Do you find it tough to save money? You’re not alone. We all know that we should be saving more money, but actually doing it is another thing.
Technology has made our lives easier in many ways, but it has also created new challenges. One of those is saving money. In today’s increasingly cashless society, it’s easier than ever to part with your cash. When you pay for something with your credit card or smartphone, the same pain of spending isn’t there that you’d get by paying with cash. It’s no surprise then that Canadian households are more in debt than ever before.
That begs the question, how do we use technology to our benefit and not to our detriment? A new money-saving app seems to have found the way.
Quber is a new free app designed to help you be a better saver by becoming more mindful about your spending.
Remember when you were a kid and you used to put money into a piggy-bank and it was so rewarding? Quber has taken that experience and made it digital. You can set up digital savings jars for personal savings goals that are worth saving for. Whether it’s an emergency fund, family vacation or the down payment for a home, you can set up savings jars for whatever your money goals are.
Setting up saving jars is fine and dandy, but unless you actually follow through and save money, you aren’t going to meet those savings goals. That’s where the app once again comes in.
Once you’ve identified your savings goals, the app comes up with challenges for you to help reach your goals. For example, if you’re used to going on a Timmies run every morning, the app will encourage you to make your coffee at home.
Whenever you stick to your savings goal, money is deposited in your Quber money jar. Most people save zero dollars per month yet when they join Quber they’re able to save approximately $200 per month – amazing!
COVID-19 Changes How Canadians Approach Their Finances
Quber recently conducted a survey to see how the pandemic had changed how Canadians approach their personal finances. While the pandemic certainly hasn’t been a good thing, if there’s a silver lining to it, it’s that Canadians have developed better savings habits since the pandemic started.
While you may have thought discretionary spending on items like Gucci shoes were important, the survey found 56 percent realized that they spend a lot of money on things that weren’t important. Two thirds of Canadians have come to the conclusion that they need to do a better job of paying attention to where they’re spending their money and to do a better job of saving more.
Hindsight is 20/20 as they say. The survey also found that 45 percent regret not saving more money and are worried about how they will handle the next financial emergency.
The Bottom Line
I’ve only scratched the surface on what Quber offers as an app. If you’re looking to join a community of likeminded people and do a better job of saving, Quber is the app for you.
I really like how the app lets you round up purchases and tie in a jar deposit for your pay cheque. It’s features like this that make Quber a great app for saving no matter where you are in your financial journey, so try it out today!
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.