Goal Funding Explanation/Documentation

Okay, so I’ve fully switched over from Simple last week right before my first direct deposit. I moved the incoming money around as needed so that my goals and expenses were put into their appropriate places as best I could based on what was available.

While I know there seems to be a bug currently in the goal funding part of the AI, what I can’t seem to find is a break down of HOW goals are handled, how their determined to be “not viable” and better instructions on how to make the ones showing “not viable” more viable.

I’ve seen in other topics that Goals are funded via “The Vault” (which I think is not correct because the vault to me means “savings you’re trying not to touch” so money shouldn’t be coming out of there), but there’s little documentation this feature. The closest I found was this and it isn’t very informative.

So off the bat I would at least like to have more clear documentation around the following:

  1. How goals are funded

  2. How goal viability is determined

  3. How to make goals viable again other than just extending the “needed by” or lowering the amount because I don’t want to do either of those. Knowing what steps we can take (example: move more money into the vault or do I spent less of my daily cash, is it both?)

Honestly there’s a lot of places where the application kind of lacks on this kind of information. I don’t mind having to read a website for more information but even you’re “help” section is lacking at deeper insight into various features.

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Hi Koby!

The next few improvements to our help center and app can definitely be attributed to your feedback so thank you for getting to the crucks of things and asking the all the good questions! We really do appreciate it!

You are correct, there is very little clear info on your three points. I will write up an article and post the link here :slight_smile: Please post on the forum or send me a message about other places you find lacks information that provides deeper insight into various features!

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Piggy-backing on this, would it be possible to get some documentation or a thread on the intended workflow for things like bills, rent, daily charges, and goal related charges? Does it exist already and I’ve just missed it? :sweat_smile:

I’m also coming over from Simple, and pretty excited about the potential of the AI provided by Envel, but I imagine trying to bring my old workflows from Simple as-is might not translate or really take advantage of the system.

It’d be great to see something like “You have a bill from The Internet Company. Use your debit card to pay for the bill. When the charge comes through, Autopilot will detect that the charge is for a bill, transfer the transaction to ‘Bills’, and automatically adjust how much needs to be allocated to ‘Bills’ going forward.” Accuracy of example purely for example, I don’t know what the right thing is :grinning_face_with_smiling_eyes:

Hi Elijah!

Welcome to the community forum! Having someone join in on the conversation is always a highlight! We hope you that our app is able to meet all your financial needs :raised_hands:

Let me know if this article on best practice provides some clarity. As @mkoby mentioned, it lacks more insight on goals so I will update it :slight_smile:

Thrilled that you are excited about Envel’s AI - we really are working hard to get it working perfectly! With regards to your transition over, you will definitely need to adjust your approach a bit at Envel. Since the AI splits your money between envelopes automatically when your deposit arrives, you will not need to schedule your bills or set up a pay day as you would at Simple. Are you wanting to use your credit card for most of your transactions but budget through the app or would you like to use the app for most/ all transactions? We are busy adding some filters depending on how people want to use the app: to play around/ test, only pay some of their bills through app etc in order to create a better user experience and improve accuracy :slight_smile: If you can give me an idea of what you would like to achieve through the app, I may be able to provide some better suggestions. Let me know if this article on our AI clears a few of your questions up at all :raised_hands:

What you have described is known as our bill sorter. It is currently being beta tested by a group of users in order to refine it and improve its accuracy so we’re hoping that everyone will be able to use it soon!

Thanks again for the feedback! Please continue to ask questions, report bugs and request features :grin:

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Hey Tess!

That best practice article is exactly what I was looking for, thank you!

(apologies in advance for the wall’o’text :grimacing:)

To give some insight into my current workflow, Simple is my main account, and I use that debit card / checking account for all bills and most purchases. I have 2 credit cards that I use to take advantage of their cash back rewards, one for gas and another that covers dining, groceries, and general entertainment. I have individual Expenses set up for each of my recurring charges, and relevant transactions are automatically associated with those expenses thanks to a recent feature added to Simple. I also created Expenses that the credit cards are paid from as a way of budgeting my food and gas expenses, the credit cards are set up to automatically charge my checking account their full balance every month. I have Goals set up for known, large expenses or general funds I’m trying to keep track of. My Expenses and Goals are automatically funded as my paychecks come in so everything is ready when the charge occurs.

With this setup, I’ve been able to trust these systems to make sure all of my bills are covered, it’s been incredibly helpful in removing the stress of keeping up with bills. My credit cards are all paid in full, bills are paid on time, and I have an easy way to see how much money is left over for savings or for fun.

Before Simple, which I signed up for back in college, I had a traditional checking account with one of the big banks where the only information available to me was how much was in my account and what transactions were coming through. I used a cash back credit card for all of my daily transactions. I had a hard time keeping track of bills and how much I was spending with my credit card, and got into a “rolling balance” situation where all of my paycheck outside of bills was going into trying to keep up with the credit card. I did not have a good grasp of how much I really had available to spend after bills, and I’ve found that credit cards tend to “hide” how much has gone into them since they are separate from the main account. I hit a point where I accidentally over-drafted my checking account by something like $1 due to everything going towards the credit card, and the bank hit me with a $30+ over-draft fee every day for several days in a row while I waited for my next paycheck to come in. Around that time I happened to see an ad for Simple, and was immediately sold. I took a month or two of a super tight budget to get back on top of the credit card, and then transitioned over to Simple completely.

Having budgeting tools built into my bank account has been pivotal in maintaining my financial health. With the closing of Simple, it’s critical to me that I find a replacement. I’m hopeful for Envel, and as mentioned I’m excited about the potential of an AI helping manage bills to make this process even easier.

If the team is ever looking for more beta testers, I’d be happy to participate!

No worries about the wall’o’text!

Thanks for the breakdown! So instead of setting up individual expenses, you will calibrate your total bills in the app and you can then link your card to the bills envelope to pay for expenses :slight_smile: You can create custom envelopes for your credit cards so that you have enough money by the end of the month to pay those. You are also able to set up goals which will be automatically funded!

I can only imagine the loyalty you have for Simple as its helped you get your finances in tip-top shape all the way from College! The envelope system is there so you can plan out your spending and ‘give every dollar a job’ as all budgeters love to say! Please try out the app and see if it is a fit with your budgeting requirements - I am confident you will like what you see!

Thanks for volunteering! I will pass your name along!

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