How To Buy A PS5 Using Budgets & Smart Goals

You can use MoneyCoach Budgets and Smart Goals together to save for a specific purchase. The Smart Goal tracks the target amount, while budgets help you free up money by limiting spending in flexible categories.

This guide uses a PS5 as the example, but the same method works for travel, a new laptop, gifts, a deposit, or any other savings target.

TL;DR

• Create a Smart Goal for the purchase.
• Set the target amount and optional deadline.
• Create budgets for flexible spending categories.
• Move money you save into the goal with a transfer.
• Review progress until the goal is funded.

Video tutorial

Step-by-step guide

1. Create a Smart Goal for the purchase.
2. Enter the target amount.
3. Add a goal date if you want a deadline.
4. Create or adjust budgets for spending categories where you can save money.
5. Track your spending during the month.
6. Transfer the money you saved into the Smart Goal.
7. Repeat until the goal reaches the target amount.

Use a Smart Goal

Create a Smart Goal for the PS5 with the right amount, name, image, and optional goal date. MoneyCoach can show your progress and help you stay focused on the target.

If you set a date, MoneyCoach can help you understand how much you need to save over time to reach that target.

Use Budgets to fund the goal

Budgets help you decide where the money will come from.

For example, if you usually spend 500 EUR per month on food and set a food budget of 400 EUR, the extra 100 EUR can go toward the Smart Goal.

If the PS5 target is 500 EUR, saving 100 EUR per month means the goal can be funded in about five months.

Common mistakes

• Creating the goal but not deciding where the money will come from.
• Setting every budget too low at once.
• Forgetting to transfer saved money into the goal.
• Using a budget as the target tracker instead of a Smart Goal.

Additional information

For the full setup steps, see How To Create a Smart Goal, How To Create a Budget, and How To Add a New Transfer.