Tag: Automation

 

These 9 Apps Will Save You a Ton of Money

We all want to save more money.

Perhaps you want to save up for a vacation, your retirement, or a down payment on a house. Or, maybe you want to pay off your debt or build an emergency fund. Regardless of your financial goals, it’s important to take advantage of different ways to save money.

Luckily, keeping track of your money and becoming a more savvy shopper has never been easier  – thanks to technology. Before you know it, you’ll be saying goodbye to clipping coupons and hello to these 9 apps that will save you money. Read on to learn more.

1. RetailMeNot

If you’re paying full price at a retailer, you are definitely paying too much. Here’s the good news: saving money doesn’t mean you have to join every store’s customer loyalty program and be bombarded with emails and deals. Instead, RetailMeNot gathers all available coupons, promo codes, and other discounts for over 50,000 major retailers and restaurants, so you never have to pay full price. Just log onto RetailMeNot, search for offers at your favorite stores, and boom, you’ll get instant savings.

2. Chime

Switching to a Chime bank account means you’ll no longer have to pay bank fees. With Chime’s Save When You Get Paid feature, you’ll save even more money. Instead of realizing you have nothing left to save at the end of the month, you can direct Chime to set aside a percentage of your paycheck automatically. The app also makes it easy to track your saving goals and progress with minimal effort. And, you can also save money through Chime’s Save When I Spend program. Every purchase you make with your Chime debit card will automatically round up to the nearest dollar, and that round-up amount will be deposited into your savings account. This is a great way to kickstart your savings goal without lifting a finger.

3. Groupon

Another great way to save on shopping, travel, activities, and services is by signing up for deals through Groupon. When you sign up, Groupon will email you daily deals in your area with deep discounts if you purchase within a certain timeframe. Whether you want to try out a sweet new yoga studio with your friends, get a luxurious massage, or go for a quick weekend getaway – you can do it all for a fraction of the price.

4. Mint

A strong budget is the best way to get control of your money and save big bucks. Mint has long been a favorite budgeting app. It offers an easy-to-use interface and a comprehensive view of your money – right at your fingertips. Mint allows you to link all your accounts in one place, as well as track your spending by automatically grouping your purchases into categories. The app’s bright and easy-to-read pie charts make it simple to understand where your money is at all times. Mint even offers a suggested budget based on your income and spending habits. You can also get reminders when it’s time to pay bills or when your account gets too low for your comfort.

5. Stash

If you’re interested in investing but don’t have a clue where to start, Stash can help get you up to speed and invest like a pro in no time. You can choose between different investing options from “Slow and Steady” to “Roll with Buffet.” Still not sure which option is best for you? Tutorials can help you decide. Stash also has a feature that helps you project your investment gains based on how much you deposit each month and how aggressive your funds are.

6. Digit 

Digit is a savings app that connects to your bank account and tracks your income and spending habits to determine where it can pluck out a few dollars here and there without you noticing. Digit will make small withdrawals based on your balance and purchases – and set it aside for saving. If you decide you need that money, you can always put it right back in your spending account.

7. Acorns

Acorns is an investing app that links to your bank card and rounds up your purchases to the nearest dollar. This allows you to invest those leftover pennies into financial products like stocks and bonds. You can also set up recurring deposits into your Acorns account. Just think: even a small amount each month can add up to some serious savings and gains. With Acorns’ new Found Money feature, you’ll get even more money added to your account when you shop at certain partner companies including DirecTV, Apple, Expedia, Blue Apron and more. The feature works much like a cash-back rebate, but with the money going straight into your Acorns investing account.

8. GasBuddy

If you’re looking for a quick way to save on gas, download the GasBuddy app to find the best gas station prices wherever you are. Even if you already know where to find the lowest gas prices in your town, GasBuddy is a great way to pocket extra pennies when you’re driving in an unfamiliar city or taking a road trip.

9. Ibotta

When it comes to a great rebate app, nothing beats Ibotta. You can search Ibotta for  offers on items you want to buy, complete a brief “task” like take a poll or watch a short video, and then go shopping. Once you’ve uploaded your receipt to the Ibotta app, your rebate will automatically be put into your PayPal account or turned into gift cards of your choosing.

Other Ways To Save

If you don’t want to mess with a whole bunch of different apps on your phone, there are other ways to save as well. Check out our tips for more ways to save money (and time) here.

 

This is How Debit Cards and Savings Accounts Can Work Together

How often do you use your debit card? If you’re like most people, the answer is every day.

It’s a quick way to access your money to pay for small purchases like your morning latte, a grocery run, or gas at the pump. A debit card typically draws cash right from your checking account, and paying with this card is like writing a virtual check.

For the most part, debit card transactions are uneven dollar amounts. For example, your coffee may cost $3.69, a tank of gas totals something like $28.44, and groceries may tally up to $35.67. Back in the days of writing checks, many people spent hours balancing checkbooks to make sure all those pennies added up correctly. Now, with all the math done automatically, we often don’t pay attention to those uneven dollar amounts.


