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, 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 compartmentalise your savings, it integrates them right into your every day life, and we’ve taken a selection of our favourite savings steps to show you how.
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 a percentage of money you spend in a specific category
If you don’t want to save a percentage of your entire salary 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; be it food and beverage, leisure, or self-improvement. This means that you save a percentage of what you spend only in that category.
Take the 'food and drink' category, for example. 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. This step looks at what you spend on a monthly basis in this category, then saves the equivalent of 10% of what you spend. This means that, instead of just losing cash on food and drink, you’re actually making savings on your already established habits. Again, by using a percentage, it means the amount you save will vary depending on what you spend that month.
Save your spare change
Possibly the most popular saving step of all; setting up this step means you make small savings, but on a constant basis. This ‘silent saver’ collects money in such small denominations that you don’t even notice it. But it does it so regularly that it adds up without you even noticing.
The way it works is that each time you spend on your card (as long as it’s linked to your Oval account) the amount is rounded up and the spare change is swept into your Oval digital savings account. Say you buy a sandwich for £2.79, it means that 21 pence will be put straight into your savings.
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 to suit your change in lifestyle. Get started now and take your first steps towards an Oval future!