Once you know how much you need to save, you can track your savings progress in a virtual account called a savings goal account. A savings goal account is a way of hiding money from yourself so you don't inadvertently spend it on something else.
If you need a way to track savings in the context of your overall monthly spending, set up a monthly budget. To create a long-term financial plan covering major milestones such as retirement, college, and home purchase, use the Lifetime Planner.
How do I set up a savings goal?
In Quicken, you can earmark some of your earnings for a vacation or other major purchase by setting up a savings goal account, which is a special type of asset account.
Remember that a savings goal account doesn't represent a real account, and there is no real money in it. It's just a way of hiding and tracking money for a specific goal. The idea is that you won't be tempted to spend what you don't see.
- Click the Planning tab.
- Click the Savings Goals button.
- Click Goal Actions.
- Click New Savings Goal.
- Enter a name, amount, and finishing date (date by which you want to reach your goal).
Notes
- Use the Saving Goals window to check your progress towards a goal, change a goal, and contribute to or withdraw from a goal.
- The Account Bar lists your savings goal accounts and balances. Right-click a savings goal and deselect Show Savings Goal transactions in register and reports to hide any transfers to your savings goal and view your actual account balance.
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