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You are here: Home / Fintech / Piggyvest Target: How to Create a Target on Piggyvest

Piggyvest Target: How to Create a Target on Piggyvest

April 11, 2020 by technik

Piggyvest target saving is a feature on Piggyvest that lets you save towards multiple goals on your own or with a group of people. In this article, I will explain everything you need to know about the target feature, benefits and how you can set up target savings.

First things first. Let me give you a picture of what the Piggyvest target feature is all about and how it is different from other Piggyvest features.

Lets assume your yearly house rent is 250,000 Naira.

You will need to save about 21,000 Naira monthly, 4,800 weekly or 685 Naira daily (choose any frequency that suits you) to be able to pay your rent at the end of the year.

Where does the Target feature come in?

With the Piggyvest Target feature, you can create a Target to automatically debit your Bank account with 21,000 Naira monthly, 4,800 weekly or 685 Naira daily and send the money to your Target savings. If you do not want Piggyvest to debit you automatically, you can disable automatic debits and fund the money manually.

When your rent is due, you can pay without stress.

This is better than waiting till two months before the year ends then you begin to panic trying to save all the money at once.

Please note that this does not apply to rents alone. You can use it to save for any purpose.

Contents

  • 1 Difference Between Piggyvest Target and Safelock
  • 2 Types of Targets on Piggyvest
    • 2.1 Personal target 
    • 2.2 Public Savings Challenge 
    • 2.3 Private Group Target
  • 3 How to Set up a Piggyvest Target
    • 3.1 How to Join a Public Target Savings
  • 4 Extra Target Tips to Take
    • 4.1 Add a Funding Source
    • 4.2 Top up a Target
    • 4.3 How to Lock a Target
    • 4.4 How to Extend your Piggyvest Target
    • 4.5 How to Break your Target
  • 5 Conclusion

Difference Between Piggyvest Target and Safelock

While Safelock can best be described as a fixed account where you lock a certain amount of money you don’t need for a period of time, Target is like a daily, weekly or monthly contribution.

Safelock works better when you save a huge amount of money for a long period while Target is the best option to save smaller amounts on a frequent basis.

Types of Targets on Piggyvest

There are different kind of targets you can create on Piggyvest; the Personal target, Public savings challenge and Private group target.

It is important that you understand the meaning of each of these options before creating your target.

Personal target 

This is a private target for only you. Nobody can join or see this target group except you. It is the best option for saving for things like a new gadget, house rent or bills.

Public Savings Challenge 

Public savings challenge is a public target group. Once you create it, every member on Piggyvest can see it. You will also get a link that you can share to friends for them to join your target group.

At the end of the target, the sum of what each person saved is sent back to the individual, not the group owner.

This option is best for challenges as the name implies. E.g saving to have a specific amount at the end of the year.

Private Group Target

The private group target is for friends who want to save money together for the same purpose e.g December vacation. When you create a Private group target, only you and the people you invite to the group can see it.

On the deadline of the target, Piggyvest returns the sum each member was able to save.

How to Set up a Piggyvest Target

There are two options to set up a target on Piggyvest; It’s either you create the target from scratch or you join a Public target created by other users.

Step 1: Log in to your Piggyvest account. If you are a new user, click here to create a Piggyvest account.

Step 2: Once you are logged in, click on total savings.

Piggyvest total savings

Step 3: Click on Targets to access the target feature.

Piggyvest Target

Step 4: Click on create a target. If you are on mobile, click the pencil icon at the bottom right.

Piggyvest create new target

Step 5: Select the target type that suits the purpose you are creating the target for.

Piggyvest target types

Step 6: Enter the Title of the target and fill out other necessary details. Overall target amount is the total amount you expect each person to save while Saving frequency is how often members are to credit the group with money.

Click on continue.

Step 7: Enter the amount you want each person to save based on the frequency you selected before. Select the day of the week and time you want the transactions to occur. Select the start and withdrawal date.

Step 8: Accept the terms and conditions. Click on create group target to finish.

