Helping You Automatically Save Money - Intro

AssociatedLmrjk05 @ snapsave.com.au on 14/10/2015 - 18:44
Last edited 14/10/2015 - 18:54 by 1 other user

Hi everyone!

Quick intro - mid 20's guy from Sydney that saw lots of my friends and family struggle with debt and personal savings, so I'm on a mission to help as many people as I can get out that crappy situation.

Do you struggle to save money? Or do you know someone that does? Do you wish it was easier to save even a little bit for that special thing you want or that place you want to go to? Well I think I can help you :)

The OZB community is great and we all love the ability to save money where we can.

I'm in the process of creating an app and service that allows people to save money automatically, it's called Snapsave.

Have a look here: www.snapsave.com.au

Basically, what it does is for every transaction you make, whether that is buying something or receiving money, we either round up or round down those transactions and move the difference automatically into a savings account for you.

Im a band of 3 people at the moment based out of Sydney and we are genuinely looking to help people. We are looking to launch our product by December this year. But we really need your help to provide feedback and also be one of the first to have access to this platform.

Go to the website and register your interest. Because if i can help you achieve your dreams by helping you save a little more, then i honestly will be happy :)

So the first few questions are…. are you a person that struggles to save and would you use something like this to automate your savings for you?

Thanks everyone!! Hope to hear from you soon

Financial

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snapsave.com.au
snapsave.com.au

Comments

  • coyney on 14/10/2015 - 19:09
    +1

    I like the idea. How are you planning on generating revenue?

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 19:19

      We will be working with businesses when we launch the business version of it

      • coyney on 14/10/2015 - 22:15
        +1

        As a customer, would all my transactions have to be made using your app for them to be rounded up? Or can I continue to use my existing debit card?

        • Associatedmrjk05 @ snapsave.com.au on 15/10/2015 - 17:00

          No, you can do them with your existing cards

  • Blugok on 14/10/2015 - 19:14
    +1

    Looks like a good app that could be useful with people struggling to control their finances.

    What does it mean by putting the amount in "snapsave account"? How safe is it?

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 19:20

      We are currently working with a few independent financial institutions to actually hold the funds. They are heavily regulated and need to meet certain level of guarantee. Unlike the USA financial system, Australia is quite strong and safe

      • Diji1 on 14/10/2015 - 19:39

        Is the "savings account" controlled by you?

        • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 19:55

          No the savings account is controlled by the customer. We just hold the funds in an account for the customer.

    • Diji1 on 14/10/2015 - 19:38

      How is moving money from one place to another going to help people control their finances?

      • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 19:54

        By creating a savings account that is automatically topped up based on your ability to save, this creates a savings pool that people previously did not put away.

        It is also slowly teaching a person a good savings habit, that they didn't have previously.

        So by putting some money away and helping to create better money habits, this will help towards improving and controlling a person's financial stability.

  • zealmax on 14/10/2015 - 19:25
    +1

    Seems like a good idea, if you don't have a home loan with an offset account.

  • Diji1 on 14/10/2015 - 19:42
    +2

    Don't see the point of it.

    If you feel out of control of your money this app isn't going to help you control it despite the puke worthy "genuinely" looking to help people blurb lel. If you want to save money open a saving account at a bank and create a regular scheduled transaction where you move money into it. That's called automated saving.

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 19:51

      Thats fine, this is not aimed at you then.

      The person this is aimed at is as follows:
      - A person that doesnt save at all
      - A person that has no saving habit
      - A person that lives pay cheque to pay cheque
      - A person that doesnt value money
      - A person that is lazy or time poor to worry about setting up regular savings

      I would assume from your comment above you are not in the category of people I am targeting.

      BTW a regular schedule transaction is not automatic savings. Its a scheduled fixed transfer.

      The point of Snapsave is to move "loose change" into a savings account without you having to set up an amount. Small amounts that will accumulate over time. Pretty much like a piggy bank.

  • Baysew on 14/10/2015 - 20:05
    +4

    Do you hold an Australian Financial Services Licence ?

