When it comes to saving up for that new bike, or even a trip to Japan, Koho’s got your back with our automated Goals feature. Since launching across Canada, we’ve seen over 30% of our users who created a goal complete their goal within 23 days and the (average goal amount saved was $550)!
Setting up a goal isn’t just about helping you plan for your future – it’s about making smarter spending habits so you can enjoy the present. No more restrictions or feeling guilty about skipping out on a night out with friends.
Before we get started, here are a few key terms you’ll notice on your Koho account:
Total Balance: The real money that you have put into your Koho account.
Spendable: The effective amount that is safe to spend on your Koho card or transfer funds from your Koho account to friends or family.
Goals: The total amount that Koho will put aside from your Spendable towards your savings goals.
So basically: Total Balance – Goals = Spendable
Setting up a Koho Goal
Creating a savings goal is quick and easy.
Step 1: Go to the Goals screen and click on “SET UP A GOAL NOW”
Step 2: Give your Goal a name and enter the Total Amount of the Goal.
Next, you only have to complete one of the following options:
Complete By: Enter a date for when you want to achieve your goal. If your goal is time-sensitive, e.g. you need to book an entire trip for your friend’s wedding by July 31st, Koho will figure out the daily Contribution Amount towards your new Koho Goal.
Contribution Amount: Enter a Contribution Amount if your goal revolves around a specific daily amount that you know you can afford to contribute, e.g. you’d like to specifically put $50 into your goal per day, Koho will figure out the exact date in which you will complete your savings goal.
Step 3: Click “START MY GOAL” and you’re all set! After the your goal is set, you can always modify it, delete it, or set it to complete.
Once you have completed a savings goal, the savings amount moves over from your Goals into your Spendable.
With the help of Goals, our customers have decreased their spending habits by the following amounts:
– Retail – 48%
– Transportation – 39%
– Eating and Drinking – 36%
– Household – 25%
– Entertainment – 18%
– Groceries – 13%
When it comes to what sort of goals people are saving up for, here’s what we found:
– Travel (Europe, Japan, Italy, Paris are the top travel destinations)
– Savings (IOUs, Emergency, Rent, Debt, Investment)
– Gifts (A new bicycle, tattoo, Apple Watch, Telsa, a new computer)
– Events (Wedding, Summer Grad, Christmas)
Whether your goals are big or small, all it takes is adjusting your daily spend – and with a little help from Koho, you’ll reach your goal in no time.
So there you have it. With Koho, you can have your cake and eat it too.