You’ve probably heard the adage “pay yourself first”. Well, now there is a website that will help you essentially tax yourself first. Recently mentioned in Businessweek magazine, SavedPlus.com tracks your spending and automatically transfers a set percentage of whatever you spend into your savings account.
Let’s say you choose a 10% preset savings and spend $75. SavedPlus will then transfer $7.50 from your checking account into your savings account. (In practice, the transfers are only done once a week.) This is an interesting way to force yourself to save, and perhaps knowing you’ll have to set aside extra will keep you from spending so much in the first place. You will have to provide your financial passwords for them to track everything. They claim the usual security precautions, using Yodlee for account aggregation. iOS and Android apps are also available.
After playing with it for a couple of days… so far I felt the interface to be a bit clunky and it took me a few tries to get my accounts linked up properly. It’s just not as polished as say Mint.com. A handy feature allows you to link credit card(s) to track spending; you don’t have to buy everything with your checking account debit card.
Expired $100 bonus offer.
Their new Christmas promotion offers to match up to $100 your SavedPlus savings as of December 15th, 2013. You have to follow the directions carefully to set it up and it is limited to the first 100 new users, but otherwise it appears to be a pretty easy 100 bucks and they provide enrollment confirmation so you know you’re in. There is no need to change your spending habits at all. The promo worked, it got my attention!