Add Your Savings Goals To Emma

How come you have multiple goals with the same provider? Are they already pots inside one account?

I’d love to be able to use this to have several goals inside Premium Bonds for example…

Yup, pots inside one account. Our Monzo API then imports all the pots I have with Monzo so I can track them in Emma.

I could have done this by opening multiple savings accounts with the same bank or savings accounts with different banks but because these are short-term savings goals, that process would be too laborious

I’ve set just 1 so far but it’s just to see how it looks. I closed all my pots when simplifying accounts ahead of house purchasing so I will need to set them all up.

My setup was very similar to @Joel using pots in Monzo.

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How’s everyone been getting on with savings goals? Liking the feature? Any ideas for how we can expand/ improve it? :bulb:

I think adding it to the Feed would be helpful to many people.

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Where in the feed do you think? A new section specifically for savings goals, or combined with the current/savings/ debt summary we already have?

A new section just above subscriptions maybe?

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We’ll probably end up building a savings goals tab. :sweat_smile:

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I’m hoping to buy somewhere this year - is simplifying accounts/ closing pots something that you’re advised to do for mortgage application purposes?

Not advised, but not all open banking providers consider pot movements as saving or jam jarring money. So I usually move a lot of money between pots and one provider assumed I was spending thousands a month on uncategorised things.

Not all open banking providers are like this, but I felt it easier to show to a lender a single statement of account. I think Monzo now include pot movements on the statement but it’s down to the open banking provider / lender how these are analysed.

Curious how do others account for money spent from the savings pot? Is there a corresponding category in rolling budget?

Eg target for summer break is £100, saved £50 so far, spent £20 already to book something early. Only have £50 more to save instead of £70, but also want to know I’ve spent £20.

Are you using a manual or real account with your savings goal?

manual account

From your description, it sounds like you’re expecting the savings goals to work like pots, but they don’t quite do that.

To track how much you still want to save, you could add a +£20 transaction to the manual savings goal account, as you’ve effectively saved that by paying for something.

Tracking your spending is tricky. You could create a category for your budget, but it resets every month… You might be better off creating a manual account and adding the transactions there, then hiding them in real accounts. Messy

Savings goals haven’t really been set up for this purpose, but it’s good to know that this is a feature you want.

I think @Gaoler has the best workaround for the moment. Let us know how you get on with this!

A post was merged into an existing topic: Emma Pockets/Pots :uk:

Any idea on when goals for investments might appear please?