Congratulations, you have created your first Piggyvest target group.

How to Join a Public Target Savings

Most times, there are targets already created by other Piggyvest users for the same purpose you want to save for. You can join any of these public target groups if you don’t mind.

Here is how to go about it;

Step 1: Login to your Piggyvest account.

Step 2: Click on Total savings once you are logged in.

Piggyvest total savings

Step 3: Select Targets from the list of features.

Piggyvest Target Savings

Step 4: Click on explore targets to view the list of public targets.

Piggyvest explore targets

Step 5: Browse through the catalogue and select your choice.

Step 6: Click on Join Challenge. You can also check the details before joining.

Join Piggyvest challenge

Extra Target Tips to Take

After you have successfully created your Piggyvest Target group, you need to some extra steps.

Add a Funding Source

A funding source is where Piggyvest will remove money from to fund your target savings. If you do not add a funding source, you will have to login to your account frequently to fund your target savings manually.

However, if you add a source, the app will automatically debit your bank account and send the funds to your Piggyvest target. Piggyvest is a trusted brand so you don’t need to fret about adding your card details.

If you didn’t create the target yourself but joined a public target, you also need to follow this step.

You will need to add your Debit card to Piggyvest to achieve this. If you haven’t added your debit card, check this article on how to add a debit card to Piggyvest.

Follow the steps below to select a funding source for your Piggyvest target savings;

Step 1: Login to your Piggyvest account.

Step 2: Click on Targets.

Piggyvest Target Savings

Step 3: Select the Target group that you want to add the funding source to.

Step 4: Click on settings.

Target settings

Step 5: Select the funding sources from the list of options, enter your password and submit.

Piggyvest target funding source

The secondary source is meant for when there is no cash available in the primary source you selected. You can set this option if you want to.

Top up a Target

If Piggyvest does not find any money in the sources you selected, you will have to log in to Piggyvest and top up the target group manually.

Here’s how to Top up a group target manually.

Step 1: Login to your Piggyvest account.

Step 2: Click on Total Savings.

Piggyvest total savings

Step 3: Click on Target group.

Piggyvest Target Savings

Step 4: Select the name of the target group you want to Top up/fund.

Step 5: Click on Top up.

Piggyvest Target top up

Step 6: Enter the amount you want to fund to the target group, select a funding source and click on Top up.

How to Lock a Target

Sometimes you might feel tempted to withdraw the money in your Piggyvest Target. To prevent this from happening, you have to lock the target.

Once you have locked the target, you cannot withdraw the money until the maturity date of the target.

Here’s how to lock your target savings;

Step 1: Login in to your Piggyvest account.

Step 2: Click on Total savings.

Piggyvest total savings

Step 3: Click on Target.

Piggyvest Target Savings

Step 4: Select the target you want to lock.

Step 5: Scroll down a bit and select lock from the list of options.

Piggyvest target lock

Step 6: Enter a note to yourself for locking the target (not compulsory), enter your Piggyvest password and submit.

Your target will be locked instantly. You cannot unlock it no matter what. You can only get your money when you have completed the target.

How to Extend your Piggyvest Target

Thank you Alice (in the comment section) for bringing this to my notice. I actually forgot to add this part when I wrote this article the first time.

Extending your Piggyvest target means you want to increase your target amount or saving frequency.

You may want to do this if your withdrawal date is closer and you are still far from reaching your target.

Here is how to extend your Piggyvest target;

Step 1: Login to your Piggyvest account.

Step 2: Click on total savings to open all your savings on Piggyvest.

Piggyvest total savings

Step 3: Click on targets to view all the target savings you have created on Piggyvest.

Piggyvest Target Savings

Step 4: Select the target you want to extend from the list of options.

piggyvest select target

Step 5: From the list of options, select extend.

extend piggyvest target

Step 6: Edit the options to your convenience and submit.

extend piggyvest target

Unfortunately, as at the time of writing this article, you cannot extend the date of a Piggyvest target.

