Financial Goals

Setting clear financial goals is essential for long-term financial success. Cashvelope's goal-tracking features help you define, monitor, and achieve your financial objectives.

Types of Financial Goals

Cashvelope supports various types of financial goals:

Savings Goals

Save for specific purchases or events:

• Emergency fund
• Vacation
• Down payment on a home
• New vehicle
• Wedding
• Education

Debt Reduction Goals

Track your progress paying down debts:

• Credit card debt
• Student loans
• Personal loans
• Auto loans
• Mortgage

Investment Goals

Monitor your investment targets:

• Retirement savings
• College fund
• Investment portfolio growth
• Passive income targets

Creating a New Goal

To create a financial goal in Cashvelope:

1. Navigate to the "Goals" tab in the app
2. Tap the "+" button to add a new goal
3. Select the goal type (Savings, Debt Reduction, or Investment)
4. Enter a name for your goal
5. Set your target amount
6. Choose a target date (optional)
7. Select a category icon (optional)
8. Tap "Create Goal"

Goal Details and Configuration

After creating a goal, you can configure additional settings:

Funding Your Goal

Set up regular contributions:

1. Open your goal details
2. Tap "Set Contribution"
3. Choose contribution frequency (weekly, bi-weekly, monthly)
4. Enter contribution amount
5. Select funding source (bank account or envelope)

Linking to Envelopes

Connect your goal to a specific envelope:

1. From goal details, tap "Link Envelope"
2. Select an existing envelope or create a new one
3. Choose whether to automatically transfer funds

Setting Milestones

Break down large goals into manageable chunks:

1. From goal details, tap "Add Milestone"
2. Enter milestone amount or percentage
3. Add a description (e.g., "25% saved" or "First $1,000")
4. Set rewards for reaching milestones (optional)

Tracking Goal Progress

Cashvelope provides multiple ways to track your progress:

Visual Progress Indicators

• Progress bar showing percentage complete
• Circular progress chart
• Timeline view with milestone markers
• Projected completion date based on current contribution rate

Goal Analytics

Access detailed insights about your goal:

1. Tap on a goal to view details
2. Scroll to the "Analytics" section
3. View metrics such as:
   • Average monthly contribution
   • Time to completion at current rate
   • Contribution consistency
   • Adjustments needed to meet deadline

Goal Adjustments

Modify your goals as circumstances change:

1. Open goal details
2. Tap "Edit Goal"
3. Update target amount, date, or contribution schedule
4. Save changes

Goal Completion

When you reach your financial goal:

1. You'll receive a congratulatory notification
2. The goal will be marked as "Completed" in your goals list
3. You can choose to:
   • Archive the goal
   • Create a similar new goal
   • Share your achievement (optional)

Tips for Successful Goal Setting

• Be Specific: Define clear, measurable goals with exact amounts
• Be Realistic: Set achievable goals based on your income and expenses
• Prioritize: Focus on high-priority goals first (like emergency savings)
• Automate: Set up automatic contributions to stay consistent
• Review Regularly: Check your progress monthly and adjust as needed
• Celebrate Milestones: Reward yourself when you reach key milestones

Goal Templates

Cashvelope offers pre-configured goal templates for common financial objectives:

1. From the Goals tab, tap "+" to add a new goal
2. Select "Use Template"
3. Choose from templates like:
   • 3-6 Month Emergency Fund
   • Debt Snowball Plan
   • Vacation Fund
   • Home Down Payment
   • Retirement Boost

Next Steps

After setting up your financial goals, learn how to use Advanced Analytics to gain deeper insights into your financial health.