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But, here’s a good reason to pay attention to your small change: It can actually help grow your savings account. That’s right. Believe it or not, your debit card transactions can help you save money and beef up your emergency fund. Read on to learn more.

Grow Your Savings Every Time You Spend

There are quite a few bank account programs out there, such as Chime’s Automatic Savings feature, that help you grow your net worth without ever thinking about it. The concept is simple: when you make a purchase with your debit card or pay a bill, the amount is rounded up and that change is moved into your savings account.

Suppose your spending throughout the day looks like this:

  • Morning Latte: $3.69
  • Lunch: $8.25
  • Gas: $28.44

Each transaction made with your Chime Visa debit card would then be rounded up to the nearest dollar. The result would be that you spend $4.00, $9.00, and $29.00 with $0.31, $0.75, and $0.56 going directly into your savings account. That extra $1.62 doesn’t sound like much, but small daily amounts like this can certainly add up over time. After a year, for example, your savings account may have an extra $600 in it.

Are you going to get rich with a program like this? Probably not. But it may mean you don’t have to struggle to figure out how you’re going to pay for those unexpected mechanic expenses. Not only that, but you may sleep more soundly knowing your savings is there to back you up.

Build Wealth by Spending

In order to build wealth, you should have money going into your savings account regularly, and coming out rarely. Unfortunately, most of us lack the discipline to move money into our savings accounts on a regular basis. Instead, we often opt to spend it. With an automatic savings program, however, you can boost your savings without even realizing it.

A round-up program, however, doesn’t take the place of regular and intentional saving. Whereas $600 or so every year is a good start, this may not be enough for you, especially if you’re trying to build an emergency fund that will support you during prolonged and rough times.

For this reason, you should also continue to regularly contribute to your savings. And, to make this easier, you can look for programs that help you get a jump start on building wealth faster. Chime, for example, has a feature that allows you to automatically transfer 10% of each paycheck into your savings account. If you do this – while still counting on your round-up pennies – you’ll be well on your way to meeting your savings goals.

 

7 Subscriptions That Are Totally Worth the Cash

As an independent twentysomething living in one of the most expensive cities in the country, I try to pay close attention to every dollar I spend. I do have to remind myself every so often, though, that I’m no longer a college student and have a little bit of disposable income. Gone are the days of having to kiss an app goodbye because it cost $1.99, and the nights (after nights after nights) in a row of eating cheap pasta for dinner.

Because of this (and my interest in shiny new things), I’ve tried out endless subscription services, boxes and memberships, and these are the ones that have remained constant through the last few years.

1. Streaming entertainment

When I first moved into my apartment in 2012, a bundled cable and internet package was still the default choice for renters. Not unlike many other renters in the U.S., I bought a cable subscription, thinking that the $100+ dollar monthly charge would be worth it for all the live sports and news I would have access to.

Fast forward a few years, and you’ll see my little cable box sitting on its shelf wondering where I’ve been and why I’ve been spending so much time with that Amazon Fire Stick over there. And I’m not alone. A recent study conducted by eMarketer predicts that by 2021, the number of U.S. adults who pay for TV will fall to 181.7 million, which is down nearly 10% from 2016. By 2021, the number of cord-cutters is expected to be nearly equal the number of people who have never had pay TV — an estimated total of 81 million U.S. adults.

There are quite a few options out there when it comes to streaming services, but these are a few of the popular ones.

Hulu: starts at $7.99 per month
Amazon Prime: $99 for a 1 year plan (equal to $8.25 per month) if charged annually or $10.99 if charged on a monthly basis. Prime Video membership is $8.99 per month (Note: students may be eligible for a $49 per year program)
Netflix: starting at $7.99 per month
HBO Now: $14.99 per month

When it comes to price, it’s clear who takes the cake – but this isn’t just about cost. It’s about value. Depeding on your preferences, you may feel Netflix is the leader in the selction category (in terms of sheer volume of tv shows, standup comedy specials, and movies) and the service you want. If you’re looking for more new TV shows that are updated on a much faster cadence, Hulu may be the winner. Amazon Prime, on the other hand, also boasts a large selection which includes HBO shows, and also comes with a bunch of other benefits, most noteworthy of which of course is free shipping on all Amazon purchases. Again, it all just comes down to your show viewing preferences.

2. News & brain food

In today’s world, it can be overwhelming to try and keep up with all the happenings in both local and global communities. There are endless pieces of information published around the clock, and sometimes logging onto Twitter can feel like being crushed by an avalanche of content.

With the vast majority of publishers focusing on digital, you can usually get a subscription that includes everything a traditional newspaper subscription would get you (the news), plus other features like curated daily updates, email newsletters, mobile push notifications for topics of your interest and more. My personal favorite is The New York Times, which currently starts at $7.50 (charged every four weeks).

Pro tip: Throw in a New York Times crossword digital subscription for $6.95 per month if you want to give yourself a 20-45 minute brain break on a daily basis and learn cool new words like epee and Erato.

3. Music

If there’s one subscription service I will constantly sing praises of, it’s Spotify Premium. It costs a humble $9.99 per month (or an even lower rate if you’re a current student).

