Where the hell did my money go?
Sound familiar? It’s the end of the month and I find myself in the familiar predicament of checking my bank account and thinking “where the hell did my money go?” No — I really thought I had more money in my savings account. Disappointed at myself for not being financially smarter, I make a hopeful promise as the new month approaches that I am going to save more and do more with my money. The problem with that familiar predicament is; I never really stop and make a conscious effort to adopt effective saving methods or saving goals.
At Moneyberry we believe with advancements in technology, more specifically financial technology (Fintech), our common predicament is no longer a predicament. Moneyberry, is a new social savings app that changes saving habits by making it easier for users to manage their money for things they really want. A new Merrill Edge report explains younger generations (Millennials/Gen Z) are choosing financial freedom and opting out of long-term traditional retirement funds. That amounts to 63% of younger people saving towards ‘lifestyle goals’, putting a new monetary twist to the social media #goals.
Moneyberry is paving the way for new and easier saving techniques, making it simpler for us to save or spend our money wisely. By adopting these hassle-free techniques, Moneyberry makes saving an actual possibility:
- Personal — set personal targets and goals
- Save in groups — save with others by creating a shared target for holidays, and group activities
- Mobile (is there any other way) — choose fast and automated methods to save money
- Innovative — avoid the tiresome process of dealing with banks and save anywhere, at anytime
- Social — explore what your friends and others are saving for
- Motivation — ask for personalized advice and help from others to stay on track
As we scroll through our subjective friends list on social media it is evident that Millennials choose to spend their money on experiences. Quoting a Forbes article, “Millennials are outpacing everyone when it comes to saving in general, but with different objectives”. This introduces a whole new realm of the experience economy that is inevitably changing the way money is being spent — or as some might say ‘saved’. The report indicates that 81% of this generation are more likely to spend on travel, 65% will spend it on dining and 55% on fitness. This generation’s priorities are on saving to experience the now. Indicating an obvious conscientious shift on spending habits from material object to experiences, as the rise of the ‘experience economy’ changes the flow of money.
Moneyberry is an app that not only makes saving easier but changes the saving experience alltogether. These new saving and spending habits are no doubt paved by the widespread use of social media. At Moneyberry we recognize the shift in consumer habits and the new source of money flow, introducing a new way to save. Users can save together and ultimately enjoy experiences with each other offering a quick return on saving efforts. What better way to save for an experience that will eventually be posted on social media than using an app for it?
Moneyberry is launching soon! Go to moneyberry.com to claim your space.