If there were some days that your target saving was not credited, you can calculate the amount needed to cover up for those number of days and top-up the target savings.

You can also increase the saving frequency to cover up for the days you missed.

I hope Piggyvest will add an option that will allow users to also extend the dates of target savings in the nearest future.

How to Break your Target

Breaking your target means you want to stop the target and probably withdraw your money.

If you have locked your target, you cannot break it.

Follow the steps below to break your Piggyvest Target;

Step 1: Login to your Piggyvest account.

Step 2: Select Total Savings.

Piggyvest total savings

Step 3: Select Target from the options.

Piggyvest Target Savings

Step 4: Click on the target you want to break.

Step 5: Scroll down and select break from the options available.

Break piggyvest target savings

Step 6. Select your reason for breaking, type your password and submit.

Once you have broken a Target, your money will be sent to your PiggyFlex account.

You can read my article on how to withdraw from PiggyFlex.

Please note that, if you break the funds before the maturity date, you will lose all your interest and also be charged a 1% processing fee. 

Also, if you do not achieve the target amount by the maturity date, you won’t be paid any interest.

Here’s a screenshot of a target I completed last year.

Piggyvest completed targets

In this target, I was able to save 365 Naira daily ($1 per day) until December 18, 2019. The total sum of 133,248 Naira was paid into my PiggyFlex account with interest.

I transferred the money to Safelock and locked it. I wanted to use the money to fund my business. Since it wasn’t complete and I didn’t want to spend it, I had to Safelock it.

Before the year ends, I may create a new target for Calabar carnival.

Conclusion

The Piggyvest Target feature is a powerful tool that can change how you budget money for a lot of things. 

Once a new plan pops up in your head or there’s an upcoming bill, take out a sheet of paper, calculate how much you need to save daily, weekly or monthly to achieve your goal.

If you have any questions, you can use the comment section below.

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Comments

  1. felix says

    February 12, 2021 at 5:55 pm

    Please I want to withdraw my money and I have locked it already till next month…please how can I break the lock….there’s an emergency at the moment 😓

    Reply
    • technik says

      February 12, 2021 at 7:40 pm

      Sorry about this. You cannot withdraw until the due date. You can see our article on how to borrow money from Carbon since this is an emergency.

      Reply
  2. TechOfferz Help says

    December 2, 2020 at 12:14 pm

    When you click on the invite button, you have to enter their phone number or email address for them to receive an invitation link from Piggyvest.

    Reply
  3. Okoye Chizoba says

    December 2, 2020 at 2:45 am

    Please I’ve been trying to add my friends via invite. It requires a code. How do I go about it please
    Finding it hard to add them. It’s a private saving challenge

    Reply
  4. Techofferz Help says

    November 18, 2020 at 11:36 am

    Yes, you can.

    Reply
  5. Ekene Thankgod Joseph says

    November 14, 2020 at 8:25 pm

    Hey good evening, I joined a target group that the frequency saving is #500 daily and I saved it 1500 can I skip two days before saving again. Pls help, I just want to know if it’s advisable. Thanks

    Reply
  6. Techofferz Help says

    November 11, 2020 at 4:42 pm

    Once a target is complete, it will clear from your Piggyvest account after a while.

    Reply
  7. TechOfferz Help says

    November 10, 2020 at 9:38 am

    No, it won’t since you have not put any fund in it.

    Reply
    • Mercy says

      November 10, 2020 at 9:54 am

      Thanks. It worked. But is it possible to clear a completed target?

      Reply
  8. Techofferz Help says

    November 10, 2020 at 9:28 am

    You have to break the second target that you want to delete. Breaking also means deleting.

    See how to break a target here.

    Reply
    • Mercy says

      November 10, 2020 at 9:34 am

      Will it attract a breaking fee of 1% also?

      Reply
  9. Mercy says

    November 10, 2020 at 8:01 am

    How do I delete a target that was mistakenly created twice instead of once?

    Reply
  10. Techofferz Help says

    November 9, 2020 at 2:43 pm

    No, you cannot. You have to wait till the due date.

