How Can I Hit My Financial Goals?

By John Michael Satin

Deadlines? Meetings? Things to do and people to see? Been wanting to save up for the latest gadget or dream vacation but don’t know how to start and don’t have the time to get into it?  If you’re someone with a tight schedule during the week don’t worry — you’re just like most of us. But despite everything going on, we, at Komo, can help you keep up with your finances and help you hit your own savings goals.

So, how can you reach your saving goals?

This is a good question that one of our Komounity members sent over to our email hey@komo.ph

In this post you’ll learn the following: 

  • How to set financial goals
    How to manage expenses while dealing with saving goals
    How Komo can help you reach your goals

5

Saving for a goal is smart

What is your reason for saving? Is it a personal investment, a family-related goal, or something else? Any goal you have is unique to you. This is why it’s important to create your own plan and turn saving into a priority.


You must also consider having SMART goals to be more likely to achieve them. It’s an acronym for Specific, Measurable, Attainable, Relevant, and Time-bound. Here are some guide questions for your goal.

 
 
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Now let’s put it in perspective. If you want to build an emergency fund (specific) that costs 20,000 PHP (measurable), it is attainable, and also relevant for anyone. Now, we’re down to time-bound. When will you meet the goal? With a target date, the goal is clear and set.
Now, you should try checking if the goals you have in mind are SMART using the guide above so you get higher chances of attaining them.

 

When you Spend less, you save more

Obviously, spending less makes room for more saving. But, if you don’t spend money wisely or spend more than what you make, it can get in the way of attaining your saving goals. Let’s look at some tips to manage our spending.


1. Keep track of your expenses – If you have a set budget, spending within your limit is a must. Tracking includes how much money you’re spending and what items you’re spending on (Is shopping getting out of hand or are you overspending on caffeinated drinks?) Knowing how much money you have left is also important. You can set better financial habits with an idea of where you are financially.
2. Figure out unwanted habits – If you know what you spend on, you can discover which expenses are draining your finances. This could include eating out too much, spending too much money on clothing, or other expensive hobbies. You should evaluate if these are necessary or not because they can take up a large portion of your income.
3. Pay yourself first – Talking about income, paying yourself first means setting aside a portion of your income for savings before paying anything else such as bills. When you have a good amount of savings, you’re inching closer to financial freedom. If you make saving a priority, you’re also investing in yourself.

 

Simplify it with Komo’s Personal Finance 

Komo’s goal is to make money management easy and simple for you so you can focus on building better financial management habits.

Turn the spotlight to Personal Finance, a financial management feature for Komo users that give helpful insights into their savings and spending in just one place. It is easy-to-use and easy-to-visualize.  two parts: Goals and Budget.

With Goals, you can create savings targets so you can turn your dreams (such as family goals like a house, education, leisure, or even more personal ones like gadgets, investments and emergency funds, and more) into reality. You can set intended saving amounts and completion dates to know how soon you can reach your goals. You can also top up to speed up your saving progress, which you can easily track using the progress bar.

Budget is an organized spend tracker to make budgeting simpler for everyone. This means no more multiple lists and manual tallies. Categorize your expenses under a Budget to get a better view of your spending (groceries, travel, utilities, and more.) Set an amount for a budget and get notifications when you’re about to reach your spending limit. It’s even better because you can customize the budget name and add an image or banner. Getting a clear picture of how you spend can help in making sound decisions and avoiding overspending.

When saving and spending become overwhelming, you can count on Personal Finance to make it easier for you. You can now control your finances in just one place. Simple, convenient, and effective. It is now available for free when you download the Komo app.

 

Got more questions on money management or personal finance? You can still send them to hey@komo.ph