Saving money is like flossing. We all know we should do more of it, but so few of us actually do. There are so many more appealing ways to spend your time in the morning than with thread between your teeth. Similarly, I’m sure you can easily list 10 purchases that sound way better than putting that money in the bank. Still, we all know we needs savings, even if we have no clue where to start. For me, learning how to save more money came down to downloading the right app.
I always had one big problem with saving money, a bit of a conundrum, really. If I put money in savings, I felt guilty taking it out. But there were events or things I need to save up for. So I either kept the money in my checking account, which lead to more spending than I wanted, or ended up not getting the thing I really wanted. What you want is a balance, of course. When we talk about how to save more money, we want to save some for big purchases and some for long-term security. Luckily, there’s a simple app that lets you do both.
How to save more money with one simple app
They gave this app the most fitting name possible. So, how do you save more money? Simple, you download the Simple app. Simple is an online bank. You won’t find any brick and mortar locations. There are no ATMs. But you don’t have to use the branchless banking app for a checking account if you need a go-to location. The real beauty is in their savings features.
With the Simple app, you can set savings goals. That lump sum of cash in your savings account turns into clearly understandable budgets. Even better, you schedule a timeline for your savings. The app calculates an amount to take out of your main checking account each day to make sure you hit it in time. Since the transfers are automatic, it takes the thought out of saving money. It’s easy to save more when the money moves itself. You just get used to living without those extra bucks in your account each day.
What can you save for with the Simple app?
The simple app offers several preset suggestions for savings, from paying off credit cards to funding vacations. But they’re not your only options. You can create your own savings goals for whatever you want. Set a budget 8 months in advance for Christmas presents. Save up for that spa treatment you’ve been wanting to try. Put away $1.50 a day for retirement in addition to your 401K from work. The size of the goal doesn’t matter. When you’re ready to cash out, you simply move the amount from that goal into your checking account. Then it’s good to spend.
Finances can be unstable, but the Simple app accounts for that. You can “Pause” or “Catch Up” on your savings goals if your expenses or income change temporarily. You can also change the end date or goal amount on long-term goals to save faster or slower, depending on your circumstances.
How simple is it to set up? Any hiccups?
Despite the app not supporting my standard bank, I linked my main checking account with my Simple app in just minutes. I’ve never experienced any issues with transfers since the initial setup. I now have eight on-going savings goals running. It took a couple tries to figure out the best end date for some of my longer-term goals, but after a little trial-and-error I found a date (and corresponding deposit rate per day) that worked for me and my income.
It took me a whole to get used to not seeing one lump sum in the account. At first I felt like I wasn’t saving enough. But you get used to seeing it neatly broken out, and some quick math reassures you the whole amount is still what you’re used to. You can also change the security on your goals, ensuring you don’t spend the money until you’re ready and using it for what you set it aside for. It’s so simple that I forget I’m saving more money each month, which is really the key to letting it rack up.