New Internet Banking #Protips - Turn a Savings Goal into a Budgeting Tool


#1

In new Internet Banking, you have the option of turning on a Savings Goal for your accounts, so you can get a sense of momentum and visual progress as you get nearer and nearer to 100%.

A little known tweak on this feature, is that you can also use Savings Goals as budgeting tools.

Here’s an example:

I have a bills account that I put $100 into on pay day and spend throughout the fortnight on various things that come up.

To help me keep track of how I’m going at a glance, if I put a savings goal of $100 on this account, then on payday it will be at 100%, or ‘fully topped up’.

Now as I drag money out of this account to spend, I can see the goal indicator going down which gives me a quick understanding of how far through my bills money I am (sigh…, but good to know).

Give it a try and let us know if it works for you.


#2

@LukeB  This is a great tip and have been doing this myself. I do this on my weekly spending allowance and gives me a quick indicator as to if I have spent to much.