How to painlessly start saving for the big ticket item
I’m going to start this blog with an easy way to start saving for that big ticket item you are wanting, without feeling a big hit on your wallet. .
The app I am going to recommend is an an app that I started using when it was in it’s beta form. I have used this to save money for several trips and other items. The app and membership has changed a little since I started using it but I still love it. I sometimes forget about it till I go check my balance.
The app I use is called Qapital and the reason I say it can be painless is because you can do round ups with it.
Here is the link, (and yes I do earn on referrals, but you can to once you sign up and start loving it, you will wan to refer your friends as well) https://get.qapital.com/y19mirexvqb
To explain the round up is: anytime you spend on the linked account, it will automatically round up the total and withdraw it from your account. So if you went shopping at three different places, and spent $5.99, $29.90, and $55.55, the round up amount would be, $0.01. $0.10, and $0.45. You can also have it round up on whole dollar amounts if you want, I have this feature turned off.
You can also set rules that if you over spend on something then you have to put so much in “savings” in other rules of that nature. You can also do the number of week savings, week 1 save $1.00, Week 2, save $2.00. This is something else I do, but I started it in the middle of the year so that the larger amounts wasn’t coming out at a time I was holiday shopping and spending more anyways.
It also will stop withdrawing from your account anytime the linked account reaches a balance of $99.00 or less.
You are given a debit card and can transfer your “savings” into an account on the app and use your Qapital debit card to purchase items. I also use this for when when we travel internationally and I need local currency, I will use my Qapital account debit card to withdraw from an ATM instead of my regular bank account. In my mind, it’s safer than using my regular bank account because if something were to go wrong, if there is a card reader on the ATM or something, they aren’t getting my regular bank information and are only getting access to what money I have transferred to the spend account, which is usually only the amount I plan shopping with or withdrawing.
In the past couple years, Qapital has started a build wealth savings where you can slowly add money into the stock market.
I use both, the regular round up savings and the build wealth savings.
