You can think of a fund as a bucket of money that you save to and spend from. You can define how much money you want to add and how often. Weekly will convert this into a weekly amount and automatically add money into that fund each week. And when the time comes you can spend from that fund.
Here are the parts of the Fund creation process.
- Fund name: This is what you are saving for.
- Icon: Choose an icon for your fund and make it fun!
- Contribution: This is the amount you want to save during each interval.
- Savings Interval: This is how often you want to save your contribution.
- Starting Balance: What you have already saved. If you are just starting this amount would be blank. If you have already saved an amount, then add the amount you have saved.
The first step in setting up a fund is to just verbalize what you want to do. For example, “I want to add $500 to an Maui vacation fund every month and I haven’t saved anything yet.” So in the example of the Maui vacation fund, it would look like this:
- Fund name: Maui vacation
- Icon: Beach!
- Contribution: $500
- Savings Interval: Every month
- Starting Balance: $0 (Blank)
Note: If you had already saved say $300 for this vacation, you would add $300 here.
Weekly will automatically convert this contribution amount and interval into the equivalent weekly amount of $115.07. At the start of your week it will automatically take this out of your Safe-To-Spend and build up your fund!
To see your progress you can check your Funds overview screen.