Invest in your financial well-being! Let PocketGuard answer the following questions: “Can I reach this goal by the next year if I contribute $500 / mo?” and “Does this amount fit my monthly budget?”. The PocketGuard saving goal app gives you all the necessary tools to set financial objectives properly.
Here at PocketGuard, we used a well-known framework called SMART to help you measure and achieve your specific, relevant and time-bound goals.
Name and determine your aim. Emoji might help you with that.
The objective should be clear. A target amount is your destination.
Let PocketGuard automatically calculate your monthly contribution to make your target achievable.
Let PocketGuard analyze your income and expenses in order to confirm your goal is relevant.
The end date is just as important to set an objective as the target amount.
Let PocketGuard track your target progress and notify you when it is contributed, out of schedule, completed, or failed.
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.
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.
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.
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.
To make sure your targets are clear and reachable, each one should be:
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.
In PocketGuard, we believe that a good savings goal should be specific, measurable, achievable, relevant, and timely. That is why we implemented the SMART system, which helps you achieve your goals on time.
We offer our users two types of goal tracking. The first type is "auto-tracking," which is based on the balance of the linked account. The second is "manual tracking," based on transactions you manually add to the goal.
Goals are needed to show you relevant information about your savings efforts. You no longer need to constantly check your notes to remember how much money you already have or how much you need to save, as all this data is included in the goal's dashboard and can be found in seconds.
PocketGuard wrapped the SMART framework in clear steps containing all the necessary information to set a goal. You just need to select the tracking type, pass the steps, and the app will calculate the monthly amount you need to save to reach the goal on time.
You can lower your monthly contribution by adjusting your goal. All you have to do is hit the “Edit goal” button, set the desired monthly contribution amount, and the app will recalculate the date by which your goal will be reached.
The financial goal's purpose and amount depend on your financial situation. Our general recommendation is to focus on the emergency fund first. This would help you have enough money for unexpected expenses.
From fee alerts and notifications to free anti-fraud monitoring and more. Guard your money with PocketGuard.