A personal finance target could range from building an emergency fund to traveling on a luxury vacation to the Maldives. For most people that are new to personal finance, saving is all about putting all their savings in a general account. This could keep them uninspired about their financial goals because it becomes hard to manage as time goes on. While it might be a good thing to have money stacked away, having clear goals that state what that money would be used for could potentially increase productivity many folds over and help to keep the focus.
Why Setting Personal Finance Target Is Important
Having a clear target would change how you view money and help you see how your daily decisions affect your financial health.
Take for example you buy launch every day of the week at N2,500 and pay a delivery fee of N1,000, this sums to N3,500 daily, N24,000 weekly and N98,000 monthly. If you cut down on the money spent on food by half monthly and explore cheaper feeding options, you could save almost N50,000 extra every month that could be used in other investments that earn you returns, alternatively, you could save it towards a short or long term goal using high savings account offered by platforms such a reaprite.
Setting Up Personal Target On Reaprite
The Reaprite app makes it for you to create personal targets and keep track of your progress as you go. Follow these steps to get started;
- Download the updated Reaprite app for iOS and Android .
- Go to Reapgoaal and click on Personal Target.
3. Click on the ‘+’ icon
4. Fill in the required details and click on start plan
Nb: All personal targets set on Reapgoal are at 12% p.a and you can create more than one personal target based on your saving goals.
Need more information? Vist us on www.reaprite.com
