How to save money with a mobile app: this is my experience

How to save money with a mobile app: this is my experience

The best tricks for saving money are not discovered until they are put into practice. Pre-saving, planned savings, the 50, 30, 20 rule… However, discovering and implementing these tips for saving money requires a lot of time and effort if you don’t know where to start.

To save your first euros, the financial advisors I have spoken to in Business Insider Spain They say that we must create a habit, a goal and a planBut for that you also need more hours in the day — and time is the only thing you can’t make grow like money.

Added to this whole process is that, to build healthy personal finances, you’re going to have to hack your brain. And that’s where I come in. I meet my greatest challenge.

The mental burden of depriving myself of something my future self is still too heavy. The thing about set aside 20% of my income automatically For a large investment or retirement, that is something I have not yet considered. However, whether I like it or not, I have to make that effort to reinforce my emergency cushion for future unforeseen events. Or simply to live peacefully in the present.

So, playing with the psychology behind money, I came up with The best app you can use to start saving from scratch: Goin.

Goin saving app features.

Kamila Barca

According to its CEO, David Riudor, Goin is a free application that helps you achieve financial goals. The platform brings together the 3 Best savings methods: retention, periodic savings and rounding. It also gives you the opportunity to benefit from cashback on some of the most well-known brands; make money from your savings; and start investing (even in cryptocurrencies).

But for you and me It will be an app with which to start saving from scratchSo, let’s get down to business: this is how I started saving money with Goin without realizing it.

When I downloaded Goin I didn’t know where to start. I missed a tutorial (and a friend’s discount code).

Goin app home screens. You create your user from your phone number. You save your first euro by connecting your bank account. And then you can activate the different methods according to your financial goals.
Goin app home screens. You create your user from your phone number. You save your first euro by connecting your bank account. And then you can activate the different methods according to your financial goals.

Kamila Barca

Whenever you download an app you expect it to come with an instruction manual. Goin doesn’t have one, at least not when I downloaded it. On the home screen will invite you to save your first euro by connecting your current account to the application.

For those who are suspicious (like me), this may put them off a bit.

Still, it is very intuitive and you can explore each of its features. different functions: rounding, hold, periodic saving and wake and save (a habit function whereby you owe yourself money if you don’t get up at the same time every day).

Within these options, you will find some cards—very similar in appearance to Instagram stories—that will explain what each of them is for.

The first thing I did on Goin was create a temporary financial goal. I set up automatic payments every week and the app would separate the money into an individual wallet called ‘Trip’.

How to make a savings goal in Goin.

Kamila Barca

To start testing Goin’s Goal feature, I set a goal for the 2023 holidays. I told the app that I needed 500 euros by 1 July next year. It recommended I save 1.99 euros per day, 14.98 euros per week or 62.50 euros per month. Depending on the time frame I chose, I reached my goal sooner or later.

After giving the corresponding permissions, it automatically made the first transfer from my current account to the wallet with the name of the target in question: Journey.

You can set different goals. But if they are not in your personal budget, I don’t recommend it.

Goin mobile

BI Spain

Once you’ve set up automatic savings for a specific goal, you can also stop it and transfer money between your goals and your virtual walletThat’s exactly what I ended up doing. Because if you already have an established savings habit, adding an extra 50 euros is too much money for someone who struggles to make ends meet.

If you don’t have a savings habit, these amounts will be unaffordable for you. You will end up cancelling all the challenges and abandoning your intention to save. save automatically. Therefore, if your financial goals are not included in your personal budget, I do not recommend it.

Finally, I dropped the periodic savings method and married Goin’s best feature to date: rounding.

How to save with the rounding method in Goin.

Kamila Barca

With the rounding method, the app applies a rounding up your card payments andaccumulate that money in a virtual wallet.

I set it to x1 rounding versionwhich means that for each payment, the app will charge my account for the difference of one euro. That is, if I pay 1.80 euros, I will keep 0.20 cents. And if I spend a round number, it will take a whole euro from the money available in my current account.

I had already heard about this savings method —some banks have it available within their own application— but In Goin it is separate from the account I use daily and I feel that it has a greater impact on each of my expenses. Of course, when you pay one euro for a product and it ends up costing you double, you might not like it so much.

I definitely think this is it The best feature of Goin if you tend to make a lot of card payments a week. And it really is The only reason I would recommend the app to a friend who has not managed to save in his life.

Being ambitious, I updated the rounding settings and doubled my savings. The expense no longer went unnoticed.

