Saving more than you spend

Stop sinking in spending - it is about time to think about and invest in your financial well-being! As mentioned before, expense tracking is just a part of the story. Personal finance is made of targets. Let's say, you want to spend less on shopping or save more for vacation. The PocketGuard saving goal app gives you all the necessary tools to set financial objectives properly.

SMART framework

Here at PocketGuard we used a well-known framework called SMART to help you measure and achieve your specific, relevant and time-bound goals.

S - specific

Name and determine your aim. Emoji might help you with that.

M - measurable

The objective should be clear. A target amount is your destination.

A - achievable

Let PocketGuard automatically calculate your monthly contribution to make your target achievable.

R - relevant

We believe that each person determines the relevance of their goals.

T - time-bound

The end date is just as important to set an objective as the target amount.

Track your progress with ease

Let PocketGuard track your target progress and notify you when it is contributed, out of schedule, completed, or failed.

Goal needs attention

Once you set a monthly contribution and the end date, our smart algorithm will monitor your savings progress and notify you when it is out of schedule. Nobody’s perfect, but a target is a target. If you don’t contribute enough, be sure that we will remind you to stay on track.

Savings planner

How can we define financial targets?

Financial targets are savings, investment, or spending targets you work to achieve. Each of them requires some time to be reached, and it is up to you to set those time frames and keep an eye on them if you want to achieve all goals. The objectives are usually determined by your life activities and interests.

The most common financial aim is to save enough money to purchase something. Let's say you saw cool fancy shoes for $700. Can you buy them without affecting your budget balance? If not, it seems you have a financial objective. If you save $100 / mo (target monthly contribution), you'll be able to buy those shoes in 7 months.

This is just a basic example of what the financial aim typically is. It’s necessary to realize how real it is to hit the target and try to do that within a reasonable period of time.

How to set financial objectives properly?

  1. 1Apply a SMART strategy. The SMART planner is what our app includes.
  2. 2Create a realistic budget. How much money are you able to contribute to your objective on a monthly basis? Does this amount fit your budget? Increase or decrease it relying on the numbers you see.
  3. 3Start a short-term deposit or use a specific savings account to save your target monthly contribution. Make sure this money is untouchable until you have the needed amount.
  4. 4Monitor your progress. Set milestones to hit. Use the big power of small wins to motivate yourself moving forward.

How is it possible to hit financial targets?

No matter what you do, developing an action plan is a necessary step one should take to succeed. It means that you should know how to set priorities and do that properly. First things come first. That’s why we've created a savings planner that is built into your budget along with other necessities and debt repayments.

Some targets are large-scale. They require more time, nerves, money, and other resources to be achieved. You should plan ahead to succeed with them. Other goals are minor and narrow, so it is way easier to catch up with them. So, make a list of all your goals.

Your objectives can be broken down into several groups for your convenience.

  • Short-term objectives take up to one year. Some of the examples from this category include purchasing new furniture, buying a ticket to the favorite show or resort, etc.)
  • Mid-term objectives (accomplishing a university program and obtaining a diploma or purchasing an automobile or another type of transport).
  • Long-term objectives are those over five years (buying a new house, saving for a cruise, and more).

The target-setting process might take some time, but achieving your goals without this stage is hard to imagine. In addition to identifying your aims, it is necessary to calculate how much resources you may require. Finally, it’s about deciding how long it might take to reach every target.

Once again about SMART financial planning

To make sure your targets are clear and reachable, each one should be:

  • Specific (precise and clear).
  • Measurable (assessing progress helps you to stay focused, meet your deadlines, and feel the excitement of getting closer to achieving your aim).
  • Achievable (your objective also needs to be attainable to be successful. Make sure the goals are real to achieve).
  • Relevant (your target matters to you).
  • Time-bound (every target needs a target date so that you have a deadline to focus on and something to work toward).

SMART is an effective tool every person needs to keep an eye on financial health and many other aspects of life. This tool provides clarity and focus. It can also improve your ability to reach them by encouraging you to define your objectives and set a completion date. SMART planning is also easy to use by anyone, anywhere, without the need for pro tools or training.

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