How to set monthly saving targets using your digital banking app

In an era defined by instant gratification and endless consumption, the disciplined act of saving can often feel like a daunting task. However, with the advent of digital banking, managing your finances and achieving your savings goals has become more accessible and intuitive than ever before.

Your smartphone, once a tool for communication and entertainment, now holds the key to financial empowerment through the power of your digital savings account. The trick lies not just in having a savings account but in actively setting and tracking monthly savings targets with the help of your digital banking app.

Understand the power of your digital savings account

A digital savings account offers instant access, higher interest rates, and seamless integration with digital tools. These accounts typically come with features like real-time transaction tracking, goal-based savings modules, and easy fund transfers—all essential for effective saving.

1. Define your savings goals

Start by identifying your financial goals—be it a vacation, a new gadget, or an emergency fund. Assign a clear and realistic target amount, along with a deadline, to each goal. For example:

• ₹60,000 for a holiday in 8 months.

• ₹25,000 for a new phone in 4 months.

Being specific helps you stay motivated and track your progress more effectively.

2. Use your banking app’s goal-setting features

Most modern banking apps offer goal setting or “savings tracker” features. Here’s how to leverage them:

• Log in to your app and select your savings account.

• Create a new savings goal and enter the target amount, purpose, and deadline.

• Set up automatic transfers and schedule a fixed amount to move from your main account to your savings account each month, aligning with your goal.

• Many apps display your progress with graphs or milestones, making it easier to stay on track and adjust if needed.

3. Calculate your monthly target

For example, to save ₹60,000 in 8 months, you will need to set aside ₹7,500 each month. Some apps will calculate this for you and suggest the ideal monthly contribution, taking into account your savings account interest rate for more accurate planning.

4. Automate and monitor

Automation is key to consistent saving. Set up recurring transfers at the start of each month so you “pay yourself first.” Use your app’s notifications and reminders to alert you when a transfer is made or if you are falling behind. Regularly review your progress and adjust your monthly target if your income or expenses change.

5. Analyse and optimise

• Categorise expenses and identify areas to cut back.
• View monthly statements and spending trends.

• Adjust your savings targets or timelines as needed.

Some apps even allow you to set multiple goals and track them simultaneously, giving you a comprehensive view of your financial health.

6. Celebrate milestones

Reaching a savings milestone—whether you are halfway to your goal or have achieved it in full—is worth celebrating. Many apps offer badges or visual rewards to keep you motivated as you progress.

Conclusion

A digital savings account paired with a feature-rich banking app empowers you to set, automate, and achieve monthly saving targets with ease. By defining clear goals, leveraging automation, and regularly tracking your progress, you can build better financial habits and reach your dreams faster—one month at a time.