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Goals - Creating, Modifying, Locking and Matching

Creating goals is at the core of what FamilyMint is all about.  The first step towards achieving one's goal is to write it down.  Kids have lots of things they'd like to have or do, but just like their parents, have limited resources and must budget accordingly.  With FamilyMint, kids can set goals and move money around as their needs or wants change.

The basic principles to creating a goal within Junior and Advanced child interfaces are the same, but as their layout and language are different, we will review both here.

Create Goal - Junior

Junior_-_Create_Goal.jpg

  1. What's the name of Goal? - Enter the name of the goal you are saving up for.  Required field.
  2. What type of Goal is it? - Select the category of the goal you are saving for.  Required field.
  3. How much is the Goal? - Enter the dollar amount of the goal.
  4. Image - Click on the image to select either a default image or Upload a Custom Image.
  5. Progress Bar Color - Select the color you wish displayed on your status bar.
  6. How often do you want to put money in? - Select the frequency of your deposits (Weekly or Monthly).  This will not create an automatic deposit into the goal.  Transactions are made outside of goal creation.
  7. When fo you want to start saving? - Select when you wish to begin saving for the goal.  The default is the day you create the goal.
  8. How much do you want to put in at a time? or When do you want to stop saving? - Fill in the amount you plan to deposit (based on frequency (6) selected) and your end date will be automatically calculated for you.  Or you can enter your Reach Goal By date(based on frequency (6) selected) and the amount you need to save will automatically be calculated for you.  Play around with both and try different scenarios.
  9. Click Create New Goal and your done!

 

Create Goal - Parent/Advanced Child

PVCV_-_Create_Goal.jpg

  1. Goal Name - Enter the name of the goal you are saving up for.  Required field.
  2. Goal Category - Select the category of the goal you are saving up for.  Required field.
  3. Goal Amount - Enter the dollar amount of the goal.
  4. Lock or Match This Goal (Premium version only) - This can only be done in Banker Profile.  Change Match This Goal to 'Yes'.  You will notice the lock icon changes to closed.  All matched goals are locked, meaning a child can deposit money in, but cannot withdraw or transfer money out of that goal.
    The locking and matching mechanisms are great for longer term goals.
  5. Matching Amount (Premium version only) - This can only be done in Banker Profile.  Fill in the Matching Amount.  (A match of 100% means you give your child an extra $1.00 for every $1.00 they deposit.).  The transaction with the matching amount will appear after the transaction is approved by the banker.  This is for manual transactions only... matching deposits are not made when allowance or interest is automatically deposited into a matched goal.
  6. Contribution Frequency - Select the frequency of your deposits (Weekly or Monthly).  This will not create an automatic deposit into the goal.  Transactions are made outside of goal creation.
  7. Begin On - Select when you wish to begin saving for the goal.  The default is the day you create the goal.
  8. If You Save or Reach Goal By - Fill in the amount you plan to deposit (based on frequency (6) selected) and your end date will be automatically calculated for you.  Or you can enter your Reach Goal By date (based on frequency (6) selected) and the amount you need to save will automatically be calculated for you.  Play around with both and try different scenarios.
  9. Image - Click on the image to select either a default image or Upload a Custom Image.
  10. Progress Bar Color - Select the color you wish displayed on your status bar.
  11. Click Save and you're done!

To edit a goal once a goal is created, first select the goal and hit the pencil icon. 

7 Comments

  • Avatar
    Karen Fergason

    I CANNOT FIND THE EDIT GOAL WINDOW! PLEASE HELP!

  • Avatar
    FamilyMint

    Thanks for letting us know Karen and I am sorry you having difficulty!  Existing goals can be edited by first clicking on them and then hitting the pencil icon. The Getting Started videos include a couple examples showing this but it I've updated this page to include a brief reference to this as well. 

  • Avatar
    Celine

    When I try to Delete a Goal, I get the error:, "Cannot delete account.  Current balance is not $0". 

  • Avatar
    FamilyMint

    Hi Celine - the total balance in the goal does have to be $0 before you can delete the goal.  This is to ensure the money is transferred somewhere and not lost prior to deleting a goal.  Also check and make sure you don't have any pending transactions as this can make the goal look like it has a $0 balance when it really doesn't. 

  • Avatar
    Celine

    OK, that makes sense.  Thanks!

  • Avatar
    Rick Draper

    What's the point of setting deposit frequency on a goal if it isn't executed automatically?  Is there a different way to set up automatic deposits to goals?

  • Avatar
    FamilyMint

    The deposit frequently (either weekly or monthly) is part of the planning section included on the create goal screen.  The purpose of this section is for planning purposes only.  It's great for a child to see, for example, if they set a $100 goal, a target end date will automatically be calculated for them based on their planned deposit amount and frequency.  FamilyMint is designed to be a tool through which kids learn by doing, not so much a set-it-and-forget-it type application.  Thanks for the good question!!

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