    Reply
  11. Mfon says

    November 3, 2020 at 7:53 pm

    If I meet my target before date, can I withdraw even if I locked it?

    Reply
  12. Bayo says

    October 6, 2020 at 9:20 pm

    Hello Chris,

    I want to set up a private challenge for a group of friends towards a specific cause. I also want everyone’s contribution to drop into a central account upon completion. Is this possible with the Target feature or any other feature?

    Reply
    • Chris. Akuneme says

      October 7, 2020 at 8:09 pm

      No, it is not possible. The monies will be sent back to the participants after the completion of the target.

      Reply
  13. Shalom says

    September 30, 2020 at 2:46 pm

    Hello, I don’t have the lock/break button on my target savings, what can I do about this?

    Reply
  14. Bilikisu says

    September 29, 2020 at 9:55 pm

    Hi. This article was very helpful. Thank you sir.

    What if I save more than my target amount? Let’s say my target was N100,000 in 5 months and I was able to save N150,000 instead. Do I get a bonus?

    Reply
    • Chris. Akuneme says

      October 2, 2020 at 11:39 pm

      Yes, you will still get the accrued interest.

      Reply
  15. John says

    September 17, 2020 at 11:27 am

    Hi,
    My question is on the 10% pa interest. Say I carry out target savings from now till December ( 3months). Will I still get 10% interest paid on it? Or the interest will be lower since it’s not up to a year (i.e. pa). Thanks

    Reply
    • Chris. Akuneme says

      September 18, 2020 at 12:39 am

      It will be lower since it is not up to a year.

      Reply
  16. Oyindamola says

    September 7, 2020 at 12:19 am

    Pls if i did not meet my target before 31st of december..will my money be sent back to my flex account or not? And also i cant see withdraw under target…how are we going to know when d target is complete

    Reply
  17. Abdulateef Adeleke says

    September 4, 2020 at 12:31 pm

    If I meet my target on Target savings, am I going to be given interest on the money I saved
    For instance; I want to save #50,000 for 100days on Target savings
    If I meet my Target before the withdrawal day, will I get any interest?

    Reply
    • Chris. Akuneme says

      September 4, 2020 at 2:06 pm

      Yes, you will get the interest for the number of days you were able to save the money. If you leave it for the number of days you indicated when you were creating the target, you will get the full interest.

      Reply
  18. Alice says

    July 4, 2020 at 5:01 pm

    Good evening please how can I change my withdrawal date on my PiggyVest Target..I want to extend the date to enable me reach my target.. Thanks

    Reply
    • Chris. Akuneme says

      July 4, 2020 at 6:52 pm

      Hi Alice, thanks for bringing this to my notice. I forgot to include it in the original post.

      Unfortunately, you cannot edit the date of a Piggyvest target savings that you have already created.

      However, you can calculate the amount needed to cover up for the days you missed and top-up your Piggyvest target.

      You can check my update on how to extend your Piggyvest target to understand better.

      I hope this helps you.

      Reply
  19. NDIFREKE INYANG says

    June 17, 2020 at 5:50 pm

    Gud evening, pls I want to save on Target channel and I want to save a target of #275k for my rent which is expiring October this year. I want to be 55k monthly starting June to October 2020 that should be 5 months saving. My question is can I achieve this and what will be the percentage of my interest for the the 5 months am to save.
    Pls I need ur response kindly assist.

    Reply
    • Chris. Akuneme says

      June 18, 2020 at 4:26 pm

      Yes, you can achieve this if you keep up with the monthly target. Piggyvest pays 10% per annum on targets.

      Reply
    • Tolulope says

      January 31, 2021 at 10:28 pm

      Can the frequency of a target be edited, money was deducted twice maybe it was my mistake, if I turn off autosave on piggybank will it affect my target savings also

      Reply
      • technik says

        January 31, 2021 at 10:53 pm

        If you turn off autosave, you will have to fund the target manually henceforth. Also, you cannot edit the frequency of Target you have created already.

        Reply

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