As someone who listens to music pretty much from the second I wake up to the moment I go to sleep, I swear by my Spotify subscription. Aside from being able to listen to pretty much any song you can imagine on demand (even you, Taylor Swift), make your own playlists, follow hundreds of thousands of others and discover new artists and songs via custom recommendations, the best part of Spotify Premium is the lack of ads. Maintaining the flow of writing that blog post or completing that long run without having to hear about the latest tech app five times is worth way more than $10 if you ask me.

Note: Other options here include Pandora, Amazon Music Unlimited and iTunes radio.

4. Meals

If you’re anything like me, you commonly find yourself either (a) going into the grocery store and buying all of the things that you think you’d want to eat right at that moment or (b) buying a bunch of things that you think adults would buy and then never using them because you haven’t the slightest clue where to begin.

That’s why meal subscription box services are so great. Not only are you spending the same money you’d be spending on groceries each week (or maybe even less), but you can be sure that you’ll have all the right ingredients to make a solid few meals throughout the week. Plus, it’s significantly better than ordering takeout or pre-made meals, because you can hone your cooking skills while you do it.

There are many options to choose from, including HelloFresh, Blue Apron, and Plated. Just like with anything else, you’ll want to compare the offerings of each and decide which one is right for you (and your budget).

5. Produce & snacks

Aside from the meals, you’ll be cooking for yourself in no time thanks to your meal subscription box, you might also want to keep your kitchen stocked with some healthy snacks that you can use for movie night. Some options here include NatureBox, Graze or Imperfect Produce. There are several more out there, so decide what sort of items you’d like to receive and go from there.

The appeal behind these weekly or bimonthly delivery boxes is that they cost about the same amount of money that you’d be spending on snacks at the grocery store, and give you access to a large variety of different noshes — all without ever requiring you to step into a store. Think of the impulse buys you’ll avoid!

6. Shaving

If you’re a citizen of the internet (which I assume you are if you’re reading this), you’ve probably heard of Dollar Shave Club (DSC). It’s a subscription service that sends you a razor and then replacement blades for it each month. You can choose which type of razor you like and whether you want to cancel or pause your subscription at any time. DSC also offers other shaving products that you can add to your box (for an additional price, obviously).

The value here isn’t only in the numbers – the blades generally end up being cheaper than the name-brand alternatives at our favorite pharmacies – but also in the convenience. Just think, on those days when you remember you have a big meeting, look in the mirror (or down at your legs), and remember it’s been a few weeks since you replaced your razor blade, a little box from DSC is likely to be at your door.

7. Finance

Checking in on your finances is one of the things you should be doing on a regular basis. But another great thing about the technology bubble is that there are endless apps available to help make managing your finances easier. There are the ones that give you a bird’s eye view of what you’re spending your money on, like Mint and LearnVest. Then there are apps like PocketGuard and MoneyStrands, that help you set specific financial goals or set you on the path to save for something big.

There are even apps out there that link to your bank account and analyze it to figure out where you’re overspending. Not great at saving? Don’t worry — there are apps, like Digit or Tip Yourself, that automatically set money aside from your account each week into a separate savings account. The options here are endless and you’re sure to find one that fits your needs, even if you do have to pay a monthly service fee to use it.


This article originally appeared on PolicyGenius

 

5 Ways to Bank Faster with Chime

We’ve all heard this saying before: Time is money. Plus, we’re all looking to save time and money, right?

Well, guess what? If you’re looking for an easy way to maximize your time and cash flow, you’re in luck. A Chime bank account can help you reach your money goals – and fast. What’s not to like about that?


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Banking like it should be.

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To see how you can bank on more time and money, check out these 5 ways Chime can help you #BankFaster. Ready, set, save!

1. Get Paid Early

Chime members can get paid up to two days early thanks to early direct deposit.* To take advantage of this Chime feature, all you have to do is set up direct deposit with your employer and, well, that’s it! Your paycheck will post to your Chime Spending Account up to two days earlier than traditional banks.

2. Save Money Automatically

Are you ready to start saving money without thinking about it? By signing up for Chime today and opening a Savings Account, you can enroll in Automatic Savings in one click. You’re now on your way to saving money every time you spend on your Chime Visa® Debit Card. That’s right, every time you pay a bill or make a purchase on your card, Chime rounds up the transaction amount to the nearest dollar and deposits that amount into your Chime Savings Account. Not only that but Chime helps you save money every time you get paid. How? Chime will automatically transfer 10% of your paycheck into your Savings Account.

 

3. Pay Friends Instantly

At Chime, you can make instant peer-to-peer transfers through our Pay Friends feature. This lets you send money to other Chime members instantly, giving you an easy way to split bills like rent and restaurant tabs. You can say goodbye to divvying up checks and if you forget your cash or credit card, you can pay friends (or receive payment) right through your Chime mobile banking app. And perhaps the best perk? You can send and receive funds in seconds, compared to Venmo transactions which can take up to three days.

4. Stay Informed with Daily Balance Notifications

Chime helps you start the day in the know with a simple balance notification to let you know where things stand with your bank account.

