Multiple Goals & Category

Possibly I am missing something. I wanted to make a couple of Goals, and use a single account for them. But it turns out I can only use the account once (can’t have multiple Goals using the same account.
That requires a lot of manual steps, you need to create pots/vaults, you need to check with Nova every month, how much you want to add to each pot

What would you think about something like this:

  • You pay money to a single account
  • App is splitting this money proportionally on Goals based on monthly predicted amounts (the same app shows now)
  • If you will have more funds there (on selected account for Goals) at the end of the month, the app will allocate additional money to the goals (to get them faster)
  • If you will spent some money, the app will reduce this amount proportionally from all goals (if you will risk not making it in time it will warn you about it)

Category:
Goals could be available from the Category selector screen (the one from Transactions). And if you will mark Transaction with a Goal, it would consider it completed and would close it/mark completed

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I wanted to make a couple of Goals, and use a single account for them.

You’re right, at the moment a goal needs to be associated to (at least) one account to be finalised, which can be inconvenient for the reasons you highlight.

We can allow an account to be associated to multiple goals, but then comes the question of how to allocate the money across the goals:

  • Option 1: proportionally to all goals
  • Option 2: with a manual allocation, such as 50% goal 1, 30% goal 2, 20% goal 3
  • Option 3: following a waterfall approach: 100% goal 1 until completion, then 100% goal 2 until completion

Goals could be available from the Category selector screen (the one from Transactions). And if you will mark Transaction with a Goal, it would consider it completed and would close it/mark completed

Another good topic :smiley:. When do you consider a goal to be completed?

  1. when you have saved 100% of the amount
  2. when you have purchased it

If 1, then when a savings goal hit 100%, you would be able to select a transaction and mark it as complete. That transaction will be excluded from the monthly budget for variable expense.

If 2, then would categorising a transaction as a goal mark the goal as complete even if you saved only 80% of the money? Should all the money be excluded from the monthly budget, or only 80% of it?

Option 4: it could be allocated using the proportions from monthly amounts Nova is suggesting already

So if Nova say my Goal nr1 needs 150/month, and my Goal nr2 needs 50/month, and if I will transfer 400 to this account, then first goal would get 300 and second one 100
If I will add new goal what needs 50£ per month other goals would be proportionally reduced

If transaction is smaller than Goal there could be a checkbox “keep it open” just in case if you need to do multiple payments/purchases to make this goal happen. But by default it could assume you got better deal and it is done. Remaining money could be redistributed to other goals. You can always transfer it away to yours Current account

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I dont have all accounts Nova supports, but I do have Monzo, Starling, Revolut. And the only ones detected are the Monzo Pots.
I already have quite a lot of pots, like Groceries, Subscriptions Amex, Subscriptions, Emergency fund, etc
And the total limit is 20, and honestly, I dont have much of them left.
If you know about any other bank account with a Pots-like thing that works with Nova I am willing to open it, to try the current form or Goals properly

Also another idea I would like would be Constant goals, for semi regular spending what are not subscriptions
For example I have 25£/month Monzo Pot for games and 50£/month called House Fund

Option 4: it could be allocated using the proportions from monthly amounts Nova is suggesting already

That’s what I had in mind for the Option 1 :wink:

And the total limit is 20, and honestly, I dont have much of them left.

For example I have 25£/month Monzo Pot for games and 50£/month called House Fund

Wow that’s impressive. Do you use these pots like budgets?