'Forgotten' Cash Hoard

I’ve always thought that this would be a great idea:

The concept is that the user can set a certain percentage of what they spend (which could be fine-tuned to only certain types of spending, or within a certain spending range), which is automatically ‘saved’ by being ‘charged’ at the time of the transaction, and gets sent to a savings account - which, ideally, would be hidden in some way from the user and/or just more difficult to access.

For example, I set my ‘saving’ rate to be 5%, and thus every time I spend (say on transactions below £100), I automatically charge myself 5% more, which is sent to my hidden savings account.

After setting this up, I probably forget about it, and then (because the savings account is hidden), in time to come I suddenly remember I have been secretly (from myself!) saving money… So I figure out where that savings account is, and discover a nice cash hoard!

It’s all about saving a little a lot, and the ‘hidden’ element is really trying to take advantage of (or reduce) the psychological bias/tendency for us to factor in our savings/earnings into our monthly discretionary spending habits. (Resulting in the oft-felt sensation that even when we get a pay rise, we miraculously seem to have the same amount left in the bank each month!)


+1 to this idea! I actually quite like the idea of any transaction being rounded up to the nearest £1 or £10 depending on how large and the difference going into a savings account.


+2 to this Idea as my wife always hounds me to save this would be great! to save without saving:tada:

@sampt this sound like a good idea. Something else that may improve an already great app.

I love this kind of ideas for easy savings, thanks a lot for sharing them with us! :heart::heart::heart:

Love the concept of this, would really be useful to me and increase the savings for those little treats every now and again or holidays.