Piggy Banks

Save money toward specific goals and track your progress

Overview

Piggy banks help you save money toward specific goals within your existing accounts. Whether saving for a vacation, emergency fund, or new purchase, piggy banks track your progress and motivate you to reach your targets.

What Are Piggy Banks?

A piggy bank is a savings goal linked to one of your asset accounts:

• Emergency Fund: Save $5,000 in your savings account
• Vacation Fund: Set aside $2,000 for a trip
• New Laptop: Save $1,500 for an upgrade
• House Down Payment: Build $30,000 for a home

Piggy banks don’t hold actual money. They track a portion of money already in your accounts that’s allocated for a specific purpose.

How Piggy Banks Work

1. Create a Piggy Bank

   Set up a savings goal with a target amount.

2. Link to an Account

   Connect it to an asset account (savings, checking, etc.).

3. Add Money

   Transfer money to the piggy bank as you save.

4. Track Progress

   Watch your progress toward the goal.

5. Remove Money When Needed

   Take money out when you use it for the goal.

Example: Vacation Piggy Bank

1. Create “Summer Vacation” piggy bank with $2,000 target
2. Link to your savings account
3. Add $200 each month when you get paid
4. After 10 months, you have $2,000 saved
5. Remove the $2,000 when you book the vacation
6. Your savings account balance decreases as you spend on vacation

Creating a Piggy Bank

1. Navigate to Piggy Banks

   Go to Piggy Banks in the main navigation.

2. Create New Piggy Bank

   Click Create New Piggy Bank.

3. Enter Details

   Fill in the information:

   • Name: Descriptive goal name (“Emergency Fund”)
   • Target Amount: How much you want to save
   • Account: Which asset account holds this savings
   • Currency: The currency (usually matches the account)
4. Set Optional Details

   • Start Date: When you begin saving
   • Target Date: Deadline for reaching the goal
   • Notes: Why you’re saving or additional context
5. Save

   Click Save to create your piggy bank.

Adding Money to Piggy Banks

To save money toward a goal:

1. Open the Piggy Bank

   Click on the piggy bank from the list.

2. Click Add Money

   Select Add Money or +.

3. Enter Amount

   Type how much you’re allocating to this goal.

4. Confirm

   Click Save to record the addition.

Adding money to a piggy bank doesn’t create a transaction or move money between accounts. It just tracks that a portion of your account balance is allocated for this goal.

Removing Money from Piggy Banks

When you use saved money:

1. Open the Piggy Bank

   View the piggy bank details.

2. Click Remove Money

   Select Remove Money or -.

3. Enter Amount

   Type how much you’re using.

4. Confirm

   Click Save to record the removal.

Remove money from the piggy bank when you create the transaction that spends it. This keeps your savings tracking accurate.

Piggy Bank Dashboard

The piggy banks overview shows:

Progress Bars

Visual representation of each goal:

• Green bar: Current amount saved
• Percentage: How close to target (e.g., “65% complete”)
• Remaining: How much more you need

Summary

• Total Saved: Sum of all piggy bank balances
• Total Target: Sum of all goals
• Left to Save: Total remaining across all goals

Individual Piggy Bank Cards

Each piggy bank displays:

• Name and target amount
• Current saved amount
• Progress bar
• Target date (if set)
• Account it’s linked to

Managing Piggy Banks

Editing Piggy Banks

To modify a piggy bank:

1. Open the piggy bank
2. Click Edit
3. Update any fields
4. Save changes

Changing the target amount doesn’t affect the current saved amount. Only adding/removing money changes the balance.

Deleting Piggy Banks

To delete a piggy bank:

1. Open the piggy bank details
2. Click Delete
3. Confirm deletion

Deleting a piggy bank removes all savings history. The money remains in your account, but the tracking is lost. Consider marking it inactive instead.

Active vs. Inactive

• Active piggy banks: Show on dashboard and in lists
• Inactive piggy banks: Hidden but preserve history

Use inactive status for:

• Completed goals you want to track historically
• Temporarily paused savings goals
• Goals you might resume later

Piggy Bank Strategies

The Emergency Fund

Build financial security:

1. Set Target

   Aim for 3-6 months of expenses (e.g., $10,000).

2. Regular Contributions

   Add money each payday automatically.

3. Don't Remove Unless Emergency

   Keep this money untouched for real emergencies.

Multiple Small Goals

Save for several things at once:

• Vacation: $2,000
• New Laptop: $1,500
• Holiday Gifts: $1,000

Contribute to each based on priority and timeline.