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 20:10

      Not yet, however we are partnering with a few entities that do have an AFSL

  • rambutann on 14/10/2015 - 20:33
    +2

    I love the idea,

    I personally would not use it as I am a boss at saving money but after viewing this thread (https://www.ozbargain.com.au/node/214704) it is quiet evident that some people do in fact suck balls at saving money.

    I believe that Bank of Melbourne have a similar thing whereby they round all purchases up to the nearest dollar and put that money into a savings account. I think this approach is useless as you only end up with a couple of dollars at the end of every month.

    I could see the concept working for higher income earners whereby you can set it so that the app will allow for different varieties of rounding, e.g.:

    Spend $1-$10, round up to the nearest dollar.
    Spend $10-$50, round up to the nearest $5 figure
    Spend $50-$100, round up to the nearest $10 figure
    Spend $100-$300, round up to the nearest $20 figure
    Spend $300-$600, round up to the nearest $50 figure
    Spend +$600, round up to the nearest $100 figure

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 21:30

      Great idea. Will keep that in mind :)

    • OBEY YOUR MASTERS on 15/10/2015 - 09:15

      I think this is a good approach too. Perhaps there could be a number of options to choose how much money is deducted and put asside depending on how quickly you want to save money?

      • Associatedmrjk05 @ snapsave.com.au on 15/10/2015 - 17:01

        Yeah we have built a rules engine that allows the user to set the savings rate

  • gilbert151 on 14/10/2015 - 21:21

    Check out Acorns, or First Step - they may have beat you to it.

    • Associatedmrjk05 @ snapsave.com.au on 14/10/2015 - 21:31
      +2

      We know of both. We have a few differentiations that make us more compelling which I can't disclose here at the moment. But we will on the website soon.

  • kyttiekat on 14/10/2015 - 23:52

    I'm waiting for Acorns to come to AU - should be soon. Happy to check your organisation out too if you can post up differentiators and confirm you have an AFSL licence too. I'm also concerned by the lack of an ABN / ACN / disclaimer etc on your site - makes it seem unprofessional?

    Good luck. :)

    • Associatedmrjk05 @ snapsave.com.au on 15/10/2015 - 00:54

      ABN is at the bottom of the page :)

  • SlickMick on 15/10/2015 - 10:13
    +2

    This sounds very similar to a recent post, which had comments saying it was very similar to another??
    I don't think it's a good idea. The same people who do, would see the savings accumulated and have a splurge on it.
    If they have personal debt, it'd be better to have an offset account and let all the loose change be reducing debt.
    To minimise spending, the answer is a budget.

  • Tcm9669 on 15/10/2015 - 16:00

    Can this be done with Credit Cards too? or only Debit Cards?

    • Associatedmrjk05 @ snapsave.com.au on 15/10/2015 - 17:01

      Not yet with Credit Cards

  • oodian on 15/10/2015 - 22:21
    +1

    I am watching a show called Startup U which follows some entrepreneurs in the residential program at Draper University and this was one of their ideas. There's actually a few similar businesses in the market - most notably Acorns which is currently registering interest for their Aussie version. What's your big point of difference to these? As an Aussie entrepreneur you'll have my support. Good luck!

  • dannyrod on 16/10/2015 - 22:19

    Literally been waiting for this app for ages. I'm 690 on the list. So excited!

  • lost69 on 18/10/2015 - 17:23

    So you know what people are spending and can flog that off to marketing businesses to spam them, plus being a smartphone app you can dig up some data off the phone too and have the potential to do a runner with some funds too. So a middleman acting as a bank for a bank and trust us? Eh?

  • scotty on 10/05/2016 - 16:50

    Still around? Website redirects to www.snapsave.co which does not resolve in DNS.

  • Associatedmrjk05 @ snapsave.com.au on 06/06/2016 - 12:51

    Yes still exists. We had to re-name our company as the name Snapsave was taken by snapchat :(

    We are now Cashper :) Lots has improved and now doing partnerships with financial organisations

    website is now www.cashper.me

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