This Startup Makes Using A Savings Account As Addictive As Shopping
Julie Bort/Business Insider
Impulse Save cofounders present their idea at Disrupt SF
Would you believe there’s an app out there that can give you an extra $3,000 a year, just by helping you not spend your money on stupid stuff?
That’s the goal an app called Impulse Save, from a Cambridge, Mass.-based startup launched at TechCrunch Disrupt today. It taps into the same psychology that makes us impulse shop, but gets us to put that money into our savings account instead.
Here’s how it works according to cofounder Phil Fremont-Smith: You’re at the store, and you see a crazy great item on sale. You are about to buy it, but you check Impulse Save instead … you remember that you are saving up for a fantastic vacation. So instead of buying the item, you scan it’s barcode into the app and it transfers the price of the item into your vacation savings account.
You then get the satisfying feeling of immediately seeing how much you’ve saved. It satisfies that same hunter/gatherer urge that makes shopping so fun.
The app launched earlier this year. Fremont-Smith wouldn’t say how many users it has yet but says it’s enough to start tracking stats. So far, people are saving an average of over $3,000 a year, mostly by skipping purchases that cost about $15.