Savings Categories

Create piggy banks for different purposes:

• Short-term (< 1 year): Vacation, gifts, repairs
• Medium-term (1-5 years): Car down payment, home improvement
• Long-term (5+ years): House down payment, retirement travel

Best Practices

Set Realistic Goals

Make targets achievable based on your income and expenses. Overly ambitious goals lead to frustration. Start smaller and increase as you succeed.

Use Target Dates Wisely

Set deadlines for goals with specific timing:

• Summer vacation: Need money by June
• Holiday gifts: Target by December 1
• Tax payment: Due April 15

No deadline needed for open-ended goals like emergency funds.

Keep Piggy Banks in Separate Savings Accounts

Link piggy banks to savings accounts, not your main checking account. This:

• Reduces temptation to spend
• Earns interest on savings
• Provides clearer separation

Automate Contributions

Set up recurring transfers:

1. Create automatic transfer to savings account
2. Manually add to piggy bank(s) each payday
3. Or use rules to auto-update piggy banks

Review Progress Monthly

Check your piggy banks each month:

• Are you on track?
• Do targets need adjusting?
• Should you increase contributions?

Piggy Bank Events

Firefly III tracks every change to piggy banks:

Event History

View all additions and removals:

• Date of change
• Amount added/removed
• New total
• Associated transaction (if any)

Why Track Events?

• Understand your savings patterns
• See when you dipped into goals
• Verify contributions are happening
• Audit your progress

Multiple Accounts

Spread one piggy bank across multiple accounts:

Example: Emergency fund in two accounts

You want a $10,000 emergency fund split between:

• $5,000 in high-yield savings
• $5,000 in money market account

Create two piggy banks:

• “Emergency Fund - Savings” with $5,000 target
• “Emergency Fund - Money Market” with $5,000 target

Track them separately but think of them as one goal.

Piggy Banks and Budgets

Piggy banks and budgets work together:

Piggy Banks

For saving

• Accumulating toward goals
• Tracking progress
• Medium to long-term

Budgets

For spending

• Limiting expenses
• Controlling cash flow
• Current period focus

Create a budget for “Savings” and assign savings transfers to it. This ensures you’re budgeting for saving, not just spending.

Reaching Your Goal

When you hit your target:

1. Celebrate

   Acknowledge the achievement!

2. Use the Money

   Create transactions for the goal’s purpose.

3. Remove from Piggy Bank

   Take money out as you spend it.

4. Mark Complete

   Either delete the piggy bank or mark it inactive.

5. Start New Goal

   Create a new piggy bank for your next objective.

Common Use Cases

Vacation Savings

• Target: Trip cost estimate
• Timeline: Travel date
• Contribution: Monthly until trip
• Completion: Remove money as you book and travel

Emergency Fund

• Target: 3-6 months expenses
• Timeline: Open-ended (build over time)
• Contribution: Regular deposits
• Completion: Never “complete” - maintain this balance

Large Purchase

• Target: Item cost
• Timeline: When you need/want it
• Contribution: Aggressive saving
• Completion: Remove all when making purchase

Sinking Fund

• Target: Annual/irregular expense (insurance, taxes)
• Timeline: Due date
• Contribution: Divide total by months until due
• Completion: Remove when paying expense

Troubleshooting

Piggy bank balance seems wrong

Check:

• Review event history for unexpected changes
• Verify you removed money when spending it
• Confirm you added money for each contribution
• Look for duplicate additions

Can't add more money than account balance

Remember: Piggy banks track money already in your account. If your savings account has $1,000, you can't allocate$1,500 to piggy banks linked to that account. Transfer more money to the account first.

Progress not showing correctly

Possible issues:

• Target amount changed without adjusting saved amount
• Currency mismatch between piggy bank and account
• Browser cache (try refreshing)

Advanced Features

Piggy Bank Order

Customize display order:

1. Go to piggy banks page
2. Drag and drop to reorder
3. Put priorities at the top

Notes and Attachments

Add context to goals:

• Write detailed notes about the goal
• Attach inspirational images
• Link to product pages or trip planning

Object Groups

Organize related piggy banks:

• Group all vacation funds
• Combine home improvement goals
• Organize by timeline or category

Related Features

• Accounts - Piggy banks live in asset accounts
• Transactions - Create transfers to fund piggy banks
• Recurring Transactions - Automate regular contributions
• Budgets - Budget for saving toward goals