Using Goals

In Monarch, you can create a personalized list of financial goals using the Goals feature. These goals can be used to prioritize your financial objectives, such as paying off debt, saving for a down payment, or investing for retirement. By specifying the account balances associated with each goal, Monarch can track your progress and suggest adjustments to help you stay on track. Here we detail how to accomplish basic tasks associated with goals on our web platform and on mobile.

How to link a transaction to a goal

On web, locate the specific transaction and open it up by selecting the > to edit the details.

You will see the Goal drop down option.

Select the specific goal and it will automatically apply.

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On mobile, locate the specific transaction and tap on it to open up it’s details.

There is a row called Goal that allows you to select from the drop-down list which goal you want to associate the transaction with.

Select which goal you want to link it to you and it will automatically save.

How to associate an account with a goal

On web, select Add Goal, which will walk you through what type of goal(s) you want to create. You will be able to organize the importance of each goal. You will also be able to set target amounts for each goal.

When asked “Which accounts do you want to use to track your goals?” select Add accounts. The list of most appropriate available accounts will appear for you to toggle on or off to contribute towards that specific goal. If you do not see the account you are looking for, it may not have migrated as expected to our new goals system or it may not be labeled with the correct type. Goal types decide which accounts to show so please ensure that your account type is labeled correctly.

You will be able to choose if you want the entire balance to apply to a goal or to have an account balance apply to multiple goals.

Please Note: You cannot have an account’s full balance contribute to more than one goal.

On mobile, you can navigate to Settings > Goals.

Select the goal you want to edit or associate with an account.

Scroll down until you see Accounts assigned. Select this text or the “>” to edit.

You can now toggle on or off the accounts associated with this specific goal.

See a video on linking transactions here:

How to update goal balances when accounts don’t sync transactions

Some accounts do not report transactions. For example, you would do this if you have a retirement account to which you contribute through your paycheck, and you still want to be able to keep track of your progress toward your retirement goal.

On web, navigate to your Goals.

You may select the Goal you want to update and select Actions > Edit accounts and you may add money to the balance.

Additionally, when your account balances have updated, you will see a blue banner indicating you can update these balances to be used to reach your goals.

Select Update now.

You will see your accounts balances and how much is available to contribute towards your goal.

Edit how much you want to contribute and tap Done.

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On mobile, navigate to Settings > Goals.

You will see a similar banner as you would see on mobile indicating that your balances have been updated and can be used to reach your goals.

Tap the balance update banner.

You will see your accounts balances and how much is available to contribute towards your goal.

Edit how much you want to contribute and tap Done.

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How to use rules for goals

You can set up a rule and have it be linked to a goal. You can use this when you want specific transactions to be linked to a goal or to add a tag to all of your transactions that are also linked to a goal. Before creating a rule for a specific goal, please make sure you have an account associated with the goal in your Goals page.

On web, navigate to your Settings > Rules.

Select Create rule.

Create your criteria for your new rule. You must specify which Account(s) this rule is for or else no goals will populate under Link to goal.

Select if you want to apply the new rule to existing transactions or not.

Save your new rule.

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On mobile, navigate to your Settings > Rules.

Tap the “+” to begin creating your new rule.

Create your criteria for your new rule. You must specify which Account(s) this rule is for or else no goals will populate under Link to goal.

Select if you want to apply the new rule to existing transactions or not.

Save your new rule.

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