Okay so first things first, ” Sister Shares,” is a term my sister and I use when we either (1) say the same thing at the same time or (2) when we share something with each other that is valuable (it’s usually clothes or food but you see where I’m going with this). The term actually came about when we were out to lunch one day and there was one “good fry” left (because everyone has their favorite kind of fry, right?) and we literally ripped it in half and shared it. Wow.
Anyway, now Sister Shares has also become something we say when either receiving or passing along knowledge. So, today, I want to Sister Share some information on an app that is golden to me. A friend put me on to this app, and I feel it’s only right to pass it along in case anyone else hasn’t heard about it yet.
My dad is the king of saving money. I’ve tried for years to take on his strategies, but he just has an insane level of discipline that I haven’t fully come in to yet. I also hate traditional savings accounts, because I’m super weird about a corporation telling me when and how I can withdraw my own money and then charging me fees when I want to do it the way I want to do it.
So, there is an app called Qapital that has totally changed the way I save money. This app is incredibly user friendly (I’m like 10 years behind the times technologically, so I need all the help I can get), and it makes saving so easy.
Here’s what you need to know:
- Install the app. It is currently only available to users in the United States, but it looks like they are working to expand in the near future.
- Link the app to your bank account (it’s secured).
- Set a goal, and decide which rule you would like to apply to your savings plan. This part is my favorite. There are so many rules you can choose from; pick one that best suits your goals and current financial status. For example, you can select a rule that makes it so every time you use your debit card, Qapital automatically rounds up to the nearest dollar and saves that amount for you. So, if you spend $8.25 at the store, Qapital will round your purchase up to $9.00 and put the 75 cents into a secured savings for you. There are other rules that you can chose from such as automatically save a dollar (or more) a week, automatically set aside 30% of your earnings for taxes in the event that you are a freelancer, or even set up a reward system for when you hit your fitness goals.
- You can withdraw your money at any time, even if you have not hit your goal amount yet. It does take up to 3 business days to see the money in your bank account.
- It is free. There are no hidden costs. The company makes its money through a visa card they offer as an additional service.
- Qapital also has a version of overdraft protection, meaning that if there is less than $100 in your account, they will put a hold on any pending deposits until you have more than the minimum required amount of $100 in your bank account.
It’s that easy.
Realistically, what are the chances that you will miss an extra few cents when you’re already making a purchase? On the other side of it, those few cents can really add up when you save them. Imagine if you saved $3 a week using the round up rule. $3 a week x 52 weeks in a year is still an extra $156 in a year…$156 that you would have spent without even realizing it. The best part is, you are in control of how much you save. If you can afford to round up to $2 for every time you use your debit card, do that. If you can afford to round up $5, do that. Even if you saved $1 a week for a year, you would still be saving money AND cultivating a habit that will benefit you for the rest of your life.
I know it might sound to the contrary, but I promise this is not an ad. I would never endorse something I don’t actually use. Coincidently, Qapital emailed me (and I’m sure everyone else who uses the app) an invite code this morning. This code will give you $5 to get you started toward your savings goals.
I hope Sister Sharing this information will be as beneficial to you as it was to me when I received it!