“A penny saved is a penny earned”, said Benjamin Franklin. Saving is an important step to reach financial freedom. That’s why Money Lover has an easy tool for you to create and track saving plans. Let’s get started!
What is a saving plan
A saving plan is your plan to save money for unexpected circumstances or a specific purpose. Money Lover provide users a simple way to create and keep track of a saving plan. You can deposit to this plan or withdraw from it if necessary.
Money in a saving plan is not counted in balance. You may not notice its presence so it will be more secure.
How to create a saving plan
First, open the left menu then choose Savings. Tap the plus button (+) to add a new plan.
You will need to fill in the information of your plan:
1. The name of your plan: a laptop, a trip to Paris or a gift for your parents etc.
2. The goal: the estimated amount of money you need to achieve that goal
3. The starting amount: the amount of money you already have
4. Optional deadline for your plan: you can leave this blank but if you have an ending date, Money Lover will send you notifications to remind you of your plan.
5. Currency: the currency of your saving plan
6. Wallet: you can choose from All wallets or a specific one
You can also choose an icon for you plan. Then you tap Save to finish and save the plan.
How do we track a saving plan
After you have created a saving plan with Money Lover, you can keep track to it.
If you put money in your saving plan, tap Deposit. When you deposit your money, it will be set aside for the future and it is considered as an Outflow from your wallet.
If you need to take some money out of your saving plan, tap Withdraw. The amount of saved money will decrease and a transaction will be added as Inflow.
Tip: you should start your saving plan with a small amount which is gradually increased over time instead of setting an unrealistic goal.
Do you have any suggestions on the saving tool of Money Lover? Share with us by dropping a comment below!