Personal Finance Manager Help/FAQ

JDM Software

Savings

The "Savings" tab is an area where you can keep track of the progress you have made towards long-term savings goals.

Topics

Creating New Goals
Editing Goals
Removing Goals
Allocations

Creating New Goals

To create a savings goal, enter a unique name into the "New Goal Name" entry field. Then put in the total amount required to be saved for that goal in the "Total Goal Amount" entry.

For distant goals, such as retirement, be sure to take the time value of money into account. The "Savings Calculator" is a useful tool for creating savings plans to determine your end goal amounts. (Invoke this tool by selecting the button in the savings entry frame or by using the "Utilities" menu.)

You may put in a description for the goal if you wish. Enter a target date (when you wish to attain your savings goal). Then select "Add" to make the new goal.

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Editing Goals

To edit an existing goal, select the goal you wish to edit from the "Goal Select" menu in the left side of the savings editor window. Then input a unique new name for the goal in the "New Goal Name" field (if you wish to change the name), type in a new amount, date, and/or description, and select the "Edit" button. Amounts allocated to this goal will be preserved.

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Removing Goals

Select the name of the goal you wish to remove from the "Goal Select" menu in the left side of the savings window and select "Rem." This will unallocate any amounts allocated to this goal.

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Allocations

When saving money toward a long-term goal, you need to store the actual money in a checking or savings account where you will not be tempted to withdraw it prematurely. When you save money in an account, you can use the "Income Allocation" page to store any unallocated amounts into the general "Unallocated Savings" area. This is a general "repository" for income you intend to save for a long-term goal. The total will show up in the upper-right corner of the savings tab.

To allocate savings from the "Unallocated Savings" amount to a particular goal, enter the amount in the "Amount" entry field directly under "Savings Allocations." This amount must be less than or equal to the amount in "Unallocated Savings." Then, select the "Action" menu button below "Amount" and select "Save To." This will bring up a list of all the savings goals you have created. Select the goal you wish to allocate to, and the transfer is made.

To transfer money from a specific goal back into the general "Unallocated Savings" area, enter the amount in the same field and use the "Action" pop-up menu to select which goal to "un-save" from. Of course, the amount must be less than or equal to the total amount allocated to that goal.

To put money back from the "Unallocated Savings" area to the general "Unallocated Income" area, enter the amount and select "Action" and then "Unallocate Amount." The amount will be transferred from the savings area to the "Income Allocation" tab under "Unallocated."

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