Financial goals appear as budgetary line items. Students are required to make a budget but are
free to choose how the funds are allocated. The MPF Master Template comes with goals that
can be edited or deleted.
If you create a Financial Goal for a 401K, you will need to make sure to name it as just "401K" for the system to recognize the goal in the grades.
How do I create a new Goal?
- Select Money Management on the left-hand side menu
- Select Billing
- Select the Financial Goal tab at the top
- Here you can select "Add Goal."
- A pop-up will appear for which you will name the financial goal and determine the penalty for early withdrawals (enter zero if not applicable).
Existing goals can be edited by clicking the pen icon. Goals can be deleted by clicking the “x” icon.
If you create a Financial Goal for a 401K, you will need to make sure to name it as just "401K" for the system to recognize the goal in the grades.
How do students budget their Financial Goals?
When students log in for the first time during that Pay Period(usually Monday), they will be prompted to budget their money and Financial Goals. If they don't budget anything, it will have them confirm and then proceed. Below is what students will see:
How can students pay their Financial Goals if they skip the page?
Students can pay their Financial Goals by going to their Money Management> Banking>Money Transfer. Here they can transfer money into those savings accounts for their goals.
How can I adjust the weight of the Financial Goals in my MPF grade?
When you create your MPF grade, you can set how many points the Financial Goal is worth toward their MPF Grade. However, once the grade is set, you are unable to adjust the points for the financial progress in the MPF grade. You could delete the MPF grade and recreate it, however, it will refund any students who purchased points. So definitely keep that in mind.
How can students view the transaction history of their Financial Goal?
- Select Dashboard on the left hand
- Scroll down and select the circle/arrow next to the goal.
- Here it will show the weeks paid towards that goal and then which ones were skipped as well.
How do students create their own Financial Goals?
Yes! After the student's payday(Monday), they will receive a popup when they log in and they will have the option to allocate goals and funds. They also have the option to create a goal by the "Add Goal" button. They will not be able to add a goal until the next allocation of funds, so definitely make sure they are choosing wisely on this page.
*Maya's tip of the week*
Did you know if it will hurt them on their MPF grade early in the year if they haven't met the "goal" number you've put in as a Financial Goal? Yes, it will hurt them if you have points tied to the MPF grade due prior to the end of the semester under Financial Goal Progress if they have yet to meet this goal. To prevent this you will want to set the goal/scale it to where the students should be when the grade is due, rather than wherever the ultimate goal is or set the goal early on but only have it affect the MPF grade for their final MPF grade that comes due.
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