5. Get Transaction Alerts in Real Time

The Chime mobile app also sends you real-time transaction alerts. This means you’re the first to know any time there’s a transaction on your account, and you’ll never need to wonder about when or if a deposit was posted to your account.

What are you waiting for? It’s time to bank the way you live. #BankFaster with Chime!


*Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically.  Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.

Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

 

6 Situations When You Should Definitely Change Banks

Do you know how some people are quick to purchase those novel kitchen gadgets in a TV infomercial? Well, there were a handful of years when I got excited about new banking options and opened a bunch of savings accounts with different banks.

Just like people found uses for those “As Seen on TV” gadgets, I found ways to justify my new accounts. Can you say “money nerd?” Fast forward to the here and now. While I’ll no longer open a bank account on an infomercial whim, I still keep an eye out for better options.

So when is it time to say “goodbye” to your bank for a better alternative? Here are 6 situations when you should definitely change your bank:

1. When You Keep Getting Dinged With Fees  

Bank fees are pesky and downright unpleasant. Plus, checking fees, ATM fees, and overdraft charges can add up quickly. In fact, in 2016 big banks made a killing from such bank fees — $33 billion in overdraft fees alone.

And, it’s not just the big banks that ding you with fees. You’ll need to be careful when you open an account with any financial institution. While I am a big proponent of credit unions, it turns out that my free checking account required a minimum number of transactions a month. If I didn’t meet that minimum, I’d be charged a $20 fee. No bueno.

You may also incur an overdraft fee from pure forgetfulness or from a one-time expense. For instance, earlier this year I accidentally tapped into some of the money I deposited for my quarterly taxes and got dinged with several overdraft fees. Why? Because the transactions went through before I had a chance to transfer sufficient funds to cover the withdrawals. It happens to the best of us and luckily there are now many no fee banking options that have eliminated unnecessary bank fees.

2. When You Aren’t Able to Talk to a Human

Raise your hand if you don’t have time to stay on hold on the phone for an hour to resolve a bank issue. Customer service like this oftentimes has you doing a #facepalm and asking yourself whyyyy? Especially when you need to tend to an urgent matter, such as a lost debit card or suspected fraud. In these instances, you’ll want to get in contact with someone stat. If the customer service isn’t up to snuff, it’s time to take your business elsewhere.

3. When You Realize You Go Online, All the Time…

While it’s nice to have a brick and mortar branch to step foot in, can you remember the last time you needed to? l only visit a branch to take money out of the ATM, but I usually get cash back when I’m at a store.

Sure, it’s useful to go inside a branch if you want to talk to someone about say, opening a loan, but I’ve found that it’s usually fairly easy to talk to a human with an online or mobile bank. This was the case when I needed to order checks, or when I was waiting on a debit card.

4. …And the Bank’s App Stinks

While not necessarily a deal-breaker, it makes things easier when a bank has a user-friendly mobile banking app. I find that I tend to keep better tabs on my accounts and check in more frequently if the app helps me do what I want quickly and easily. Also, some bank apps let you make notes on tax write-offs or add an attachment with a transaction, which comes in super handy for self-employed freelancers such as myself.

5. When You’re Losing Money

Why stick to what you’re used to when there are bank accounts that will actually help you save money with no fees? You also don’t have to stay with a bank just because you may think you’re making more money off interest. The average savings account offers only a 0.06 percent annual interest yield, and most of the big banks only have a 0.01 percent annual interest yield.

6. When You Just Want More

Sometimes there doesn’t necessarily need to be something wrong with your bank. In the last few years, I opened new bank accounts because I was enticed by cool incentives and modern features online-only banks were offering. For instance, some banks offer easier ways to save money and early direct deposit features. These days there are plenty of banking options that are in step with your needs and help, not hinder your savings goals.

 

Why All Millennials Should Think About Automatic Savings

Saving money can be difficult – especially when you don’t have much of it, to begin with. Between sky-high rent, enormous student loan payments, expensive cell phone plan, and a bit of fun here and there, you likely don’t have a lot of money left over at the end of the month to put towards your future.

If your savings account is running on fumes and your financial plan is to either win the lottery or become an Instagram celebrity, you’re not alone. According to a recent study by HowMuch.net, over half of millennials ages 18 to 34 have less than $1,000 in their savings accounts.

While many might think that millennials’ biggest savings challenges are curbing their avocado toast or latte habits, let’s be honest. Millennials deal with much bigger financial issues like unemployment and paying down their student loan debt. And, some experts believe that millennials actually have to save more than previous generations due to lower investment returns. In fact, according to a recent NerdWallet study, millennials might have to save as much as 22% of their income in order to replace 80% of it by the time they retire at age 67.

So, what can millennials do to improve their savings? For one thing, they can start automating them.

What is Automatic Savings?

There’s a reason why computers are taking over – they don’t forget. Once you program them to do a task, they do it every time. They don’t get busy and skip a month. It doesn’t slip their minds. That’s why you likely pay some of your bills automatically.

Automatic savings is similar to automatic bill paying, only you’re paying yourself first. You’re not trying to avoid having to pay late fees or having your electricity cut off if you forget a payment. You’re making a commitment to invest for your future.

