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Use a savings goal to track the spend-down of a pool of money?

EmKayEmKay Member ✭✭
I used savings goals years and years ago in Quicken until I realized I could do it better outside quicken.  Now, though, I'm considering trying them again.

I'm accumulating a pool of money (through stock sales, inheritance) that I want to collect into my "regular" accounts, but allocate to the scheduled contribution to my 403(b) account.  In other words, I sold some stock in March 2017 , and I want to make 10 equal contributions to my 403b until those proceeds are fully invested into my 403b.  Now, I'm inheriting various amounts from a generous relative, and want to track those amounts, and continue those contributions into the 403b for as long as those proceeds will cover them.

So maybe savings goals will work for this.  I set my "goal amount" to $0.  I'm going to INCREASE the goal by the amounts received, and decrease by the amounts contributed to the 403b.

Ran into a problem, though.  I wanted to include the decreases, which will occur at the same time I get my paycheck showing the pre-tax contribution to my 403b, in the transaction for my paycheck, but I get "You cannot transfer money to a savings goal in a split."

Do I just need to consider these "virtual" funds, and manually contribute to the goal (separate from the actual transaction where I receive the money) in the goal account, and manually deduct from the goal (separate from the actual transaction where I contribute to the 403b) in the goal account?  Kind of a pain.  Why won't it let me include a goal in a split?

Comments

  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2018
    I would try using reminders instead of a savings goal.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • EmKayEmKay Member ✭✭
    edited March 2018
    Is there a type of reminder that's going to track the remaining balance of my "pooled" money?
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2018
    EmKay said:

    Is there a type of reminder that's going to track the remaining balance of my "pooled" money?

    No. But don't you know the total amount and when you want to make the transfers?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • EmKayEmKay Member ✭✭
    edited March 2018
    EmKay said:

    Is there a type of reminder that's going to track the remaining balance of my "pooled" money?

    The amount's going to change, as inherited payoffs trickle in.  I need to add to the "pool" while concurrently subtracting from the pool.  And I need to know when I've "spent down" all the incoming $ so I can STOP making the additional contributions.  I can't afford to do them after this pool of money is gone.
  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited March 2018
    EmKay said:

    Is there a type of reminder that's going to track the remaining balance of my "pooled" money?

    Have you considered scheduling the contributions as the income "trickles in"?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • aquickuseraquickuser Member ✭✭
    edited March 2018

    I think you need 2 transactions, one going to the actual 403(b) and one going from the savings goal.  The money is going from the paycheck to the 403(b), so the paycheck should be set up to show this actual transfer (pay to acct) otherwise the amount in the 403(b) account won't be correct.  The savings goal is a virtual account.  The money actually resides somewhere- a Bank  account perhaps.  The savings goal is money in the bank account that is earmarked for a particular purpose so when you "spend" the money (deposit it in the 403(b)) you need to transfer it back to the Bank account.   

       

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