That one sunny vacation, a new car, or your child’s new education… These are all logical reasons to start saving! But where do you start and how do you stay on track? iBilly is happy to lend you a hand. Keep reading to discover more.
Setting and maintaining savings goals
You may already be putting some money aside into your savings account every month. However, this is not very specific. This can cause you to lose sight of your goal or give up more easily. iBilly can help you keep your goal sharper. We’re talking about setting savings goals. This way, you work more effectively towards your goal. You can also see more easily where you started and how far you still have to go.
What do most people save for?
Research shows that more and more people want to pay attention to saving in 2023. When someone sets clear savings goals, they are more likely to achieve that goal. Research shows that men are confident when it comes to achieving their savings goal. 85% of men think they will achieve their savings goal, while 79% of women are sure of it. It also stood out that 9 out of 10 people say they have sufficient knowledge to achieve savings goals. In general, savings goals are very similar. They often involve the following savings goals:
- Saving for a financial buffer
- Saving for a car
- Saving for travel
- Saving for retirement
How do you determine the total savings amount?
When you set multiple savings goals, it’s important to add up the amounts you want to save. This will give you the total amount you need. You can then divide this total amount by the number of months in which you want to save the money. This monthly amount can be saved in two ways. You can use one savings account where you save the monthly amount, but you’ll have to keep track of how much you’ve saved for each goal. Alternatively, you can choose to have different “pots,” each labeled with the name of your goal. You divide the monthly amount among the pots, and at any time, you can easily see how much you’ve saved for each goal.
When you set multiple savings goals, it’s important to add up the amounts you want to save to determine the total savings amount. Then, divide this total by the maximum number of “saving months.” There are two ways to go about saving the money itself. You can save for the entire amount or choose to create sub-goals. By dividing the monthly amount among multiple “pots,” you can make it easier to stick to your savings plan.
Track your savings goals in the iBilly app!
Setting and keeping track of savings goals can be quite a bit of work. That’s why we developed the iBilly app for you! You can easily add savings goals and keep track of them in the app, saving you a lot of effort. Additionally, the app has several useful features, such as adding your bank transactions, an overview of your income and expenses, sharing data with selected people, setting budgets, automatic future projections, and more!
Are you ready to get serious about saving and achieve your savings goals? Download the iBilly app for free. If you prefer to use additional features, choose one of our subscription plans.