Goals, Direct Debits and updating Target


#1

I really like Goals, they are versatile, checking the forums and I can see people are using them in all sorts of different ways to meet their needs, which is great.

One of the main requests is Direct Debits to come from a Goal, I can’t wait for this. But there is a feature I wish to tag onto it…

One of the many ways I use Goals is to chuck money aside for a debt with regular payments, like a 0% BNPL. It would be ideal for the Goal Target to update accordingly when a DD payment is made (you could turn this on or off when you create the Goal).

So lets say you have a £10,000 Goal Target, and a DD is paid of £200, the target will change to £9,800 automatically (if this feature ‘switch’ was turned on). Even better would be where you could say the DD has an interest rate, and so the Goal will take this into account for the target when a DD is paid.

This may not be a feature everyone else cares for, but I think it would be great :smiley: Curious if anyone else uses Goals in this way?


#2

I have one goal set up for exactly this, to ensure I have the lump sum at the end of a 0% deal. This could be really useful


#3

Same here. Just got my Apple HomePod on 0% BNPL so need to pay that off in February next year. I’ve created a Goal called “Purchases” (I originally called in "Deferred Interest” but that was an unnecessarily complicated name for a Goal :rofl:).

I’m unsure I want the automation that @solster asks for - just having a ring-fenced Goal is good enough for me - and I can appreciate things could get very complicated where rules and transactions changed Goal targets automatically (randomly???). But we are all different.


#4

A ring-fenced basic goal is good for when you are saving to pay off a BNPL which hasn’t started yet, but consider a Loan of £10,000 (ignoring interest charges) which is being paid at £200 a month via DD, I want to save 10,000 in total, but every month that 10,000 is being reduced by 200, so I manually have to change my goal target, whereas the DD could trigger this for me.

I like to pay lump sums every now and then to reduce costs. As not everything is 0% :smiley: and i do this by tracking my goal target and money put aside for it.

Hope that makes my request more obvious?


#5

You’re not saving £10k though. I’d have a £200 goal target and fill it monthly. You can always look at your loan statement for overall progress.


#6

@Ben10 Depends how you use Goals. I have 3 Goals which have their targets met for debts but would rather keep the money earning me interest than paying off the 0% debt and let monthlies roll via DD.

This has the benefit of if I do decide to use the money for something else, I have to consciously move it from the Goal to my “normal” account, with the Goal showing it is now missing its target.

In this scenario my target is “10,000” not “200”. This is what I like about Goals, they are versatile for you to use them in many ways.