It can be difficult to make room in your budget for savings, but if you automatically transfer funds from your checking account into your savings account, this makes it easier because it’s no longer a choice. You set it up and then forget about it. When you check your balance to see how much avocado toast you can afford this week, the answer might be one or two pieces rather than seven, but at least you’ll know that you’re making that sacrifice for your future.

The Benefits of Automatic Savings

Automatic savings is perfect because you’re busy. You don’t have to remember every month to make a contribution to your savings. It just happens. You also don’t need to muster the willpower to choose your future over a new pair of jeans. Not having that money in your account removes the temptation to spend big on Taco Tuesdays. Instead, maybe you make your own tacos and margaritas once or twice this month.

Another benefit? It’s effective. The best way to save for retirement, a trip around the world, a down payment, or any other financial goal is to routinely put aside money and build your savings. This way it has time to grow.

Why Saving Early Is Important

There’s a reason why people tell you to save money when you’re young. The more time that your money has to grow before you retire, the more your money you’ll have thanks to the magic of compound interest. Compound interest is when the interest that you earn on your original investment starts earning interest of its own. This, in turn, helps to increase your investment returns because you are earning interest on a constantly growing balance.

How to Get Automated

The first thing that you need to do is set a goal for how much you want to save every month. Take a look at your budget and where you can cut back in order to put aside at least 10% of your income.

After that, set up a Chime Bank Account and let start automating from there. Chime will even deposit 10% of your paycheck into your savings account.

Step three? Do nothing. Or no – spend time imagining a glorious retirement where you can eat as much avocado toast as you want.


Nate Matherson is the Co-Founder and CEO of LendEDU.com.

 

5 Things You Can Do in the Chime App to Start Saving More Money Today

For many people, saving money is a struggle. Yet, if you want to get out of debt, build an emergency fund or even save up for a house, you have to find a way to grow your savings.

Likewise, committing to a savings plan can be daunting and there are many ways to earn and save more money. Luckily, there’s a mobile banking app to help you create more wealth, right here and right now. Designed to give you tools to manage your money and automate your savings, the Chime app gives you a head start when it comes to reaching financial independence. Here are 5 ways you can save more money using the Chime app:


Open a bank account online for free

Banking like it should be.

Save money with every paycheck and get paid up to 2 days early.

Free to sign up and takes less than 2-minutes!

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Get your paycheck early. 

This tried and true savings method means you save a portion of your paycheck each month before paying your bills or spending the money elsewhere. This way, you won’t squander money away on needless purchases and you’ll instead get one step closer to your financial goals. To make it simple to pay yourself first, the Chime app offers a feature called “Save When You Get Paid.” Once you sign up for an account, you can automatically direct 10% of every paycheck into your Chime Savings Account right when you get paid. To keep track of your progress, all you have to do is use the app to check in on your savings account. As an added perk, you can get paid up to two days earlier* with Chime than if you were to set up for automatic deposit through a traditional bank. It’s a great way to get a jump-start on your money goals.

Grow your savings automatically.

Automating your savings is a sure-fire way to start saving money without giving it a second thought. By enrolling in Chime’s Automatic Savings program, you will be one step closer to achieving your money goals. In fact, you can use the app to sign up for a Chime account and debit card today and you’ll save money every time you use your card to make a purchase. That’s right! Chime will move money into your Savings Account effortless and automatically every time you use your Chime Visa® Debit Card. How much? It depends on how often you use your card. In a nutshell, Chime rounds up each transaction amount to the nearest dollar and transfers that round-up amount from your Spending account into your Savings account. If you make a lot of purchases, your round-ups could amount to hundreds of dollars each year.

Avoid ATM fees.

As you probably know, you typically have to use ATMs within your bank’s network in order to avoid those annoying fees. If you use a bank outside the network, you guessed it: You’ll see a charge on your statement. Indeed, these fees add up fast. But, if you have the Chime app, you can locate and use 24,000 fee-free ATMs. This gives you access to a larger fee-free ATM network than offered through big banks like Chase, Bank of America, CitiBank, or Wells Fargo. Better yet, you can use the Chime app to locate more than 30,000 cash-back locations, including those at big box retailers like Walmart, Target and supermarket chains.

Keep track of your finances on the go.

By using the Chime app, you’ll get a push notification for every transaction and a balance update every morning. This way you will always know what your bank account looks like. Being constantly in the know also gives you an opportunity to curtail spending or even transfer money from your Spending to your Savings account to help you meet your goals faster. And one more thing: You’ll get a notification every time you receive a deposit – keeping you abreast of your money sitch at all times.

Send money and get paid instantly.

By using Chime app’s “Pay Friends” feature, you no longer need to worry about being stuck footing the bill when you dine out with friends. Got shared household expenses? By using the “Pay Friends” option, you can also split up and pay for these bills without feeling like a collection agency.

In fact, when you use “Pay Friends,” you can easily pay and accept money from other Chime members who also have this Chime feature. To start today, simply log into the Chime app, click on “Move Money” and look for the Pay Friends option. You can even create a Chime nickname and search for friends who also use the app. Want to get your friends on board? Go ahead and use the app to invite them to make the switch to banking with Chime. You’ll then all be on your way to paying the amount you actually owe, accepting payments right away, and earmarking more money toward your savings goals.

