Nova Money Planner - Q&A

hey Sam, love the new simplified track screen. I was wondering how the monthly budget is calculated on the app?

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Hi Greenland, Nova automatically calculate your monthly budget based on your goals. The flow is: Your goals > monthly required saving > monthly budget.

Then in the Track screen, your budget is split between your fixed costs (bills, etc…) and variable costs. So make sure to review your bills at least once a month.

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Thanks for your message, that makes sense. Does Nova handle income as a fixed cost as well? I’ve noticed that even though my spending habits don’t change regularly, my payday will usually be what Nova thinks is my best performing day, while the day before it thinks I could enter the “slowdown zone”.

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Nova budgets your month in a forward looking way by projecting your income, bills and variable expenses. Basically it considers that your September expenses should be covered by your September paycheck.

Your month-end income is estimated based on your transaction history. But if you have irregular income, you can edit it in the Track screen: drag down the top bar, tap on “Edit plan” then go to “Money in”.

If you earned more/less than planned, then Nova will increase/decrease your monthly budget. But earning more doesn’t mean you have to spend it all :wink:

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I do have somewhat irregular paydays so Nova misinterprets them a bit. The edit feature in the track screen is exactly what I was looking for, thanks.

Btw I was wondering where I could find the tutorial videos on the app once I have already watched them? Just in case I’ve missed any other features similar to editing on the track screen

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You can tap the Academy icon on your profile page [top right - Mortar Board and Scroll] where you will find three videos. That screen also references a YT channel, but I have not looked at them yet. R-

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Spot on :+1:

@Greenland9 Some users asked to have shorter tutorials so we will replace the current videos by short 30s videos.

FYI, we experienced some synchronisation delay over the weekend but everything should be back to normal now.

Sorry for the inconvenience and thanks to all those who reported the issue :+1:.

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Hi Sam, I have just registered here to ask you :slight_smile: You have mentioned in the beginning of the thread that Nova can help to plan my investments. I installed the app, connected my Monzo, Revolut and Natwest accounts and everything is really great so far… excepting that I could not find this investment planning. When I try to create a goal it shows me only the “house” and “custom” options. The only thing I can do is to see the history of my investments in the past. Is the investment planning the paid-only feature (I am still on a free plan)? Thank you in advance for the answer.

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Hi alex_me, the investment goal was a commonly requested feature which will be released soon! We’re going first to try it within our private beta group than release it publicly.

By setting an investment goal, you can Nova how much you want to invest per month or year, and Nova will take that in consideration when calculating your monthly budget.

Let me know if you want to join the private beta.

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Ahh, I see. This looks like what I need! I just thought it was already hidden somewhere in the app… How can I join the beta?

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I’ve sent you an invite in DM :wink:

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Just noticed you can connect to “Mettle Bank”, but Mettle isn’t a bank!

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You’re right, the name comes as “Mettle Bank” from Truelayer but we should simply call them “Mettle”!

Can I get a link to the private beta please?

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Hi Gareth, sure I’ll send you a DM for more details.

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Hi @Sam.Abrika, I’ve been using Nova for a while now and I’m loving it! I find this track screen very useful and check on it everyday. Awesome UI. Very well done!

I just wanted to ask:

  1. I can’t really see the progress of my investment goal because unlike the saving one, I cannot link my investment account to it… Is there another way to do it?
  2. Is there any possibility of linking multiple goals to one account? Just wanted to avoid having to make multiple saving pots.

Cheers!

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Thank you so much for your feedback K8ielin :heart:

  1. Investment goals are going to be publicly this week in Nova v2.19
  2. From a design perspective, it’s simpler to reflect the goals’ progression when an account is linked to a unique goal, but many users don’t find this solution convenient. How would like to see the progress of your goals if they’re all linked to the same savings account?

Thanks

  1. Cool, I’ll give the investment goals a try and will let you know!
  2. Possibly an ability to create a main goal, link the account and then make subgoals? Like I can create a saving goal “Dream House”, then make subgoals like Deposit, Stamp Duty, Documents, Furnitures, etc. but they are all within the same savings account so they look like a checklist, and have their own progress bars. In a way I would find it motivating to see the subgoals being completed than just waiting for the total amount to reach 100%
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@K8ieLin that’s a cool idea. Then you could save for the kitchen, the living room, etc… :laughing:

The version 2.19 with investment goals is now released!