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
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.

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

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

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

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.

Step 3: Select Targets from the list of features.

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

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.

Step 3: Select the Target group that you want to add the funding source to.
Step 4: Click on settings.

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

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.

Step 3: Click on Target group.

Step 4: Select the name of the target group you want to Top up/fund.
Step 5: Click on 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.

Step 3: Click on Target.

Step 4: Select the target you want to lock.
Step 5: Scroll down a bit and select lock from the list of options.

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.

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

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

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

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

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.

Step 3: Select Target from the options.

Step 4: Click on the target you want to break.
Step 5: Scroll down and select break from the options available.

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.

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.
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 😓
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.
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.
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
Yes, you can.
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
Once a target is complete, it will clear from your Piggyvest account after a while.
No, it won’t since you have not put any fund in it.
Thanks. It worked. But is it possible to clear a completed target?
You have to break the second target that you want to delete. Breaking also means deleting.
See how to break a target here.
Will it attract a breaking fee of 1% also?
How do I delete a target that was mistakenly created twice instead of once?
No, you cannot. You have to wait till the due date.
If I meet my target before date, can I withdraw even if I locked it?
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?
No, it is not possible. The monies will be sent back to the participants after the completion of the target.
Hello, I don’t have the lock/break button on my target savings, what can I do about this?
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?
Yes, you will still get the accrued interest.
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
It will be lower since it is not up to a year.
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
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?
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.
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
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.
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.
Yes, you can achieve this if you keep up with the monthly target. Piggyvest pays 10% per annum on targets.
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
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.