Not only do we want your feedback, but we want your ideas! It's important for us to know what you want from 22seven. Please leave a comment below with your ideas on the following:
- What more would you like to see from our Goals feature?
- How could we better help you reach your financial Goals?
- Do you have any product ideas you think we should add?
Comments
Thanks to everyone for your ideas and comments! We love reading them.
Hey Jonathan, better late than never. And welcome! We currently only auto-populate verified accounts that have been used for investing with 22seven. We're fixing that for you now.
Kidhar, although the Money Market fund is not part of the beta testing period we are launching a Money Market fund with the release of Goals. We hope you will enjoy the great benefits it offers.
Yolandi, we're going to make it possible for you to track your goals across all your linked and manual accounts so they can all join in the fun of achieving your goals with you!
Mtosi, Rick & Scrooge McDuck (we just love saving that name), we played with the idea of including a chart at this stage but opted for a focus on the monthly amount. We'll revive those designs.
Grant, our fact sheets should be available under the "read more" section of the fund cards. We see now that's probably not as intuitive as we hoped and will be monitoring to see if we need to change that back to "fact sheets".
Pieter, you will be glad to hear that we are working on auto-categorising goal related transactions in their own budget category. So you can understand how to fit goals into your budget properly.
Kyle, we will be including inflation as part of your goal estimate calculations and the ability to set up an automatic increase to your contribution amounts to 22seven investments to adjust for inflation as planned.
Your question on tax free saving for children is an exciting prospect and 22seven could be a great way to do this. It's not currently in the mix, but it may well feature as a goal type soon!
All of the goals suggest products which have a suggested investment timeline of more than 3 years.
I think there should be shorter term investments such as a money market fund. The investment period can then be < 1 year.
I hyperlink (e.g. Old Mutual Top 40 Index Fun) to the fund fact sheet would be useful.
When selecting an account to debit from it might be easier to select from the list already in the main app
Perhaps add currency symbol to goal amount.
Web app.
It's kinda annoying having to give a 2nd click to open the Growth Scenario dropdown list (I'm lazy).
I was expecting the list of options to show on the first click.
Web App.
Edit:
Also add a description of each investment type. For dummies like me who don't know the difference between low-risk and high-risk.
It would be fantastic to have a graph showing a projection.
Similar to how PocketSmith does it.
Hi
I already have accounts for goals in place. I would be wonderful to link goals to those to those account. e.g. set my goal amount and my monthly contribution. The gaols feature then lets me know how far I am from reaching the goal.
Being an Old Mutual venture I guess there is no getting away from it but I'll state it anyway...having no interest in investing anything with Old Mutual I'll never be using any of the recommended funds.
What would be nice though is to see options available from our local banks like FNB with their offered interest rates where many short term savings might go such as the Flexi Deposit accounts etc.
Failing that the option to just manually specify an interest rate and possibly cost value to create your own calculation would go along way.
As it stands I won't use the Goals feature for reaching a dead end with the investment types.
I'd like to have a Back button. To go back to the main Goals menu.
Web.
Also the option to link a Goal to an existing account already in your 22Seven portfolio would add a lot of functionality.
Someone mentioned having a projection graph would be a good idea. I think the calculation behind the monthly amount could be shown in a easy to understand kind of way. Maybe have a pull-down bellow the monthly amount which shows the math and graphs if need be.
As a user, I'd like an easier way to make a goal that is fed with ad-hoc deposits.
I like to whatever I have left at the end of the month into a savings, that value is different every month so a regular transfer will not work.
Some excellent comments. For my own two cents worth:-
I really like the education goal. This can be set up as a TFSA – but can there be a process for making it a TFSA in your child's name?
Even if the process needs to be manual, it would be nice to link to a support button or something considering it is mentioned here:
Can I open up a tax free investment for my child?
Yes you can open a Tax-free Investment on behalf of your child, but remember that you will be using part of their tax-free allowance, which may limit their ability to save for themselves in a tax-free investment later on in life.
https://www.22seven.com/tax-free-savings-accounts
Inflation
I'd like to increase my contributions annually with inflation.
Maybe add an option for that?
(If this is built into the system, maybe add a note.)
It would be great if a goal could be linked to a buget line to track savings and progress.
For example I move any spare cash or savings to my home loan account but on a separate expense category. Having this linked to a goal will make it alot easier to tack the total/progress (rather than having to keep track outside of 22seven)
I seem to jumped onto the bandwagon a few days late, and the beta test is very active already (so I hope I have not missed this suggestion previously)!
