Having and maintaining a savings account has never been my strong suit. I’m not proud of it, but it’s the truth.
The problem was, was that every time I’d check my checking account, I’d be able to see my savings account. In my mind that meant I had the money. Not smart. Thank gosh my husband is a good saver (too good, maybe) and has taught me the importance of saving money. It was because of him that I finally realized I really need to put a focus on this. It was time to change the way I think about saving money.
I knew from the past that a traditional savings account at the same bank as my checking account, was not going to work for me. I needed something separate. After a little research and some more failed attempts, I found Qapital.
Qapital (pronounced “capital”) has been a game changer for me. The app is described as “a new way to bank that lets you save for the things you want, by doing the things you do.” It’s an incredibly easy to use app, but it also makes saving fun, which is very weird to say, but it’s true!
How to Save with Qaptial
First things first, you need to download the app (use this link to get $10 towards your first goal). Once you download the app, you will connect one (or more) of your bank accounts. Specifically the one that you want to pull money from. Once your bank account has been approved (you need at least $100 in there), you will then set up your goals.
Setting goals with Qapital is one of the reasons I love it so much. You can have as many or as few goals as you want. You will name your goals, so they can be as specific as you want or as general. Once you choose your goal and name it, you’ll then specify how much you want to save towards that specific goal. There really are no rules when it comes to setting your goals, so do whatever you want!
Now that your goals are set, you pick “rules” for each goal. The rules are how you are saving the money. They give you several to choose from:
Set & Forget
This rule allows you to establish an amount of money that will automatically be transferred to your goal on either a daily, weekly or monthly basis.
When you have a deposit (over a specified amount) into your funding account, a set percentage of that deposit will be transferred to your goal.
Every time you make a purchase using your funding account, Qapital will round-up your purchase to the nearest whole dollar amount and deposit the change into your goal.
Select a merchant, say Starbucks, and everytime yo make a purchase from that specified merchant you will save whatever amount you choose towards your goal.
Again, this one you select a merchant for as well as a budget. Anytime you spend under that budget, you’ll save the difference towards your goal.
This rule saves a set percentage of each deposit towards your goal. Great for taxes!
This will help you to save money over time. You’ll save $1 your first week, $2 the second week and so on for 52 weeks.
You can connect your Apple Health to Qapital so that every time you reach one of your Health targets, You’ll save towards your goal.
Stands for If This Then That. So if the weather is over 75 degrees you can save a specified amount, or anytime you post a picture on Instagram you save a specified amount towards your goal. You can use this rule with Twitter, Facebook, Spotify, Pinterest…lots of options!
As you can see there are tons of options for saving money. My favorites, that I use the most, are Set & Forget, Payday, and Round-up. Once you set your rules you are good to go! Qapital will automatically start pulling money from the designated account every time you meet a rule that was set.
A Few Things to Note About Qapital:
Qapital is not a free app, unfortunately, however, I think it is 100% worth the small monthly fee to be able to specify goals and save money. There is a free trial, but once that is up, you will have 3 different memberships to choose from:
Basic – $3/month
Complete – $6/month
Master – $12/month
The money that is pulled from your funding account and put into your goals is FDIC insured. In other words, your funds are protected! You can withdraw your money at any point, whether you meet your goal or not. Oh and there are no fees to do this!
Another really cool feature that Qapital offers is the “Joint Goal”. You can use this to save money towards a goal that you have with friends or a significant other. Anyone saving towards the goal, will see the progress of how much you are saving. Once you have met the goal and are ready to cash out, the funds will go back to the individual who deposited it. This is a great feature if you are planning a girls trip with friends or saving towards something with your partner, but don’t yet have a joint account.
Qapital also just introduced an investing option. I haven’t yet got into this, but from what it looks like it’s a great way to set long-term goals!
The best thing about Qapital is that it is simple and fun money saving app. You don’t have to worry about it once it’s all set-up. The next thing you know, you’ll have met your goals!