Are you ready to check out the Chime app and start saving more money today?


*Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically.  Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.

Banking Services provided by The Bancorp Bank, Member FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

 

The Ultimate Guide to Automate Your Life in Just 30 Days

Let’s talk about adulting.

As a millennial, your responsibilities will begin piling up as soon as you graduate from college. These often mundane, everyday tasks can leave you thinking: “There’s got to be a better way to do this.” Luckily for you, there is a better way. You can automate your daily tasks. Take a look at how our step-by-step and day-by-day ultimate guide to automation can help you become an adulting pro in just 30 days.


Open a bank account online for free

Banking like it should be.

Grow your savings, automatically!

Free to sign up and takes less than 2-minutes!

Apply Now


Step #1: Paying Monthly Bills

Day 1. Gather Bills

Many people are already paying at least some of their bills online. However, it’s time you fully automate this process if possible. Today, your goal is to gather all of your monthly bills into one place. This way, you’ll know how much you owe and when your payments are due.

Day 2. Create a Bill Pay Schedule

The task of the day is to pay attention to when you get paid and compare that to when your bills are due. This will help you set up automatic payments and save money by moving to a bank with no overdraft fees. In addition, this can help you pocket more cash by avoiding late payment fees with your creditors.

Day 3. Get Automated

You may be able to set up automatic payments through your utility companies, wireless provider, and other vendors. But, you can also set up this service through some online banks. By taking care of this now, you’ll never again have to worry about your bills being paid on time. Some apps even pay you early.

Step #2: Buying Groceries

Day 4. Research Delivery Options

There are lots of different apps, programs, and systems available that can help you cut down on the amount of time you spend making grocery lists and shopping. Today, research your available options such as Amazon’s Subscribe & Save or Jet. You can also check to see if your local grocery store chain offers a delivery service.

Day 5. Make a Plan

Now that you know what’s available, choose what works best for you. Some grocery stores will do the shopping and deliver your food to your door. Others will package up your food and have it waiting for pickup at the customer service desk. Weight the pros and cons to decide what option will save you both time and money.

Day 6. Take Action

Once you have a plan, it’s time to put it into action. Go ahead and try out your grocery store delivery service and see whether this actually eliminates the impulse purchases you might have made if you had done the shopping yourself. Then, assess how much money you actually saved by using the service.

Step #3: Food Preparation

Day 7. Collect Your Recipes

Find your favorite recipes online or in old-fashioned cookbooks. Take the time to compile your favs and begin thinking about cooking these meals.

Day 8. Pick a Menu App

Choose an app such as Menu Planner to help you plan your meals. Some apps will let you input your own recipes and then set them up on an automatic rotation. This is a cool feature as this form of automation helps you save money. How? You’ll only buy the food you need and thus you won’t spend unnecessarily or waste food.

Day 9. Get Cooking

Some meal planning apps help you prepare to cook for the rest of the week, whereas others get you used to cooking on a daily basis. Either way, you won’t waste time fumbling around to figure out what’s for dinner.

Step #4: Dress for Success

Day 10. Purge

Go through your closet and drawers. Get rid of what is worn out or in disrepair. Make a donation to a charity or sell discarded items in a garage sale. You can also try selling your clothing on a buy and sell app like Close5, OfferUp or LetGo – all of which help you declutter while making a bit of extra cash. The key is to actually get rid of what you’ve decided to purge.

Day 11. Choose Your Style

Do you wear pants nearly every day? Or do you always wear skirts to work but never a dress? Perhaps you’re a lover of comfy yoga attire? You may not have noticed, but many successful celebrities have automated their wardrobes to cut down on how many daily decisions they have to make. If you already gravitate toward certain colors or specific styles of clothing, you are well on your way to automating your wardrobe.

Day 12. Set Up Your Closet

Organize your clothing by color or type. For example, group all your pants together and gather your shirts in one place. This will make it easy for you to dress each day, saving you time and hassle. To take this one step further and save more money, don’t buy clothing that doesn’t fit into your wardrobe.

Step #5: Deal with Your Phone Charges

Day 13. Examine Your Phone Habits

It’s not uncommon to carry your phone around 24/7. In fact, in many cases, you likely set your phone down right in front of you “just in case.” If this sounds familiar, you might benefit from paying attention to your phone habits. Do you send tons of text messages? Perhaps you message your spouse daily when you’re on your way home from work. Wouldn’t it be nice to automate this task?

Day 14. Automate What You Can

Did you know you can set your phone up to automatically switch to vibrate at night so you don’t get phone calls that wake you up? You can also use an app like Tasker to help you automate different tasks. For example, you can have Tasker automatically open apps at a certain time of day, or when you reach a certain geographical location. It’s a paid app that’s only available on Android, but if you live with your eyes glued to your smartphone, it may be a helpful way to save time. The more you automate your phone usage, the more time you’ll have to spend on important things.

