How to Setup a Savings Plan

Overview

Creating a savings plan with interest in Foreseenly CashFlow is a simple process that allows you to track your contributions and watch your savings grow. Follow these steps to set it up:

1. Start by creating an Asset Plan using the universal +/- button.

• Under Account, select Savings. If the option isn’t available, tap New and manually enter "Savings" or what you like to use as the account name and enter 0 for the initial balance if starting from scratch.
2. Once you confirm, the savings account should be selected for you at the top of the form.
• For the Category, choose Funds.
• Enter your current account balance in the Amount field.
• Choose the Asset Type if needed (e.g., USD or another currency).
• Specify the interest rate for the account.
3. Define the Compounding Schedule: Set how often your interest is compounded (e.g., monthly, quarterly, annually). This determines when interest payouts will be added to your balance.
4. Save

2. Set Up Contributions to your Savings

1. First select the Savings account from the account list to see its graph.
   

2. Add a new Contribution Plan (with +/- again):
• Select the Category ~ Funds
• Input Amount being contributed
• Define the frequency of contribution
  
3. Finally select the contribution source by selecting a transfer account typically your Personal account.