Feature of the Week: Setting Goals

October 10 2019

According to many, setting goals is a key driving force to the success of any endeavour. When talking about goal-setting, the SMART framework often comes into mind. Specific, Measurable, Achievable, Realistic, and Timely - you might have heard of it.

The goal-setting tool in the WLTH platform provides a visual representation of your financial goals to make it easier to achieve. For example, if you want to save $30,000 in 3 years, in preparation for your children’s schooling fees, simply input the corresponding figures in ‘Goal Amount’ and ‘Saving term (months)’. The WLTH platform then advises you to allocate $64.10 a week in savings (not taking into account interest) to meet this goal in three years! It tells you exactly what you need to be doing!

Alternatively, you can set a goal amount and input how much you want to save each week/fortnight or month. The WLTH platform then calculates how long it will take you to save up to your goal amount with your desired saving amount. It is especially useful to give a rough estimate of your future financial position with your current savings rate. The platform even takes into account interest rate in its calculation!

Pro accounts have the added functionality to connect a bank account to a goal so it can automatically chart your progress. These are all extremely powerful in making sure your goals are SMART and always accessible.

For a step-by-step process on how to set goals in WLTH, visit our support page!

Each week in the FinTech Five for Friday we will include a new feature to assist you to get the most out of your WLTH Digital Portfolio Manager.

If you haven't downloaded the WLTH app yet, it is available on the App Store and Google Play Store!