Step #6: Take a Break

Day 15. Relax, Just Do It

Now that you’re halfway through your automating process, you may need a break. On day 15, go do something fun. You deserve a day off from adulting!

Step #7: Save Money

Day 16. Look Over Available Money Savings Apps

Many people live paycheck-to-paycheck without any savings for an emergency. But, it doesn’t have to be this way. Today, check out savings options that can help you save for a rainy day. For example, Chime’s savings account can help you save “spare change” by rounding up all of your purchases and putting this amount into your savings account.

Day 17. Commit to Saving

Now it’s time to make a commitment to start saving. Before you know it, you’ll have a few hundred dollars set aside for emergencies, investing, or even for that long awaited vacation you’ve been dreaming of.

Step #7: Invest

Day 18. Investigate Investment Options

Did you know you can automate your investments? There are many different options available online that can help you with this process, such as Betterment and Wealthfront. Do a little investigating to help you decide which one is best for you.

Day 19. Earmark for the Future

If you earmarked your Chime savings for a particular purpose other than investing, perhaps you can also sock away money into an investment account. Online platforms like Acorns and Robinhood can help you get going by investing small amounts automatically. Look at your budget to find ways to save so you can begin auto-investing for the future.

Step #8: Answer E-mails

Day 20. Find Shortcuts

When you send the same types of emails over and over, you may wonder if there’s a better way to do this. Luckily, there is. Today, you can make a list of the common phrases or messages you send to help you start automating your email.

Day 21. Choose Your Ideal Shortcut

If you’re a Mac user, CheatSheet can help you with keyboard shortcuts and save you time. Another choice for any user is Gorgias. This shortcut uses templates to help you create messages that you commonly send with the touch of just one button. Another shortcut: If you’re a Gmail user, you can set up canned responses for commonly sent email messages.

Step #9: Household Chores

Day 22. Make a List

Create a list of chores you do on a regular basis, such as laundry, cleaning, dishes, and other tasks. Obviously, automating your chores doesn’t mean someone else will do them for you (wouldn’t this be nice?) But, it can help you get them done faster.

Day 23. Set up a Schedule

Set up a schedule of chores on a calendar app like Google Calendar. Creating a plan for chores and repairs can save you time and keep your days organized.

Step #10: It’s Time for Another Break

Day 24. Unwind

After all of those chores, it might be a good idea to take a day off to unwind. Rent a movie or go for a bike ride. Do whatever it is that helps you relax.

Step #11: Get Your Apps to Work Together

Day 25. IFTTT

Did you know you could get your apps to work together? IFTTT is a one button shortcut for what you do on a regular basis, saving you time. Check it out to help you automate your life.

Step #12: Travel

Day 26. Pick a Destination

Have you always wanted to go on vacation to Mexico? Or, maybe you’re dreaming about a cruise? Figure out where you want to go and commit to make it happen through automation.

Day 27. Automate it

Using websites such as TripAdvisor, Airfarewatchdog.com, or Booking.com, you can watch for vacation and airline deals on a daily basis. You can even get alerts when hotel or airfare prices drop.

Step #13: Automate Your Home

Day 28. Find a System

Automating your home can help provide you with comfort, convenience, and sometimes even some money savings. One way to automate your home is with Amazon Echo. It can control and run many aspects of your home, like reading the news, providing information, and more. There are also other systems to choose from, such as Ivee, which can be used in more than one room of your home.

Step #14: Automate Your Entertainment

Day 29. TV and Movies

Automation at home can also include your TV and movie habits. There are some apps that can help you find popular TV shows and movies, as well as tell you what’s on TV every day. Check out Trakt.tv to automatically track what you’re watching and help you choose new programming based on your interests and viewing history.

Step #15: Done!

Day 30. Celebrate Your Success

On day 30, it’s time to go out and celebrate. You just automated several major areas of your life in just 30 days. Going forward, you can now begin to see the fruits of your success: Automating will save you both time and money.

 

 

Introducing “Save When I Get Paid.” The Easy Way to Pay Yourself First.

How much did you save from your last paycheck? If your answer is “I don’t know,” or “not much”, you’re not alone. Saving money is just plain hard. It requires us to make complicated decisions such as how much do I save and when. It’s no wonder many of us end up doing nothing, and it’s why personal finance experts recommend automating your savings plan.

Introducing “Save When I Get Paid.”

Our “Save When I Spend” automatic savings program has already saved Chime Members millions of dollars with Round-Ups on purchases and now Chime members have another way to automate their savings. Our new “Save When I Get Paid” feature helps members save even more money without having to think about it. When you enroll in this feature, you’ll set aside a portion of your paycheck as soon as you receive it.

It turns out this “pay yourself first” approach works! Members who tested Save When I Get Paid in beta have already seen a big jump in savings. In fact, members enrolled in the new program saved $217/month on average– almost double what others saved.

This new feature builds on our “Save When I Spend” Round Up program that helps members save automatically every time they use their Chime card to pay a bill or make a purchase. Members enrolled in both Save When I Spend and Save When I Get Paid saved $382/month on average or more than 3x compared those not enrolled.

