Keep Your Money
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Keep Your Money
1–10 of 14 posts
Re: Keep Your Money
#2Sorry to sound cynical, but this just seems like an over-inflated sense of saving that doesn't reflect reality. Sure, I could add in no Starbucks for the week and feel good about it, but then I don't usually have Starbucks anyway. Now, instead of doing something proactive and saving money, I've tricked my mind into believing I am saving money while I am not, thereby hindering any progress towards real goals that need actual savings, not 'mental accounting gimmicks'.
Re: Keep Your Money
#3Sorry to sound cynical, but this just seems like an over-inflated sense of saving that doesn't reflect reality. Sure, I could add in no Starbucks for the week and feel good about it, but then I don't usually have Starbucks anyway. Now, instead of doing something proactive and saving money, I've tricked my mind into believing I am saving money while I am not, thereby hindering any progress towards real goals that need…
Simple Finance took a different approach -- saving bits away every day, and assuming you wouldn't notice anything but the lower day-to-day balance and could adjust accordingly.
Maybe the right answer here is to couple this app with a bank account -- so that when you say you didn't spend $3 on a coffee today, that the $3 ends up in an earmarked savings account (or at least deducted from the "safe-to-spend" balance) for that special something you're saving up for.
Re: Keep Your Money
#4I hate to be that guy, but I must admit that there are a couple of things that me put off about this app:
Firstly, I completely disagree with this notion that young adults should be cutting off in coffees and cocktails every so often so that they can buy more expensive stuff in the long run. If incurring in these small expenditures every once in a while derives enough value for you to feel that you are leading a satisfactory lifestyle and as a result make you steer away from the big, impulsive spends (such as cars and headphones), then why not spend the extra dollar on a coffee? Even if you it every single day, at the end of the month you'll only have spent 30$ extra. If you did that every day for 2 years, you'd still only have spent an extra 730$, which is way cheaper than buying a new car. The goal for young adults should be financial independence, not to be able to spend large amounts of money in dispensable goods.
Secondly, I don't see how the fact that the app "doesn’t connect to your bank account or show depressing red info graphics". After putting in so much effort in reducing my spending, why should I have to manually input every dollar I spend into the app?
Re: Keep Your Money
#5Sorry to sound cynical, but this just seems like an over-inflated sense of saving that doesn't reflect reality. Sure, I could add in no Starbucks for the week and feel good about it, but then I don't usually have Starbucks anyway. Now, instead of doing something proactive and saving money, I've tricked my mind into believing I am saving money while I am not, thereby hindering any progress towards real goals that need…
I think this is one danger of an app like this... If I was "considering" making a purchase when is it appropriate to say that I should "save" it and when would I have not purchased it anyway?
Either way, I think it is a tool that can be used for good as long as that assumption is understood upfront.
Re: Keep Your Money
#6The right way to have more money is to make more money, not cut out trivial expenses.
Re: Keep Your Money
#7Sorry to sound cynical, but this just seems like an over-inflated sense of saving that doesn't reflect reality. Sure, I could add in no Starbucks for the week and feel good about it, but then I don't usually have Starbucks anyway. Now, instead of doing something proactive and saving money, I've tricked my mind into believing I am saving money while I am not, thereby hindering any progress towards real goals that need…
Simple Finance took a different approach -- saving bits away every day, and assuming you wouldn't notice anything but the lower day-to-day balance and could adjust accordingly. Maybe the right answer here is to couple this app with a bank account -- so that when you say you didn't spend $3 on a coffee today, that the $3 ends up in an earmarked savings account (or at least deducted from the "safe-to-spend" balance) fo…
Yeah, an easy way to say "No coffee, I'm saving money" and then immediately save that money would be a killer thing for me. I try to minimize minor purchases when I'm saving for something, but I like to have my money compartmentalized; you put a few bucks in an envelope (or functional equivilant) and then when the envelope is full, you buy whatever you've been saving for. If there was an easy way to reduce the friction of moving the money into the envelope, I'd probably be way into that.
Re: Keep Your Money
#8The right way to have more money is to make more money, not cut out trivial expenses.
Which is not always an option, whereas cutting out expenses, trivial or not is.
You'd be surprised how many people get deep in debt from trivial expenses. It's not like these people didn't want to "make more money".
Re: Keep Your Money
#9The right way to have more money is to make more money, not cut out trivial expenses.
And what happens when that isn't an option?
Re: Keep Your Money
#10I hate to be that guy, but I must admit that there are a couple of things that me put off about this app: Firstly, I completely disagree with this notion that young adults should be cutting off in coffees and cocktails every so often so that they can buy more expensive stuff in the long run. If incurring in these small expenditures every once in a while derives enough value for you to feel that you are leading a sati…
I see where you are coming from in that young adults should be able to spend money however they choose and if the lifestyle they choose includes coffee every day and cocktails every weekend then that's fine. Financial independence is for sure the number one priority.
However what we were noticing was that many people (young adults in particular) had small hopes and dreams that required some amount of money that they simply didn't have. People wanted cars so they could easily get to a new job, a new musical instrument for their favorite hobby, or to take a trip somewhere they've never had the chance to go before.
It's all about how you want to spend your own money and everyone's priorities are different.