Savings Apps: The Route to Financial Freedom
How a savings app could be your route to financial freedom 🚆
IN THIS ARTICLE:
At any given time, money can be a huge source of stress. Add to that huge inflation and a housing crisis in the US, and you get 65% of Americans reporting money as a significant source of stress in their lives.
Luckily, we’ve got a super-smart AI money app that can provide you with practical and emotional tools to help. For free. (Duh)
PSA: If you're in a tight spot, we'll just mention that Cleo could cover you up to $250* until payday.
When you’re dealing with money stress, it’s understandable to want to spend as little time thinking about it as possible.
Plus, when your funds are tight and you’re working full time, you’re probably gonna be time-poor as well as money poor. So even if you wanted to, it’s hard to find the time to make an Excel spreadsheet, create a flexible budget, and make yourself stick to the damn thing.
Enter our super smart AI money app, Cleo.
Here’s how she can help to deal with money stress:
- Track your expenses and create a budget for you
- Automate your savings and help you build an emergency fund
- Help you stick to your budget with reminders and (optional) roasting
- Keep you motivated by showing you all the good you’re doing along the way
- If it’s an emergency, with Cleo, you could potentially get a cover of up to $250* (eligibility requirements apply).
Cleo, will help you create a customized budget that actually works for you. Meaning you get to spend as little time thinking about money as possible and get set on the path to financial freedom
Dealing with money stress #1 | Track Your Expenses and Create a Budget
One of the first steps in managing your money effectively is understanding where it goes.
Once you’ve downloaded the app for free, you’ll be asked to connect your main bank account. Don’t worry, at this point, you won’t be charged – all the features we’re gonna talk about in the next few steps are free. (And Cleo will never move funds without your consent).
What Cleo will do, is use the information from your connected bank account to track your spending and categorize it for you. You can go back and alter this to make it super precise, as well as select your paycheck and recurring expenses so Cleo knows what to look out for.
You can then set spending limits for different categories, like groceries, dining out, or entertainment, and Cleo will send you notifications when you’re getting close to these limits. This real-time feedback keeps you accountable 💅
Dealing with money stress #2 | Automate your savings
The goal is to have a cushion of savings so that if you are hit with an unexpected expense, you can swerve overdraft fees and avoid taking out a cash advance. And the best way to do this is to make savings automatic.
Since Cleo has already tracked your expenses, she’ll find clever ways to put small amounts of money aside for you, if you turn autosave on.
Cleo offers four different savehacks to help you save:
- Set & Forget: Pick an amount up to $24 and Cleo will set it aside each week for you
- Round Up: Cleo rounds up and sets aside the change from your spends each week
- Smart Save: Cleo uses ✨ magical algorithms ✨ to set aside money each week
- Swear Jar: Get "fined" when you spend at selected retailers (the fine goes into your Cleo Wallet each week)
To get started just type "autosave" to Cleo in the app. Then sit back and watch your savings build.
Dealing with money stress #3 | Get help sticking to your budget
Sticking to a budget is the hard part. Especially when impulse purchases feel so good (in the moment).
As we said, Cleo will send you reminders when you’re about to hit spending limits.
But she’s got one more trick up her digital sleeve.
If you need a little tough love, type “roast me” into the chat. See what happens.
Let’s just say Cleo will hold you accountable for any questionable money decisions. While not entirely shattering your self-esteem (promise).
Dealing with money stress #4 | Hype yourself
Sticking to a budget requires a lot of self-discipline. It's equally important to be kind to yourself along the way so that you stay motivated. And you don’t end up associating budgeting with burning self-hatred.
If you need a little help with the whole self-love thing, type “hype me” into the chat. See what happens.
As well as this, a Cleo budget can still leave room for the treats and small indulgences that make life under late-stage capitalism slightly more bearable. Completely depriving yourself can lead to frustration. And ultimately cause you to abandon your budget altogether.
By setting aside a portion of your budget for discretionary spending, you can enjoy occasional treats without The Guilt lingering over you.
Dealing with money stress #5 | If you’re in a bind, Cleo’s got you
If you’re hit with an unexpected expense, or some other financial emergency, Cleo could cover you up to $250*. 0% interest. No credit checks. No employment verification required.
Type “cover me” into the chat, and Cleo will take you where you need to go.
Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at team@meetcleo.com. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.
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