I want to save right now!

If you find yourself trying to save on impulse, you’ll have a tough time. Who carries a piggy bank around with them? We’ve been waiting for more 21st century products that help people save by taking advantage of their impulse moments. Retail stores are set up to encourage impulse shopping. How about a few opportunities for impulse saving?

Along comes the New Zealand bank Westpac with an iPhone app that lets bank customers save money any time they want to simply by pressing a big red button on their iPhone. Customers can set up the app to save money in increments up to $50. An interactive explanation of the product is here. Here’s hoping more banks develop similar savings splurge apps.

Hat tip: James Verdigris.

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  • SKG

    Piggymojo.com has a similar goal of making savings impulsive. They’ve been awarded a grant by the Center for Financial Services Innovation. I’m really excited about an initiative such as this in the States!

  • http://www.bikeonomics.blogspot.com Cyroose

    Interesting idea here – I like the idea of being able to save on impulse. I wonder about how effective it will be in getting people to save that wouldn’t normally. I’m a little confused as to how the App works – does it pop up at random times on your phone encouraging you to save? Or do you still have to open the program to do it – having the program open itself randomly would be an interesting nudge to increase savings…

  • srnyoung

    What about if somehow you were allowed to save (or donate) the loose change from a credit card or other transaction? Especially once we join many other 1st world nations and start paying for things with our phones, it seems like an easy addition to that mechanism.
    “Charge = $27.32
    Would you like to:
    a) donate $0.68 to MercyCorps (charity of choice)
    b) send $0.68 to your savings account ####”

    I like it.

    • http://twitter.com/davinagifford Davina

      Lloyds TSB in the UK has a service like this already called Save the Change http://www.lloydstsb.com/savings/save_the_change.asp

      Basically, you can opt to have the ‘change’ on your purchases sent directly to a savings account. quite nifty.