Often we set ourselves goals which depend on our financial savings. Sometimes saving money is a lengthy process, and the longer it is the more dangerous it becomes to get off course and miss the target. Are there any rules to guide this process in order to make it more predictable and less risky? Aimiya offers you an answer to this question.

Let’s consider a simple example. Say, in the beginning of year 2008 your bank account balance was $9,000, but by July 2008 you need to have $15,000 in order to purchase a car or to pay for your studies. To enter this information into the program you need to open the following windows (see Figure 1 & Figure 2).

Fig 1 [Balance\Bank\ Bank Name & Account No\New]
Fig 2 [Main Target\New] – Target Setup: amount, start date, end date, method

When the financial aim is set the program will calculate the Road Map in order to reach it. The aimed for amount will be split in interim monthly amounts.

Fig 3 [Target\Values] –amount distribution
Fig 4 [Target\Values\Details] – formula of your success

Now the distant and seemingly unreachable goal of $15,000 has turned into a more modest and defined amount of $9,987 you need to have by Jan 02, 2008 in order to meet the desired target of $15,000.
Figure 4 demonstrates that the interim amounts are calculated monthly with 3% inflation allowance.

Let’s say you saved monthly exactly $1,100. As a result you have saved $600 more than you planned. Assess your progress in saving:

Fig 5 – main menu
Fig 6 [Target\Next target] – progress in time
Fig 7 – summary diagram of your progress

Financial goals could be very different:

- saving money towards a down payment for a property or a vehicle
- keeping your savings intact in times of general financial instability
- keeping you assets profitability on a certain level
- forming a pension fund

You know better of all what is important for you in life. Transform it into a financial goal and record it in your cell phone! Set it up and monitor the object of your main interest, though if you take it seriously you could set up and follow several objects at the same time.

Aimiya allow for different possibilities of setting your goals:

Fig 8 – select target option

Target Amount
This option works well for short periods of time when inflation could be overlooked.
Target Setting Example:
- The easiest way to say: I want to have $15,000 by 07/01/08.
- Simple way for young generation to start saving from nothing.
- To hit simple and relatively small targets: down payment for a property, purchase a car or a cruise.

Target in current terms
This option sets a goal for a certain date in time for an equivalent of a certain amount at its today’s value. Foe example you could say that by 07/01/18 you want to have the same value of your money as is the value of $100,000 today. Taking in consideration 3% inflation the desirable amount at 07/01/18 will be calculated as $162,113. If inflation rate changes the software will automatically recalculate the amount and you will always know how close you are to your goal.
With this option you could plan both security of your savings and your pension fund formation.

Annual %
This option is good for projection of summary profitability levels for all your assets for a few years ahead. For example, setting 15% value you indicate that the annual assets growth is 15%. In this case the software will not allow for inflation when calculating the end result.
You may use any percentage of your choice when it comes to determining the growth ratio for your assets. Let’s say you have $10,000 and you want this money grow in value 20% per annum. The software will give you an answer to the question of how effective is your personal finance management is or how effectively your money is managed by a fund you entrusted it to. With Aimiya you will always have at hand the historical data and the future goals. It will help you to evaluate recommendations received from specialists regarding your finances.

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Platforms:   Java | Blackberry