Numbrs provides its users with in-depth insights about their finances. The Saving Goals feature was carefully crafted by our engineers to simplify saving for you and to help you reach your goals faster and easier.
Saving with Purpose
Expensive goods like a new car or property to build a future home can seem unreachable if you look at the amount needed. With the Saving Goal feature in the Numbrs app, saving becomes structured as you can track your progress and always know when you have achieved your goals. Here’s a quick guide on how to create your goals:
- Go to the Analysis feature
- Select Goals and tap on “Create new goal”
- Name your goal, for example “Car”
- Set the amount needed to reach your goal
- Go to “Adjust settings” and select your desired savings account(s)
Numbrs lets you easily select one or multiple accounts to be used for your saving goal. We recommend choosing one or more saving accounts as they usually come with better interest rates than current accounts.
Automate Savings with Standing Orders
One of the easiest and most effective ways to save money and automate the saving process, is to use two accounts, one for consumption and one for savings. Set up a standing order with Numbrs and automatically transfer a fixed amount to your savings account every month. Here’s how:
- Go to the Send Money feature
- Type in the monthly saving amount
- Choose the bank account you want the standing order to be executed from
- Select the target account
- Got to “When” and select Standing order
- Pick a date for the standing order to be executed
Tip: You may want to open your current account at a different bank than your savings account because of varying conditions. Numbrs lets you add as many bank accounts from different banks as you want. This way you can manage all your finances in one place. We recommend to save at least 10 % of your monthly income to make substantial gains. However, you can also start small and slowly increase the amount later.
Always informed about your Goals
Once you’ve created you saving goals, you can check your progress in the Analysis feature. You can view the current amount of your saving goal as well as the percentage in the analysis overview. Simply select the goal to edit or delete a saving goal.
If you want, Numbrs automatically creates an emergency fund for you in case of sudden and unexpected expenses. Numbrs adds up your expenses of the last three months and defines the emergency fund automatically. We recommend saving up to 3 months the amount of your salary. However, you can adjust the amount of the emergency fund anytime.
Simplified saving with Numbrs
The saving goal feature is our approach to simplify saving by making it trackable and easily adjustable. This structured saving feature in the Numbrs app can motivate you to achieve goals you wouldn’t have thought possible.
We hope Numbrs continuously supports you to reach your goals and to become financially independent.