By Cortney Meng
The COVID-19 pandemic has created a financial mess for many people. Some were laid off, others were furloughed or had shifts reduced, and college students had a hard time finding sources of summer income. Nearly 70% of American household incomes have been impacted.
The disruption has caused millions of people to dip into their savings accounts, emergency funds, and even retirement savings to manage during the pandemic. Others have built up credit card debt or have taken out personal loans. The situation has caused people to rethink their finances, with three-quarters of Americans saying they plan to either save more money in general or put more towards their emergency funds.
That’s not always easy, but personal savings apps like Plinqit – by HTMA Mobile Apps – can help. With Plinqit, you simply set up your account, define your savings goals and a schedule for making deposits to the account. Because the Plinqit account is linked to your checking account, there’s not additional effort needed, and Plinqit accounts are FDIC insured, so there is no risk.
The idea is that Plinqit will help eliminate the challenges with saving, including simply remembering to add to your emergency or other savings accounts. Depending on your goals and means, you can select to add to your Plinqit savings on a weekly, bi-weekly, or monthly basis, and you can define the amount that is deposited.
You can check on you progress through the app at any time to see how you’re progressing towards your goals. You can even set up to five separate saving goals at once.
Plinqit is free to use, though you may want to add a “break the safe” penalty for withdrawing funds before you reach your goals to help discourage dipping into the account. But, maybe best of all, when you achieve your goals, you will be rewarded with an additional amount. You may also earn additional savings by referring others to Plinqit, or by using the Plinqit tool-builder that will help you learn even more about saving money.
There’s never a bad time to start saving, but now may be just a little better. The Milford Bank is currently offering a $25 savings bonus for singing up an achieving a savings goal through Plinqit. The thing with saving is that every little bit helps, and small amounts add up to significant savings quickly. And it works – Plinqit users have saved more than $1 million since the service was launched last year.
Whether you’re replenishing your emergency fund or just starting one, trying to pay back a loan, or have a wedding or other expense in the future,start saving now so you won’t have to worry when you need the extra money.
Sign up at milfordbank.plinqit.com by August 15th and get a $25 bonus upon completion of your primary goal!