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Discover tips and tricks on how to save and invest money by Oval Money

This month we want to take a look at our unique savings steps based on your transactions that help our Oval users get the best out of our app, and their savings.

The most frustrating thing about saving money can be that it feels totally out of your control, and when you’re wrapped up in your hectic life it’s not possible to set aside a specific lump sum each month. As with anything in life, some months are ‘good money months’, others are not so good.

Luckily though, at Oval we believe that variety is the spice of life, which is why we’ve designed Oval so that you can set up savings steps that are totally unique to you and the way that you live.

Oval doesn’t compartmentalize your savings, it integrates them right into your every day life. To set up any step click on the create a step card on the home screen. You will then be able to choose if you want to set up a step where you save on what you spend, or save on what you earn. Depending on what works best for you, go ahead and choose the way you want to save. We have a few of our favourites listed below.

Save on what you earn: Save a percentage of your salary

Not everyone earns money in the same way. This step can be a great option for those whose salary varies on a monthly basis, or who have differing financial commitments each month.

By setting aside a percentage of your salary each month, as opposed to a set amount of money, it allows your savings to be as flexible as you need them to be. You can rest easy in the knowledge that you are making consistent savings on a monthly basis. By automating the process you don’t even need to make the calculations yourself. Oval does it all for you and sweeps everything safely into your digital savings wallet.

Save on what you spend: Save every time you spend in a chosen category

If you'd rather save based on what you spend, rather than what you earn, then the app offers you the ability to be a little more selective. You can choose to set up a savings step linked to a specific spending category, from food and beverage to leisure, or self-improvement.

Take the food and drink category. If you have a tendency for splurging on takeaway pizzas or killer cocktail hours, then you can ease the spending guilt by setting up a customised food and drink step. Choose between either saving a set amount of money (ex. £2) each time you spend in that category, or saving a percentage equivalent (ex. 2%) of what you spend each time you make a purchase in that category.

The best thing about this is that you can save money based on your already established habits. It makes saving that much more natural.

Save with the Fitness Step

Possibly the most dynamic step of all, all we can say is that this step is a game changer.

Whether you are a fitness fanatic, or want to find a way to motivate yourself into a healthy lifestyle; this is the step for you. Click on the fitness step card on the home screen. Then decide whether you want to save for every step you take, or every step you don’t take. You set the distance, the saving amount, and the motivation. What could be simpler?

No matter what you want to save, or how you want to do it, there is a savings step for you. Even better, you are free to turn them on and off in accordance with your lifestyle. Get started now and take your first steps towards an Oval future!