How to Start Automating Your Savings Today in 3 Steps

1) If you haven’t already, sign-up for Chime and you can start saving money automatically!

2) Enroll in the “Save When I Spend” Round Up program and every time you pay a bill or make a purchase with your Chime card, we round up the transaction amount to the nearest dollar and transfer the round-up from your Spending account into your Chime Savings account.

3) Set-up direct deposit by providing your employer with your Chime account number and bank routing number. You can find this information in the Chime mobile app by tapping Move Money. Then tap on the gear icon in the mobile app to go to Settings where you can enable Save When I Get Paid. Once enabled, 10% of every paycheck will be automatically deposited into your Chime Savings Account.

Try it out today, and let us know what you think! We’ve gotten some great suggestions so far, and we’re considering updates to the feature such as allowing members to choose the percentage of each paycheck. Stay tuned for more ways to save!

 

Does Automatic Saving Really Work?

If you’re like me and you dread managing your finances, you’re not alone. It may not make you feel any better, but it turns out we have a good excuse. When it comes to dealing with financial decisions, our human brains simply aren’t wired for it. That’s according to scientists, aka behavioral economists who’ve uncovered the many ways in which we humans make seemingly irrational money mistakes in a fairly predictable fashion.

One of our major money follies: we just don’t save enough, and we can thank our tendency to optimize for the short term rather than the long term. A recent survey from the Institute for the Future found that 53 percent of Americans rarely or never think about something that might happen 30 years from today. This brain-glitch, which scientists call “temporal discounting,” is one the primary reasons why so many Americans today can count less than $500 in total savings.

So, how can you manage and save money when the odds are stacked against you? The answer: automation. In other words, set up a system that takes yourself out of day-to-day decisions about your finances so that you don’t have to think about them. With financial automation, you create a set of default money decisions that allow you to get out of your own way.

The best part: financial automation works! And we have the data to prove it.

Saving Automatically with Chime

In January of 2016, we announced our “Save When I Spend” feature, which automatically rounds up members’ Chime card transactions to the nearest dollar and transfers the round up to savings. We also reward those who opt-in to this feature with a 10 percent cash bonus on Round Ups each week. This feature quickly became one of the top reasons members love Chime.

Building on the success of “Save When I Spend”, we recently launched a new Automatic Savings feature called “Save When I Get Paid,” in beta. Using a “pay yourself first” approach, the new feature automatically transfers ten percent of a member’s’ paycheck to savings as soon as it arrives. One of the most important aspects of this feature was making it easy to get started and we designed it so that members can enroll in the program with one tap from the Chime app.

Automation Works and Here’s the Data to Prove it.

We’re excited to share the initial results from our beta launch of “Save When I Get Paid”. The headline — those who’ve enrolled in Chime’s automatic savings programs saved over 3x per month more compared to members not enrolled in any automatic savings program. Here’s how much people saved during the February and March beta test by group:

  • Members not enrolled in Chime’s automatic savings programs saved $113 per month on average.
  • Members enrolled in “Save When I Spend” saved $217/month on average compared to those not enrolled (a 92% increase or almost 2x)
  • Members enrolled in both “Save When I Spend” and “Save When I Get Paid” saved $382/month on average compared those not enrolled (a 240 percent increase or more than 3x)

Why Does It Matter?

While personal finance experts typically recommend having an emergency fund equal to three to six months of expenses, according to a recent study by GoBankingRates, most Americans have less than $500 in total savings. At the same time, most banks continue to rely on fees as a primary revenue source. In fact, the average American pays around $330 dollars in bank fees annually and banks made over $33 Billion in overdraft fees alone in 2016.

We think that needs to change.

We designed our automatic savings program to help members overcome the hurdle of getting started with a healthy savings habit by making it nearly effortless to sign up, and even easier to keep up. By taking small steps, members are able to achieve their short-term savings goals such as creating an emergency fund or setting aside funds for a major purchase. We’re also proud to also help members avoid the typical bank fees that are chipping away at the savings potential of many Americans. 

If you want to take the steps toward creating your own healthy financial future, we invite you to join Chime and stay tuned for more features to help you automate your finances. Based on member feedback from our the beta, we plan to introduce new automatic savings options such as allowing you to set a specific savings percentage for each paycheck.

How to Start: Automate Your Savings Today in 3 Steps

Step #1: Join Chime and you can start saving money automatically! Sign-up today.

Step #2: Enroll in Save When I Spend. Every time you pay a bill or make a purchase with your Chime card, we round up the transaction amount to the nearest dollar and transfer the round-up from your Spending account into your Chime Savings account. Use your card just twice a day over the course of a year and you’ll have $400 in savings at the end of the year. Doesn’t get much easier than that.

Step #3: Enroll in Save When I Get Paid. First you’ll need to set up direct deposit by providing your employer with your Chime account number and bank routing number. You can find this information in the Chime mobile banking app by tapping “Move Money.” Then tap on the gear icon in the mobile app and enable “Save When I Get Paid.” Once enabled, 10% of every paycheck will be automatically transferred into your Chime Savings Account as soon as it arrives.

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