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Quicken 2014 Essential Training
Illustration by Neil Webb

Creating savings goals


From:

Quicken 2014 Essential Training

with Sally Norred

Video: Creating savings goals

You can use Quicken's Savings Goals feature Enter a name for your Savings Goal.
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  1. 47s
    1. Welcome
      47s
  2. 10m 45s
    1. What is Quicken 2014 Premier?
      2m 45s
    2. Defining common Quicken terminology
      2m 58s
    3. Touring the Quicken interface
      5m 2s
  3. 36m 42s
    1. Setting up your Intuit ID
      2m 54s
    2. Using the Account Bar
      2m 46s
    3. Understanding account types
      3m 59s
    4. Adding your first account
      3m 11s
    5. Updating your accounts
      3m 44s
    6. Setting up your Password Vault
      2m 55s
    7. Adding other spending and savings accounts
      5m 15s
    8. Adding investing and retirement accounts
      4m 45s
    9. Adding property and asset accounts
      2m 44s
    10. Adding loan and debt accounts
      4m 29s
  4. 42m 13s
    1. Understanding spending account registers
      4m 59s
    2. Searching, sorting, and filtering transactions
      2m 31s
    3. Downloading transactions for a specific account
      1m 53s
    4. Entering spending transactions manually
      2m 15s
    5. Understanding transaction categories
      2m 42s
    6. Categorizing transactions
      4m 37s
    7. Customizing the Category List
      3m 54s
    8. Recording split transactions
      3m 31s
    9. Transferring funds between accounts
      1m 21s
    10. Saving time with memorized payees and QuickFill
      4m 30s
    11. Reconciling accounts
      4m 8s
    12. Using the Spending tab
      2m 28s
    13. Creating and understanding spending reports
      3m 24s
  5. 20m 8s
    1. Using the Bills tab
      4m 6s
    2. Setting upcoming bill reminders
      5m 11s
    3. Setting upcoming income reminders
      4m 6s
    4. Projecting future account balances
      2m 54s
    5. Using Quicken Bill Pay
      3m 51s
  6. 24m 39s
    1. Using the Planning tab
      2m 34s
    2. Creating a budget
      5m 48s
    3. Creating a debt-reduction plan
      3m 53s
    4. Using the Lifetime Planner
      3m 32s
    5. Using the Tax Center
      3m 29s
    6. Creating savings goals
      5m 23s
  7. 18m 11s
    1. Using the Investing tab
      4m 22s
    2. Viewing your portfolio
      4m 45s
    3. Tracking your portfolio performance
      3m 10s
    4. Monitoring asset allocation
      3m 46s
    5. Creating and understanding investment reports
      2m 8s
  8. 10m 58s
    1. What is the Quicken mobile app?
      2m 51s
    2. Installing the Quicken mobile app
      3m 59s
    3. Quicken mobile app overview
      4m 8s
  9. 33s
    1. Next steps
      33s

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Quicken 2014 Essential Training
2h 44m Appropriate for all Jun 19, 2014

Viewers: in countries Watching now:

Remove the mystery from your finances with Quicken 2014, the one-stop shop for managing your money and charting your financial future. In this course, Sally Norred takes you on a tour of this powerful personal finance tool, showing how to connect with your bank, and integrate your savings, retirement, loan, and credit card accounts to see the big picture of your financial health. Learn how Quicken automatically tracks and categorizes your spending, and then see how to customize this tracking to suit your needs. Walk through setting up bill and income reminders to stay on top of important payment dates and developing a budget that gives you the information you need to make sound financial decisions. Once you understand the basics, discover Quicken's tools for helping you get out of debt as soon as possible and create savings goals for your next big purchase. Last, see how to get the most out of your investments and check out the Quicken mobile app, which allows you to track purchases using photos of receipts taken with your mobile device.

Topics include:
  • Touring the interface and setting up an Intuit ID
  • Understanding account types
  • Adding and updating accounts
  • Tracking spending
  • Searching, sorting, and filtering transactions
  • Categorizing transactions and customizing categories
  • Reconciling accounts
  • Creating and understanding spending reports
  • Projecting future balances
  • Using Quicken Online Bill Pay
  • Creating a budget
  • Creating a debt reduction plan and savings goals
  • Using the Lifetime Planner and the Tax Center
  • Tracking investments
  • Viewing your investment portfolio
  • Creating and understanding investment reports
  • Using the Quicken mobile app
Subjects:
Business Productivity Home + Small Office Finance
Software:
Quicken
Author:
Sally Norred

Creating savings goals

You can use Quicken's Savings Goals feature to earmark money for a major purchase that you'd like to save up for, like a vacation or a new laptop. Here's how it works. Quicken's Savings Goals features helps you save money by hiding funds in an account. Although the money never really leaves the source bank account, it's deducted in the account register, thus reducing the account balance in Quicken. The idea is that you won't be tempted to spend the money that you don't see in your account. In Quicken, a Savings Goals account is a set of type of assets account.

