Save & Invest is a MoneyBrilliant Priority to help you set goals and put a plan in place to achieve them. The Save & Invest dashboard tab is just to the right of Manage my Spending.
Setting your Risk Profile
When you first use Save & Invest the new dashboard tab will have a Risk Profile card and a My Goals card.
Selecting or tapping the Risk Profile card will help you build an understanding of your attitude toward investment risk. Understanding how much risk you will be comfortable with is an important part of saving and investing so you will need to complete the Risk Profile before you set up any goals.
Setting up your goal
When you have completed your Risk Profile you can go ahead and setup specific goals. Just select or tap the My Goals card, select the type of goal (or Other if your goal type isn’t displayed) and complete the goal details – things like the name of your goal, target date, target amount and initial contribution. You can even add a photo if you like. MoneyBrilliant will calculate the future value of your target amount (by adjusting for inflation).
Modelling how you can achieve your goal
After setting up your goal, you can go to the the projection screen to model different ways you might achieve your goal.
MoneyBrilliant does all the tough calculations for you and let's you play around with different investment returns and changes to your goal details to calculate the contributions you need to make or the future amount you may be able to achieve.
MoneyBrilliant will even let you know whether your monthly goal contributions are affordable or not - by using your MoneyBrilliant budget.
You can also have a look at an example investment portfolio (or asset allocation model) based on cash and ETF’s, that might be able to generate the investment return you have specified.
Tracking your progress in achieving your goal
If you have an account that you are already using to save and invest to achieve your goal you can link your goal to that account and automatically track your progress. If not, you can manually track your progress by updating your balance periodically.
And you can keep coming back to the Save & Invest dashboard tab to track your progress, edit your goals or mark them as completed.