As always at this time of year, my social media feeds are filled with all sorts of money goal challenges encouraging you to start the year off as you mean to go on when it comes to money.
Whilst encouraging people to save isn’t a bad thing at all, I do worry about the fact that lots of these challenges are unachievable and will have people giving up just a few weeks in. They’re not really tailored to your own personal circumstances and although they start off with super low amounts, lots of them soon build into higher amounts that would have most of us giving up.
I have a much more realistic and affordable way to save that I shared a few years ago that lots of you do each year if you want to have a go at that this year – you won’t save a fortune but it’s much smaller amounts than the usual challenges so you really won’t miss it as much as you would on some of the challenges that I’ve seen in the last few days.
But… this year I have a better idea for you.
What about a personal finance challenge that’s tailored to you and how much you can actually afford to save? A challenge that doesn’t involve you putting aside actual pennies in a jar and even better, an app that will give you a £10 kick-start to for joining right now?
Sounds good, right?
So, it’s not actually a challenge at all, it’s an app called Chip which I know I’ve shared with you before a few times.
Chip is a clever little app that, once connected to your online banking, collects information about your spending habits and uses that data to see how much you can afford to save. Every few days it transfers the amount it thinks is affordable into a separate account, but don’t worry you can withdraw whenever you like if you need it.
It basically uses AI to scan your transaction history and moves the perfect amount across so you won’t even notice it’s gone and the money you’ve put away adds up quicker than you might expect.
I love it and actually used it to save up for my New York spending money last month which worked out really well for us as the amount I’d managed to save in there was a fab little boost to the rest of the money I’d put away.
At the moment, there’s an offer on where, if you sign up now using my unique code, you’ll get £10 as part of Chip’s welcome offer*. So not only do you get to start your year off feeling super organised with your money, you get a little bonus for doing it too!
So, why not make that trip to New York happen, get that house renovation paid for or even sort out paying for next Christmas without lifting a finger – sign up and you’ll be well on your way!
And if you’re worried about linking an app to your bank account then have a look at this post I wrote all about Open Banking.
*After two auto-saves, you will be eligible for the £10 welcome bonus. This is usually within 2 weeks. The bonus will then be credited to your Chip account within 30 days.
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