Okay I love goals and this was one thing I was waiting for most of all the new features last year. Not only do I use them for their intended “Saving Goals” purpose it I also use them as pots of money and there is another post on this from someone else here so I won’t go over those ideas again but… I wanted to add my own ideas for making it more useful for money pot use!
First… Allow negative Goals! Let Em explain (it’s going to be long sorry!) why I think it is useful if not required for good money management:
First let me explain how I use my Starling Acc… (I have already mentioned this in other posts recently so soz for the repetition!) As we can’t yet specify what pot (Goal really) out direct debits come out of I have left them in my old Halifax along with my salary payments. But on the first of the month a standing order transfers all the money that isn’t used for direct debits into my Starling Acc. I have scheduled payments set up on all my Goals and montly Pots. This leaves my account at £0 (pretty much) then every time I buy something I get a notification from Starling and it puts me into my overdraft (Well really goal money so free) and I transfer that money from what ever pots it was used for. For example it might have been £45 in Tesco so it comes out of my “Groceries” pot. This puts my account at £0 again. Then maybe I go to the cinema and spend £24 if which £15 comes from my “Entertainment” pot and £9 from my “Eating out” pot. Again my account is £0 and I can see at a glance how much I have left for each pot for that month! All great thanks Starling I finally have a grasp on my finances!
NOW suddenly my car breaks down and I need £300 to repair her… I have £230 saved in my “Car Maintenance” pot but that’s not an issue as I have £2k odd saved in other pots I can use until it can save up more so I pay my mechanic and drive off and then later when I have a sec I transfer the £230 from my “Car maintenance” pot into my account and… BOOM!! My system is bust! I now have -£70 in my account and no tracking of why! But if I could have transferred £300 from my “Car maintenance” pot putting it into -£70 it wouldn’t be an issue as it would be clear what has happened and I can transfer some extra from going out over the next few months to bring it back up as well as the standard auto transfers every month to that pot.
SOO… does that make sense?
Here is a pic of my Goals screen I took shortly after I set it up a few months back with a few monthly pots at the top (I have 7 currently) and savings Goals towards the bottom (12 currently).