When adding the account from which the funds will come from, could you add accounts which have already been added onto 22seven, without having to type the details in again?
I know Pieter already said this, but I want to add my "vote" for this. I currently setup goals outside of 22seven. Sometimes I use a single saving vehicle to hold the cash for different goals. I used to have separate accounts for all my goals, but if you have many...many "micro goals", this can become tedious. However, a single account makes it difficult to keep track of my progress towards individual goals. If I can scrap my goal-setting outside of 22seven it will save me a lot of time and effort.
PS. I think Goals will become an awesome feature. A lot of my friends talk about saving for something but never get around to actually starting. Why? I think the idea of the admin going with it paralyses them. Thanks for the great work!
Thanks Johan & Cindy. We'll definitely do that. You should be able to specify which linked and manual accounts you want to track towards your goals. And specify how much of each account you want us to consider against which goal. You'll only be able to make top ups and withdrawals from 22seven investments though.
What Johan&Cindy said =D.
Also I sort of understand that the goals is to put money away for stuff, and that investments would relate to actually paying money for future growth (or reducing debt which is what I focus on here). But can these be linked in some way? Specifically considering a home load, or any other debt. If I need to make repayments of say R8000 p/m on a home loan. A goal can show how much I can save if I pay an additional R800. I.e. not filling in the amount needed, but rather have that dependent on another system (if this make sense at all =P)
Regards
Herman
Hey Herman, we plan on introducing a debt pay down goal type soon. While we won't offer any means to pay those bills for you, we will help you get an idea of how you should be doing that as fast as possible and track your progress while you do.
A simple cancel button to close down the goal completely. I did notice the goal remains active under "draft" which is really nice to come back to later. Is the kick-starter amount really necessary? Why should the first month be more expensive than the following?
I like the Just in case example goal you created. For me it's important to have this type of rainy day fund and I have a goal for the amount I would ideally like to have saved up for this. However, I don't necessarily want to add a "By When" date for this type of goal because its not a case of saving up money until I reach the goal amount and then spending it (like saving for a vehicle deposit for instance). I would like to propose making the By When date optional, therefore creating a revolving goal.
Another example: We save up to go on holiday as part of our monthly budget, although we might not even be planning to go away yet, or we might go away over weekends during the course of the year. This means we are constantly contributing towards the goal but also dipping into these saving. This will go on year in and year out, hence my use of the term revolving goal (of which only the goal amount will change over time).
Hey Ryan, the kickstart amount is intended as a way to effectively put down a "deposit" on your goal. This will help reduce the monthly contribution requirements and give you a head start in achieving your goal.
Hi Johan & Cindy, absolutely. At the moment all goal types share the same calculation and workflow logic. We are working on calculators and flows for certain "special" goal types, so each will be determined separately.
What you say about a "revolving" goal is interesting. Without an idea of when you intend to realise your goal, we can't tell you what you should probably be saving per month. Will have to think carefully about that.
The emergency fund goal type we have been playing with is centred around reaching a target value by a certain date and then leaving the funds there to grow over time or adjust to your withdrawals manually.
You are able to obtain a revised estimated monthly contribution value when editing the goal while it's active. The calculation will then include your current progress and any revision to target value or target date as well.
Hi Guys
I'm a bit late to the party and will continue to play around with it. But thanks for the new features. They're solid! Apologies if some of these are covered and I have missed it.
1. Firstly, good job.
2. It would be nice to have short term saving options (ie saving account/money market linked for holiday at the need of the year for example).
3. Options of different investments other then OM (Doubt that'll happen though being an OM platform).
4. Retirement goals - specific pension vehicles for this specific purpose. ( Goals could come from a new investment, an existing investment, i.e to check whether you are on track, or combo of existing and new to make up the goal shortfall).
4. On the Low, medium, high risk option - a simple definition and approx return.
5. Back button.
Brad
Hey Brad, better late than never and welcome! We're launching a Money Market fund with Goals so you can plan for shorter term goals properly. We are seriously considering offering a retirement product and will at very least include a unique goal type method, so stay tuned!
Love what you did with the goals!
If a goal is reached, what happens to it?
I'd like to suggest the idea of having the option to mark a goal as RECURRING.
For example, I save a bit every month for my vehicle license, which happens every year. So rather than having to create a new goal manually every year I'd like my goal to reset once the amount or date has been reached.
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