Managing a property loan or any other loans is really easy with MoneyCoach by using Smart Goals as we will demonstrate in the video below. When you create a Smart Goal with a deadline, MoneyCoach will display how much money you need to save daily, and soon monthly, to achieve the goal before the deadline. And the best part is that we can automatise the whole process. One thing you need to know before is that creating a custom smart goal is a premium feature and requires an active premium subscription.
Here's how to do it:
- Tap on the "Smart Goals" card on the Overview
- Tap on the "MoneyCoach Tip" card
- Select "A new house" or whatever fits your loan
- Now you can enter:
- The goal name, we will use "House Loan" for this example
- The goal amount
- The goal date, when is the deadline or in this case, the duration of the loan period
- Tap the "Save" button
- Congratulations, you just added your loan!
Now to automatise the whole process:
- Tap on the "House Loan" goal
- Tap the "Make a Deposit" button
- Now you can enter the amount you want to deposit on this loan each month manually
- Alternatively, we can automatize it:
- Enter the amount you need to pay monthly
- Select which account you are paying it from
- Tap the "Next" button on the top right
- Tap "Repeat" on the segmented control
- Turn ON the "Repeat transaction" switch
- MoneyCoach will automatically select the interval, start date, and end date. You can modify these to fit your payment schedule
- Tap the "Save" button
- Congratulations, you just automatized the tracking of your loan!