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- View Offline
- 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
Skill Level Appropriate for all
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.