Save money where it really hurts

Why we spend 2700 Euro too much on fixed costs every year (for iPhone, Android & Mac)

Hmm… to ‘save money where it hurts’… Where do my expenses actually hurt?

It’s clearly our fixed costs like utilities, contracts, insurances and many more. And that’s what awaits you in this blog post and the new feature.

How high are your fixed costs?

If I’d ask you right now, how high your fixed costs are, would you know the answer? Not a rough sum, but the exact amount?

We actually tested this among Outbank employees and funnily hardly anyone had an answer.

But what difference does it make anyway? The better you understand your monthly fixed costs the more freedom you have in planning what you’ll spend the remaining money on.

Do you want to save some money on the side? Or do you want to invest it in a few new pants?

The decision and control is in your hands then. Even though saving some money might not be a bad option ;)

How does Outbank solve this problem?

We actually thought a lot about how we can help you optimize your finances and save money successfully in the long run.

In that process it was really important to think ahead: How will banking change? How will you, me and many others save money in the digital age?

We’ve found answers to those questions and created, as the very first multibanking app in Europe, a very special concept for your personal finance and savings management. It displays transparently

  • how high your fixed costs are,
  • how much money you have left every month and
  • gives you the opportunity to compare your contracts with potentially better alternatives in order to save money in the long run.

And to be honest, the first feedback from our testers was overwhelming. Some of them cancelled contracts in the first 5 minutes, because they didn’t even remembered that they’ve paid for those.

Another one told us, that he’s now going to save about 600 Euros per year.

How can you save money on your fixed costs?

It’s super easy and works like this:

  1. Open the Outbank app on your iPhone, iPad or Android device.
  2. Click on ‘Financial Plan’ at the top of the account list (iPhone, iPad & Android) or above the account list (Mac).
  3. Add all your abos, contracts, insurances, memberships, loans and other recurring transactions manually or via your transaction list. To add items manually on Android, simply use the floating plus button.
  4. Specify an end or renewal date for your contracts to receive a reminder from us in advance.
  5. Check your monthly balance, which is calculated based on all your incoming and outgoing fixed costs. The balance shows you how much money you can spend on your own things every month.
  6. Compare insurances, loans and utilities with other providers to find the best deal for you.

Check out our special video tutorial here: https://youtu.be/NBlVtZmfClg

Who else can help you save money?

If you want to know more about the deals of other providers, you can simply click on ‘Compare’ in your financial plan. The link appears next to insurances, loans and utilities.

For that we cooperate with three different partners: Clark, smava und Verivox.

For example, if you want to find a cheaper electricity deal, you’ll be directed to Verivox, one of the largest platforms to compare contracts. If you find a better alternative than your current one, you’ll receive a voucher on the first deal.

In the next steps you will have the option to compare almost all your fixed costs in order to save money where you’ve paid too much for too long.

Actually, according to Verivox the average German spends 2700 Euros too much on fixed costs every year, because they don’t have the best deals.

With Outbank you can save that money and spend it on the pretty things in life!

Is your data save in the financial store?

Of course, also in the financial store all the security technologies that Outbank is famous for are in place. Your data is encrypted and stored on your device. Exchange of data with third parties is therefore not possible.

Please also read our statement on how Outbank views data security.

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