From left to right: the Goin home screen shows the total balance of your savings in the app and the latest transactions; the Wallet screen, where the total of the rounding transactions are reflected; and the rounding transactions screen.
From left to right: the Goin home screen shows the total balance of your savings in the app and the latest transactions; the Wallet screen, where the total of the rounding transactions are reflected; and the rounding transactions screen.

Kamila Barca

Since I spent more on the trip than I spend in a normal week, I accelerated the rounding function to keep up. saving the same with fewer payments.

Error. My brain is not so dumb as to not realize that I was doubling my expenses by saving more money each week. See that for A purchase of 1.50 euros saved 1.50 euros, which seemed excessive to me.. So I went back to the x1 rounding function.

I save less than I could each week, but I don’t realize it that I’m saving money anyway. And that’s where the added value of this app is for me.

I almost fell into the temptation of the cashback feature. Goin can be a problem for compulsive shoppers.

Cashback feature with Goin.

Kamila Barca

This Goin feature is not very different from loyalty cards or discount apps. The goal of this option is to give you back a percentage of your purchasewhich makes it cheaper to buy from certain brands. And that’s great, but only if you really need it.

In the end, It is encouraging you to spend money and what you want is to save. the maximum possible.

When I was close to giving in to this temptation, I was at the airport. At that moment I was willing to buy a Starbucks coffee for more than 5 euros for a 9% cashback. At the cheapest coffee shop it cost me 2.30 euros. Do the math. I was going to save 0.45 cents with the function cashback. While By buying a white label coffee I saved 2.70 euros.

Unlike challenges, this feature It is automatically activated for most brands. Goin identifies a charge from the company in your current account and refunds you the corresponding percentage. In other companies, it works by purchasing on the website through the Goin app.

My recommendation is that, when you install the app, review which brands really interest you and how you can best take advantage of this featureBut I wouldn’t pay too much attention to it in my day-to-day life or I would end up falling into small expenses or aberrations where I waste money.

After finding the ideal formula to ‘hack’ my brain and save more money each month, I started the most important task: recovering the money you put into Goin.

Withdraw money from the Goin app.

Kamila Barca

This is all very well, but what was definitely going to make me stay with the app and not automate my payments into my bank account was the process of recovering my money.

Yes, I have saved 50 euros, but how do I transfer them back to my bank account? The first thing you have to do is identify yourself. The second thing is to make the transfer from your wallet or your target to your bank. And wait between 24 and 72 business hours (as you can see in the images above).

The app gives you the option to select an instant deposit, but it’s only free the first time.

The 72-hour trick: the solution to save and not spend money on things you don’t need

I don’t consider myself a very patient person when it comes to money. I get nervous about not having control and waiting for it to magically appear in my account again. But with Goin everything went smoothly. However, I would like to make a special note. These types of transactions do not only depend on the app. Your bank is also involved in the transaction and can delay the process.

Before you download the app: these are the 5 best tips I can give you if you are going to use Goin for the first time.

Rounding savings.

Kamila Barca

1. Disable notificationsIt’s great to know if you’ve saved 0.60 cents or 4 euros in a day. But you’re not interested in keeping up with raffles, offers or new challenges in the app.

2. Commit to your goalThis goal may coincide with the one that the app offers you exclusively (setting aside money to buy something specific) or it may simply be saving on each payment with your card using the rounding function or setting aside a percentage of your income.

3. Don’t compulsively look at your savingsToday you’ll see that you’ve saved up 40 euros. Tomorrow, 41.20 euros to buy a coffee. Are you going to feel like you’re saving? No. Your brain will think you’re still at 40 and you’ll start to question whether it’s worth it. Give it a try. Activate your favourite functions and, after a month, assess whether it really has made you save money without realising it.

4. Set realistic goals and adjust them as often as necessary. The day you download the app you may be very motivated and ready to save 50 euros a week to buy the latest iPhone. You won’t wake up feeling so optimistic every day. To meet your goals it is very important that you commit yourself, but that you don’t put your finances at risk.

5. Don’t be ambitiousIf you start saving for the first time and create several goals (buy a cheap car, an iPhone within a certain period of time or a down payment on a house), the road will be much more rocky than if you set priorities and achieve one goal after another.

Are you interested in personal finance? In Business Insider Spain We want to know your opinion and tell your personal story. You can contact our journalist Kamila Barca via secure email (kamila.barca(at)

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