Savings Goals in PocketGuard: How to Set, Track, and Manage Your Goals
The Savings Goals feature in PocketGuard lets you set a target amount and due date for any financial goal – like an emergency fund, vacation, or down payment. PocketGuard automatically calculates how much you need to contribute each month to reach it on time.
The “Savings goals” feature is a great tool if you want to set short-term and long-term targets that fit your monthly budget.
The SMART Framework for Savings Goals
PocketGuard applies the SMART framework to the goals setup process. That means your goals need to be Specific, Measurable, Achievable, Relevant, and Timely.
Simply saying, you have to name your goal, choose a specific emoji, set a target amount and due date, so our smart algorithm can calculate your monthly contributions and inform you if this amount fits your monthly budget. Feel free to increase that number in order to reach your goal faster or start next month if your budget doesn’t have enough money to start saving.
Types of Savings Goals in PocketGuard
There are two types of goals available right in PocketGuard: external and manual.
External goal.
An external goal is a goal that is linked to one of your bank accounts. In this way, we’d track your goal progress based on your account balance. That means one goal can be linked to one account only.
Tip: if you want to save $10,000.00 no matter what your account balance is, you’d have to sum up your target amount with the current account balance.
Manual goal.
A manual goal can be created without linking to an account. To track the progress, you’d need to contribute transactions manually.
Note: any transaction subtraction from your manual goals will increase your monthly contributions. Make sure you don’t subtract transactions that are already factored in your spending categories to avoid double-counting of such operations.
How to create a Goal?
To create a goal, please complete the following steps:
- Open the Goals section in the Dashboard tab;
- Click the Set Up My Goals button at the bottom;
- Choose a goal type you’d like to create;
- Enter your goal name;
- Choose an Emoji to make it personal;
- Enter the target amount;
- Set the due date;
- Enter how much money you’d contribute on a monthly basis.
Removing Transactions From a Manual Goal
To remove a transaction from a manual goal, you need to hit the “Trash” next to the transaction’s amount.
Note: Avoid logging transactions that are already tracked in a spending category – this causes double-counting and affects your Leftover calculation.
How to Edit or Delete a Savings Goal
To edit or delete a Goal, please do the following:
- Locate the Goal you want to edit or delete;
- Hit the ••• button in the upper right corner;
- Select delete or edit options.
FAQ
What’s the difference between an external and manual goal?
An external goal is linked to one of your bank accounts and tracks progress automatically based on your account balance. A manual goal is not linked to an account — you add contributions manually by logging transactions yourself.
How do savings goals affect my Leftover?
Your monthly goal contributions are deducted from your Leftover. This means the more you save toward goals, the less discretionary spending money you’ll see available — which is intentional. It ensures your savings are protected before you spend.
How do I remove a transaction from a manual goal?
Go to the manual goal, find the transaction you want to remove, and tap the trash icon next to the transaction amount. This will reverse the contribution and adjust your goal progress accordingly.
Does PocketGuard automatically transfer money to my goal?
No. PocketGuard does not move money between accounts. It tracks your progress and calculates required contributions, but actual transfers need to be made manually through your bank.
Are savings goals available on the free plan?
Savings goals are available as part of PocketGuard Plus. You’ll need an active Plus subscription to create and track goals within the app.