Go Big with Goal Builder - Money Tip Tuesday

Saving money is not easy, especially when facing higher costs of living. The good news is: there are tools and apps that help you plan, track and meet financial targets. Stay tuned as we learn about the online resources available to help you hit your money goals.

Links:

• Check out more info about Goal Builder and its tools
• Check out TCU University for more financial education tips and resources! 
• Follow us on Facebook, Instagram and Twitter! 
• Learn more about Triangle Credit Union 

Transcript:

Welcome to the Money Tip Tuesday from the Making Money Personal podcast!

With the cost of higher prices on consumer goods, an increase in consumer debt, and other unexpected circumstances that people face every day, it can be difficult and frustrating to save money. While these are valid concerns, there are many solutions and resources to help you meet your financial objectives. 

A simple Google search will give you plenty of ideas on how to save money, but if you’re saving money for a specific purpose, we encourage you to look at the online savings tools at your local credit union.

For example, at Triangle Credit Union, we have a great savings tool called Goal Builder. No matter what you’re saving for or how much it costs, Goal Builder can help you keep track and hit your goal. In a few simple steps, you can start saving toward your financial goals—let’s take a look at the process for members at Triangle: 

1. Set Your Goal
Once you’re in online banking, you select the TCU account you want to link to Goal Builder, you choose your goal type. You can choose from 10 premade goals or even create your own (based on your desired savings goal). Are you saving for a down payment on a new home? Choose Homeownership. Are you hoping to start planning a family vacation in the future? Choose Travel & Vacation. You can use Goal Builder even if you don’t have a specific savings goal in mind. The Rainy Day goal is an ongoing saving goal that has no end so you can continuously save money to use whenever you need or want it! If none of the pre-determined saving goals align with your financial plans, you can Create Your Own Goal with a custom name. 

2. Set The Amount
After choosing the right savings goal for your future financial plans, you can set the total amount of your goal. 

3. Set Your Start and Target End Date
After setting the total amount you want to save towards your goal, you choose the start and end date for your goal! This is valuable information because this will determine how much money will be allocated to your goal based on the frequency you choose.

4. Set The Frequency
The frequency of the goal is how often you want the money to be set aside. You can choose from a variety of options such as weekly, bi-weekly, monthly, every 6 months, etc. If you’re new to saving and budgeting, it might make sense to choose the frequency that matches how often you get paid. For example, if you get paid weekly, you can choose to contribute to your savings goals weekly. 
You can also set the rules for each goal. In this step, you are given the opportunity to assign money to your goal immediately. There’s no time like the present, or so they say! There are plenty of options and rules to select from, and you get to choose them! For example, you can choose scheduled or recurring designations, or a certain percentage of each deposit into your account. Both options have their advantages and choosing the right one depends on your specific situation. 

After you’ve set your goals, you can manage and track progress on a goal summary page. There are three types of tracked goals:

• Active Goals are all goals actively allocating funds
• Completed Goals are all goals that have been met then closed 
• Inactive Goals are goals that are incomplete but have been paused by the user

If you’re not sure how much you would need to designate toward your goal by your target date, you can use the goal calculator to determine the correct amount! Simply enter the total amount you wish to save, choose the start and end dates, and select the frequency in which you wish to contribute to the goal (ex. Weekly, bi-weekly, monthly, etc.); following these steps will show you how much you need to contribute (at your desired frequency) to achieve your goal on time!
The money that is set aside never leaves your account-- it is simply allocated towards your goals and is accessible at any time. It’s that simple!

Whether you’re a Triangle Credit Union member or bank at another financial institution, check out tools like Goal Builder to get your savings on the right track! And remember, every little bit you save, moves the needle in the right direction!

If you have any questions or comments about today’s MoneyTip or have suggestions on future topics and tips, please email us at tcupodcast@trianglecu.org. 
For more great content, remember to subscribe to the Making Money Personal podcast wherever you listen to podcasts and follow us on Facebook.

Have a great day!