This Savings Goal account doesn't represent a real account, and there's no real money in it. It's just a way of hiding and tracking money for a specific goal. For example, you might be saving up for a new laptop. You can deduct a hundred dollars each month from your checking account using a Savings Goal, giving you the illusion that you have less money in your account than you actually have. Let's take a quick peek at how to set up a Savings Goal in Quicken. Start by clicking the Planning tab along the top of the window and click the Savings Goals button in the Planning tab window. If this is your first Savings Goal, you'll see a button that says Get Started.

Click that button. Enter a name for your Savings Goal. Note that this name cannot be the same name as any of your transaction categories or account names. Let's name this account California Vacation since Jeannie wants to save up for a vacation to California next spring. Next enter a total amount of money that you need to save. Jeannie's going to set a goal amount of saving up $2000 for this vacation. Next select a finish date, the date by which you want to reach your goal. Let's select a date that is a year in advance for Jeannie, April 30, 2015. Click OK and you'll see the Savings Goal appear in the main Savings Goals window.

You'll also see a new area at the bottom of the Accounts bar labeled Savings Goals. And your new Savings Goal will be listed below that label. Jeannie's Savings Goal, California Vacation, is listed here. Since she hasn't made any contributions to this Savings Goal, nothing has been deducted from her accounts, and her Savings Goal balance is zero. Let's see how we contribute to a Savings Goal. To contribute manually to a Savings Goal, click the Contribute button on the Savings Goal. Select the account, the contribution date which I'll leave as today and the amount you want to contribute.

Note, Quicken has calculated that Jeannie will need to contribute $153.84 per month to the Savings Goal if she wants to reach her final goal of $2,000 by next April. I'll leave that as is. Click OK and you'll notice that the little green bar is creeping up on her goal. That $154 is listed in her Savings Goal balance. She can click on that Savings Goal account and to see the transaction that came from our Checking account.

In your Checking account register, there's a new contribution towards Goal transaction listed. Below the online balance remains accurate, but the ending balance reflects the deduction for her Saving's Goal. If I want to transfer funds automatically to the Savings Goal each month, I need to set up an automatic transaction under the Bills tab. I'm going to select a transfer reminder under Add Reminder. I'll name it California Vacation Savings Goal. Click Next. I'll enter the monthly contribution amount and the account from which to transfer the fund, from Jeannie's Checking to California Vacation.

I'm going to change the optional setting to remind me three days in advance, to automatically enter the transaction in the register, zero days before the due date. And click OK. And I'll click Done. Now the Savings Goal transaction will automatically be entered in her register on the due date. Let's go back to the Savings Goals page. To edit a Savings Goal, select the Edit Goal gear icon in the goal you want to change. The Edit Savings Goal dialog appears. Enter the new goal amount and our finish date. Click OK or Cancel to close the dialog. Once you've met your Savings Goal, you have a choice.

You can either withdraw the funds from the Savings Goal, so they appear in a Quicken account or delete the Savings Goal to put the money back where it came from. To withdraw the funds, click the Withdraw icon on the Savings Goal listed in the Savings Goal window under the Planning tab. The Withdraw From pop-up appears, use this dialogue to put fund back into the account from which they were deducted. Enter the amount and the date of withdrawal and click OK or Cancel to close the window. To delete a Savings Goal, click the Action gear icon to the right of the goals name on the Savings Goal window under the Planning tab.

And click Delete Goal. The Delete Savings Goal dialog appears. This pop-up states that all funds will be returned to their source account, and you're to determine what to do with the Savings Goal account. You can choose to remove that from Quicken completely and remove all record of this goal. Or you can choose to keep it as a zero balance asset account for your records. Click Cancel to stop this action or OK to delete this Savings Goal. To add another Savings Goal, click the Goal Actions drop down menu and select New Savings Goal. The Savings Goal feature on the Planning tab is a neat feature of Quicken that can help you organize a virtual piggy bank for your large purchases.

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