# Targets ### **Targets Overview** Setting financial targets helps you manage your money more effectively by directing your funds where they’re needed most. Whether you’re aiming to cover recurring expenses, pay off debt, or build up your savings, the app’s flexible target system helps you stay on track and motivated.

*** **Types of Targets** **Day-to-Day Expenses** **Purpose:** Allocate a set amount of money to cover recurring expenses like groceries, gas, utilities, or insurance. **How it Works:**\ Choose how often you want to allocate funds—weekly, bi-monthly, monthly, or annually. The app ensures the funds are correctly distributed during the chosen period to cover these expenses. **Examples:** * **Weekly:** Allocate $200 every Monday for groceries. * **Bi-Monthly:** Allocate $100 on the 1st and 15th for transportation costs. * **Monthly:** Set aside $150 on the 15th for utility bills. * **Annually:** Allocate $1,000 every June 1st for insurance premiums. **Setup Steps:** 1. Go to the **Target Setup** screen. 2. Select **Type: Day-to-Day Expenses**. 3. Choose the allocation frequency (Weekly, Bi-Monthly, Monthly, Annually). 4. Enter the target amount. 5. **Set a Specific Day:** Choose a day for the allocation to occur (e.g., every Monday for weekly allocations, the 1st of June for annual ones). 6. Monitor your allocations under the relevant expense categories to ensure you're staying on track.

*** **Get Out of Debt** **Purpose:** Allocate funds to systematically pay off debt such as credit cards, loans, or other liabilities. **How it Works:**\ Set a debt repayment target and allocate a portion of your income regularly. The app will guide you in making consistent payments to reduce your debt while minimizing interest. **Examples:** * **Credit Card Debt:** Allocate $250 monthly toward your credit card balance. * **Student Loan Repayment:** Allocate $300 monthly to pay off student loans over 5 years. * **Car Loan:** Set a target of $400 monthly to pay off your car loan over 3 years. **Setup Steps:** 1. Select **Type: Get Out of Debt**. 2. Enter your total debt and set up a repayment plan (fixed monthly amount or a final repayment deadline). 3. Use the **Debt Calculator** to include interest in your repayment timeline. *** **Savings** **Purpose:** Allocate a specific amount of money towards a particular savings goal, such as a vacation, a new car, or a home down payment. **How it Works:**\ Set a savings target with a defined amount and timeline. The app will allocate the necessary funds each period to help you reach your goal. **Examples:** * **Vacation:** Save $5,000 over 12 months, contributing $384.61 monthly. * **New Car:** Save $294.89 monthly for 3 years to reach $10,800. * **Down Payment:** Save $20,000 over 2 years with a monthly target of $800. **Setup Steps:** 1. Select **Type: Savings**. 2. Set your savings goal and optional deadline. 3. Track your progress in the Savings category to monitor how close you are to achieving your goal.

*** **Ongoing Savings** **Purpose:** Allocate a fixed amount of money into savings each month without a specific goal in mind. **How it Works:**\ Decide on a regular monthly contribution, and the app will consistently allocate that amount to grow your savings over time. This is ideal for emergency funds or long-term savings. **Examples:** * **Emergency Fund:** Save $200 monthly to build an emergency fund. * **General Savings:** Allocate $100 monthly to prepare for future needs. **Setup Steps:** 1. Select **Type: Ongoing Savings**. 2. Set a monthly contribution amount. *** #### **Prioritizing Your Targets** The app allows you to prioritize your targets, ensuring your most important financial goals (e.g., rent, debt repayment, savings) are funded first. By setting target precedence, you can ensure that critical expenses are taken care of before allocating money to lower-priority categories.

*** #### **Using Allocation Recommendations and Auto-Allocation** Your target priorities influence how funds are allocated. The **Allocation Recommendation** feature suggests the best way to distribute your income based on your target precedence. This ensures that your most important goals receive the necessary funds first. If you prefer an automated approach, you can enable **Auto-Allocation**. This feature automatically allocates your income across your targets according to their priority, saving you time and ensuring your budget is always aligned with your financial goals.

*** #### **How to Set Up a Target** #### How to Set Up a Target 1. **Navigate to Target Setup:** * From the main dashboard, select the category for which you want to set a target. * Tap the gear icon to access the Target Setup screen. 2. **Choose the Target Type:** * Select the type of target from options such as "Day-to-Day Expenses," "Get Out of Debt," "Savings," or "Ongoing Savings." 3. **Set the Allocation Period:** * Choose how often you'd like to allocate funds (Weekly, Bi-Monthly, Monthly, Annually). 4. **Set a Specific Day:** * For weekly allocations, choose the day of the week. * For monthly allocations, set a specific day of the month. * For annual allocations, choose the month and day. 5. **Input the Amount:** * Enter the amount you'd like to allocate toward the target. 6. **Monitor and Adjust:** * The app tracks your progress and will notify you if adjustments are needed, ensuring you stay on track to meet your goals.

{% hint style="info" %} You can easily view all your targets by navigating to the side menu. Simply tap the menu icon in the top-right corner of the main screen, then select 'Targets' from the list. {% endhint %} *** {% embed url="" %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://www.beyondbudgetapp.com/basics/targets.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.