This is a post in collaboration with Chip.
If you’re a regular reader of The Frugal Cottage, then you know that I set myself monthly and yearly aims. One of these is to put aside a sum of money each month towards our huge aim of retiring early. In fact, I just posted earlier about my 2020 goals, which includes an aim about putting money aside this year.
Putting money aside consistently can really help to grow your wealth, which then can be used in a variety of ways. Perhaps you want to go on holiday as a family but can never quite manage to save enough? Maybe your front room needs decorating but you never seem to get round to it. Or, you’d like to get a new pet but the buy it up front seems to be an impossible task. All of these things are great motivators but if you don’t ever end up saving, then you’ll never manage to achieve! So consistency is key when it comes to helping you save money.
However, that takes a lot of discipline and when you’re starting out, that can be the hard part. Apparently it takes 21 days to form a habit. Doing something every single day for 21 days makes it a part of routine. When was the last time you did something for 21 days straight? Especially when it comes to your finances?
This is where Chip comes in! Chip is an app which automatically puts money aside for you, based entirely on your spending habits. So, you can put money aside without thinking about it! In fact, this could be the perfect solution to those account tidies, which add up in no time. It can transfer those odd bits of money that sit in your current account. The random £12.78 that sits doing nothing. When it could be better placed elsewhere! The average amount for an auto-save is around £20. So not just pennies, but enough to be useful. It will soon add up, without you realising!
How it work is that the app uses AI to scan through your transaction history. It then analysis this and works out the perfect amount to transfer out; you probably won’t even know it’s gone. Plus, it won’t be too much as it’s based on your own spending, the system can work out what is just the right amount for you. So you don’t need to worry about £500 suddenly being transferred out of your account; it wouldn’t happen. The thing with technology is that it can use lots of data to determine the exact result it needs. Much better than you or I doing it!
You can also set goals to hit, so you have an actual reason for putting money aside. So, that family holiday I mentioned earlier? Put it as a goal so that you can se the progress and what you can spend the money on. You can withdraw your money at any time and have it be back in your current account by the next working day. So then you can book the flights 🙂 if you think you can spare some more money, then you can also manually transfer some into your Chip account.
I think this sounds like a fab app to use if you’re new to budgeting and thinking about putting money aside. And, if you sign up through my referral link and enter the code FRUGALCOTTAGE10 you’ll get a free £10* as part of an exclusive welcome offer, plus I get £5 for referring you 🙂 £10 to start off your pot for this year!
So, whatever you are hoping to save money for, for, whether that’s a new holiday, decorating your house or a new pet without having to think about it, then come and join the 150,000 who are already on their way to hitting their 2020 goals 🙂
Have you heard of Chip before? Do you like the idea of automatic savings? Let me know!
*after two auto-saves, you will be eligible for the £10 bonus, which is usually within 2 weeks.
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