It’s not even Halloween and the holiday ads are already starting. Goodwill toward man is free, but gifts for the people on your list can add up fast.
We spend a lot of money on the holidays and not just on family members. We buy things that we believe will make them real happy. According to the National Retail Federation, Last year, Americans spent nearly $460 on gifts for their family and around $80.00 on gifts for friends. We even shelled out $30 on holiday presents for our pets.
According to the NRF, around 38% of Americans will pay for these holiday gifts with credit card. If you charge it, it’ll take almost a year to pay off that $460 at 10.990% plus interest. That means you’ll still be paying off 2015 by the 2016 holidays! That’s the financial equivalent of putting coal in your own stocking.
Qapital is a free mobile banking app that uses automated savings to let you set aside money for your goals. You power your savings with your everyday spending habits, just by swiping your debit card. You save according to how you spend. No more mental notes to put transfer money from your checking account to your savings.
How it works
Download the app and connect your bank to an FDIC-insured, interest-bearing Qapital account. Then set your Goal — you can call it Holiday Savings.
The automated transfers from your checking account to your Qapital account are powered by Qapital’s unique Rules. With a few taps, you can round up your change, save money while walking, make automated transfers and much more. Once you’re ready to holiday shop, you just transfer the funds back into your checking account.
Here are 3 ways to use Qapital to save money for the holiday season:
Round-Up: This is Qapital’s most popular Rule. Customers save $44 a month just by rounding up their change when they swipe their debit or credit cards. Want more savings? Round up to your change to the nearest two or three dollars and easily save around $5 a day just by going about your daily shopping activities. By mid-December, you’ll have serious dough!
IFTTT: Qapital is the first and only banking app to have a channel on IFTTT. IFTTT (“if this, then that”) lets you tie Qapital to many of your favorite apps on your phone. You can trigger savings toward your holiday spending goal using Google, Twitter, Facebook, Instagram and nearly 200 others apps. It’s easy to link IFTTT and Qapital to save for your beach vacation every time it rains, when you post a certain Twitter hashtag or everytime you share an Instagram photo. There are literally limitless saves to customize your savings with Qapital and IFTTT.
Set and Forget: Qapital’s easiest Rule lets you schedule how much money you want to automatically put aside money toward your Goal and how often. If you automatically put aside $50 every week starting on November 1, and you’ll have $300 by December 7.
Save for 2016! We’ve revolutionized the 52 week challenge to make it easier than ever. For those of you who haven’t heard of it, it’s a strategy that helps you save nearly $1,400 over the course of a year. Here’s how our 52 Week Rule works: During the first week of the challenge, you save $1. During the second week, you save $2. You keep adding a dollar each week so that during the last week, you’re putting away $52. Get started on this simple money-saving technique now, by next year, you’ll have a big enough budget to fund the best holiday ever, whether you’re spending it at home or with your family and friends
Paying cash will be the gift you give yourself — one that will keep on giving into 2016.