You know how when taxes are automatically pulled from your check it doesn’t really seem like you’re missing out on that money since you never saw it in the first place? Yeah, that’s kind of cool in a weird way because while paying taxes stinks because you can’t spend your money the way you want it IS nice that you don’t have to write out a check every two weeks to pay what you owe. This app, SavedPlus, works in a very similar way. Had I known about this app back when I wrote the post 16 Apps that Will Help Make Your Life More Efficient and Help You Save Money I definitely would’ve included this one in the list.
In a nutshell, this is how SavedPlus works:
- Get the app on your phone (available on iOS, Android, or through the internet if you don’t have one of those devices).
- Fill out all the info and set up your bank account.
- Set your goal. Want to pay off your debt? (YES!), want to get money into an emergency account?, want to remodel your kitchen?, all those options are available (plus a ton more). You can even upload a picture of your goal for added motivation which I think is a cool touch.
- Then, decide how much you would like to save (it defaults to 5% but I would do at least 10%, if you can).
- When you make purchases your bank and the app basically have a chat and 10% (or whatever percentage you chose) gets automatically transferred from your checking account to your savings account. The app allows save money as you spend by working like a “self-tip”. The app transfers a percentage of every purchase to a destination account (goal) of your choice.
That’s it! You set it and forget it. Other stuff you should know about:
- Luckily, the app developers are smart and built in an overdraft protector so if your balance falls below a certain amount a transfer won’t be initiated if the balance from the funding account (typically your checking account) is not sufficient.
- In their latest release (currently available only on iPhone) you can now open up an FDIC insured IRA account with one click and start saving to it automatically.
Anything that helps to make saving easy and painless is a win in my book!
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