One great strategy to save money is saving without even realizing you are!
The general idea is that you define your saving goal and put different rules in places to save money. Qapital then links to your bank account and the saving can start.
How do the rules work?
Depending on your personal preference you can choose from 8 different rules and apply as many as you wish to a particular saving goal.
One of the most common ones and the one I certainly use is the Round Up rule where you can round up any transaction to the next $1 up to the next $5.
Another rule I am definitely using is the Guilty Pleasure one. Here you can pick from your most common transactions(such as the daily latte) and define a dollar amount you want to save each time this transaction occurs. One example from my rules is that every time I use Uber or Lyft $2 get deposited into my Qapital account. This is great in two regards: first, I save more money because in the end the difference between a $3 or $5 Uber ride isn’t that great. On the other hand you can actively use the rule to change your behavior. When I am withdrawing cash abroad I always have to pay a $10 cash advance fee. I now have a rule in place where I save an additional $10. This helps me to not pay cash as much but rather use my credit card where I don’t have any additional costs. Just imagine every time you buy your daily latte it costs you an extra $2-5. Aren’t you likely to skip those lattes more often?
Other rules include saving when you stay under budget, when you hit fitness targets and when you perform certain activities. In addition you can determine fixed amounts and intervals where you want to save, as well as always putting 30% aside from your paycheck or the 52-week rule where you safe $1 week 1, $2 week 2 and so forth for one whole year.
How do deposits and withdrawals work?
Qapital is synced with your accounts so every time a transaction happens on your credit cards or checkings account it applies the rules. It usually accumulates the transactions of a day or multiple days and withdraws the sum.
One great thing is that there is an overdraft protection kicking in. Unfortunately you cannot determine the threshold yourself but as soon as the funds in your checkings account are below $100 Qapital pauses deposits.
Whenever you want to withdraw money it takes about 3 business days to show in your account.
What do you use if for?
I personally use it to save the spending money for my upcoming trips.
Is it safe?
The money you deposit with Qapital is actually deposited with Wells Fargo and FDIC insured.