Budgeting, Saving, and Banking: Get the Most out of Simple

Your Simple app puts powerful, automated budgeting tools right inside your bank account. Here’s how to use Expenses, Goals, and a Protected Goals Account to rock your money management.
Goals vs Expenses vs PGA

Stressed about saving? Bummed about budgeting? We got you! Your Simple App has powerful tools that do all the money-management legwork automatically—so your whole financial world is in one place.

Just set the budget you need and the savings goals that matter to you, and we do the rest. Here’s how to use Expenses, Goals, and a Protected Goals Account to stay on top of your money with less stress and more financial confidence.

Expenses: automate your budget

The set-and-forget budget is the one you can actually stick to! Expenses automatically allocates your money to your budget categories, then deducts what you spend from each Expense in real time.

How it works

Just enter your monthly recurring costs, like rent, utilities, transportation, groceries, and so on. You can include anything you plan to regularly spend on—movie rentals, garden supplies, or your morning coffee! Next decide how often to put money into those Expenses. Planning to spend $500 a month on groceries? If you get paid twice a month, you can allocate $250 from each paycheck to that cost.

Then Simple goes to work behind the scenes, busily assigning your income to your Expenses and tracking your spending for you. The money you set aside for your Expenses is subtracted from your total account balance to determine your Safe-to-Spend®—the exact amount you can spend spontaneously without eating into your budget. So even if you forget your unpaid electric bill when you’re trying to decide whether to order pizza (who hasn’t!), Expenses have your back! Just check Safe-to-Spend®, and you’ll never accidentally blow your budget again.

Get the download on Expenses and how to use them in the Simple Guide to Expenses!

Goals: no willpower required

Goals help you save up for the future—from expenses that don’t happen every month to the bigger things you want in life. Whether it’s that comfy new mattress or making sure you’ve got money in the bank for your quarterly oil change, make a Goal and rest assured you’ll have the cash when you need it.

How it works

To set up a Goal, enter the amount you need to save and the date you need to have the money. Then you decide how often to sock that money away. You could put a little bit aside every paycheck, once a month, or even every day. No calculator required: we’ll do the math on your behalf.

Now just sit back and let the savings magic happen. Simple will stash your cash as planned without an ounce of willpower on your part. You can pause or change your Goals if life throws you a curveball, and you’ll always have instant access to your funds if you want to spend them. Just like with Expenses, the money set aside for Goals is set aside from your Safe-to-Spend® amount, so you can spend confidently while staying on top of your savings game!

A Goal can be as big or small as you like! Here are some examples:

  • School supplies for your kids
  • An engagement ring
  • A down payment for a house
  • A phone upgrade
  • Upcoming birthday or holiday gifts

Get ideas for your next Goal!

Protected Goals Account: your save-up superpower

Once you’ve opened a Simple Account, you can also open a high-yield account called a Protected Goals Account, where you can stash money you want to save up. It’s like a Goal with a twist! Because unlike a regular Goal, when you want to spend money from your Protected Goals Account, there’s an extra step: an instant transfer into your regular Simple Account. You always have access to your money, but that extra step means there’s no way you can accidentally spend your savings.

Bonus: your Protected Goals Account is a high-yield checking account, so you earn interest!

How it works

You can open a Protected Goals Account easily, right from your Simple app. And once you open the account, you just decide how much you want to save, how long you have to save it up, and how often to stash your savings. Then your money is automatically squirreled away in your Protected Goals Account. You’ll make steady progress, with the security of knowing that you can’t spend your savings by accident.

Protected Goal Accounts are great for long-term goals and “load bearing” savings that matter most—like an emergency fund, a down payment, or a replacement for an aging car that’s going to give up the ghost one of these years. You just set it and forget it, and know the money will be there when you need it!

Ditch the stress and frantic mental budget math when an unexpected expense comes up! Combine Expenses, Goals, and a Protected Goals Account to build a budget that keeps your finances on track effortlessly—for your usual spending and your long-term savings. Day by day, month by month, and year by year, bring your whole financial world together right in your Simple app.

Learn more about high-yield checking accounts and how they can work for you!

Apply now and start banking, budgeting, and saving better!

It all starts when you open a Simple Account—online checking with Expenses and Goals built right in. Once you’re in, you can open your Protected Goals Account and start earning interest!

Apply now to start banking and budgeting with Simple!

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: We do our best to make sure information is accurate as of the date of publication, but things do change quickly sometimes. Any outbound links in this post will take you away from Simple.com, to external sites in the wilds of the internet; neither Simple nor our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. Individual situations will differ; consult your favorite finance, tax or legal professional for specific advice. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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