How do Save Hacks work?
You’re free to enable and disable any of the five Save Hacks at any time, but the more you use them, the more you’ll save.
Here’s how each of the five Save Hacks work:
Roundups
Round up your purchases to the nearest dollar and save the difference. Say you spend $12.20 on lunch, $0.80 will be rounded up into your Savings. You'll save the roundups for every transaction you make from an account of your choice.
Smart Save
Using your spending data, the ideal amount for you to save is chosen for you each week. Say you’re short on cash this week, perhaps only $1 would move to your Savings. If your account is looking healthier the following week, a slightly more ambitious amount would be put away.
Swear Jar
Got a guilty pleasure? Choose an amount you want to save every time you spend there. Say you want to cut down on your pizza addiction, choose Dominos from your list of merchants and set your fine at $2. Every time you spend at Dominos, $2 will land in your Savings.
Set & Forget
Save a set amount every week. Just choose an amount you want to save and it'll automatically transfer into your Savings every week.
Payday Saver
Automatically set aside a portion of your paycheck each payday. You’ll get a heads-up the day before and the save is skipped if the money isn’t there.
Exactly how do I end up saving $1,777.50?
Let’s say you start by depositing $20 into your Cleo Savings. The average user will save up $144.60 per month using Save Hacks: that’s $14 from Roundups, $16 from Smart Save, $24 from Swear Jar, $27 from Set & Forget and $64 from Payday Saver. Add in your original $20 deposit, and you’ll have $164.60 at the end of the first month.
In just 3 months, if you’ve turned on all five Save Hacks, you’re likely to now have a balance of $433.80 from Save Hacks alone, plus the original $20, and an added $2.11 from interest. Continuing on that trend, you’ll have saved $867.60 plus $5.16 in interest in 6 months, and $1,735.20 plus $22.30 in interest in 12 months. All in all, your Savings will grow from $20 to $1,777.50 in just a year.