If you’ve never heard that saying, it’s probably because no one has ever quite put it that way until now.
My experience of those who achieve their money goals in life and those who don’t, is usually highlighted by the attitudes to save money.
One of my key beliefs in life is that anything can be achieved, but it usually starts with taking small steps.
The same idea can be applied to our finances, goals and dreams.
If your goal is to become financially secure or financially independent one day, that journey begins with being able to manage the small amounts of money in our lives.
This is usually where the battle is lost for most people either due to persistent bad spending habits, or purely due to using the wrong tools for budgeting to save money.
As someone who meets many people struggling to save money, the one thing that I know for certain that would be helpful is if more people automated the process of getting money saved.
I’ve been able to achieve this in my life my using budgeting tools and setting up standing orders to make sure that a portion of our monthly income is saved and invested without fail.
This approach doesn’t always work though and requires a level of discipline to make sure that everything works as it should.
As such, I’ve been on the lookout for tools that can better help my friends, family and readers of this blog save money better.
This is why I’m writing this post today as I’ve come across as innovative app called Chip, which helps you save your stash automatically using AI technology.
What Is Chip?
Chip is a clever app that automatically puts money aside for you, so you can save up for your goals without thinking about it.
The app is smart enough to move and save the right amount and usually saves an automatic average of £20.
Essentially, it will save enough such that you won’t notice your bank balance dropping.
Plus, it will ensure that you do not miss any direct debits and will never push you into your overdraft.
How Does Chip Work?
It works based on artificial intelligence and plugs into your bank using your bank credentials.
Your bank essentially shares your transactions with Chip via Open Banking (a new data sharing initiative set up by the government).
Chip connects to various major banks such as HSBC, NatWest, Halifax, Lloyds, Barclays, First Direct, Nationwide, Santader, Metro, TBS, RBS and Co-operative Bank.
Note though that there is limited connectivity to the challenger banks, but they’re working on this.
How Chips Works Out How Much To Save
Chip takes away the need for your to decide how much to save.
To work out how much the app saves on your behalf, it uses average data from all Chip savers.
It then cross references that data against your profile to calculate how much you should put aside.
What I particularly like about it is that you have the opportunity to cancel an automatic save before it leaves your bank account.
You can also move money manually and put up to £10k in your Chip account.
A particularly neat feature of Chip is that you can set yourself money goals and track your progress towards hitting them.
Such goals can include such things as clearing an overdraft, putting money aside for a new holiday, etc.
The app helps you save towards such goals, and you simply withdraw your stash when you’re ready to make those goals happen.
What About Withdrawing Your Money From Chip?
You can withdraw your money whenever you want!
Simply hit the ‘withdraw’ button before 5pm on a working day and the money will be sent to your account to arrive the same day.
If you tap withdraw after 5pm or at the weekend, it will be with you the next working day.
How Secure Is Chip?
It’s important to note that Chip is not a savings account and does not have FSCS protection.
Your money is stored as e-money and Chip works in partnership with an electronic money specialist PFS (Prepaid Financial Services FRN: 900036) to store your money.
PFS keep the money with a major retail bank, which is currently Barclays.
This is stored in a ring-fenced account, which means it will never be used for any trading activities as it’s your money.
The money Chips puts away for your is put into your Chip account. Your data is protected by bank level 128-bit encryption.
For the geeks, this means it would take 2^128 combinations to break the key – using the world’s most powerful computers, this would still take a billion years.
So at all times, your money will always be in an account with your name on it.
£10 Bonus Offer – Get Paid To Save With Chip
How are you taking charge of your finances in 2020?
We have a great deal for all readers of The Humble Penny who decide to download get Chip and start to save.
OFFER: Sign up now using our unique code, and you’ll get £10 as part of our exclusive welcome offer*.
Make that trip to Barcelona happen; get that house renovation paid for; sort out your Glastonbury tickets without lifting a finger, and come join the 150,000 who are already on their way to smashing their 2020 goals!
*After two auto-saves, you will be eligible for the £10 welcome bonus. This is usually within 2 weeks. The bonus will then be credited to their Chip account within 30 days.
What To Read Next>>
- How Much Money You Should Have Saved By Age
- 10 Reasons Why People Spend More Money Than They Earn
- How We Live Well On A £50/Week Food Budget (Family of 4)
- 50 Ways To Save Over £10k Per Year
Have you used Chip before? What is your experience of using the app? Please comment below.
Do please share this post if you found it useful, and remember, in all things be thankful and Seek Joy.