps I have misunderstood.

    I look forward to hearing back from you and appreciate your interest in this Quicken feature.

    Thanks,

    Quicken Jared 


  • karensc7
    karensc7 Member ✭✭
    What I was trying to figure out is if the surplus in Vacation Fun savings goal can be "taken" from the goal (allocating -$268 to its budget) and then using it to budget $268 to our Travel: Vacation category. Clear as mud? :)
  • Quicken Jared
    Quicken Jared Moderator mod
    edited March 29
    karensc7 said:
    What I was trying to figure out is if the surplus in Vacation Fun savings goal can be "taken" from the goal (allocating -$268 to its budget) and then using it to budget $268 to our Travel: Vacation category. Clear as mud? :)
    @karensc7

    I see, that is helpful; thanks for explaining further.

    If you click on the Planning tab, and then click on the Savings Goals subtab, you should be able to see the goals you have created; do you see the Withdraw option beneath Vacation Fun, denoted by the '-' symbol? If I am following along, you should be able to move funds from here into your Travel: Expenses. 

    I want to mention that you would then have to click on the Contribute option beneath Travel: Expenses in the Planning tab, denoted by the '+' icon to move the funds over.

    Hopefully that makes sense, and let me know if something appears wrong with any of the menu options I referred to a moment ago.

    Thank you,

    Quicken Jared 
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