Does anyone use Chip for saving? How are you finding it?
I really like it, I mean I’m not exactly putting a lot of money away but given I have next to none to begin with it’s really great, even if it is just a couple of quid here and there.
Feel free to talk about actual chips if you prefer.
I love Chips.
Like, really love Chips.
I don’t know what Chip is though - it sounds like the kind of thing I ought to be using though if it’s somewhere to stash the odd few quid when you have it spare.
Just an app that calculates what you can afford to save and puts away a couple of quid here and there. I’ve found it’s made me more into saving in general though so when I might get a takeaway or whatever normally I now transfer the money into the app instead and feel well smug.
I also love chips, really got back into eating them lately though I had some really bad poutine the other day, which was a crying shame.
Voted solely based on salt & vinegar. Do they do any other flavours?
That does sound absolutey ideal - With all these things (saving money, running, tidying etc.) I find it really hard to become disciplined and get into the mindset / routine but once I’ve broken the back of it I really begin to see the benefit and begin to smash the shit out of it. For a bit, until I likely relapse. But but but, this app sounds like it does a lot of the hard work for you - so, I’m downloading as I type. Thanks
I had chips for the first time in a while on Friday evening, they were immense. Had to really stop myself from getting more on Saturday as well.
Don’t think I’ve ever had good poutine. It’s also the kind of thing I order often because I think I’ll really like it.
If you google a code you can get 3% interest (think the code is SKINT123)
It was the first time I’d had it so I won’t be going back to experiment further.
I had it in bread meats bread and it was spiffing.
Chip (the savings app)
This does seem like a very useful app to get you in the discipline of saving, but you should be aware of a few drawbacks:
- standard interest is 0%
- if you can find a discount code it’ll be 3%, but only for one year. Once they have enough customers these discount codes will undoubtedly disappear
- the only other way to earn interest is to refer other people. Again, the more people sign up, the less likely it’ll be that you can take advantage of this method for earning interest
- the app monitors the spending on your current account. If you use your credit card a lot for spending and pay the balance off every month, the app won’t work, as it will only see one cash movement every month.
Yeah, you can get up to 5% with friend referrals, no more than that so I don’t think it’d be an issue running out of people to refer as I started with 3% interest so I only have 2 people to refer to hit the full amount (I’m really shit at this and haven’t sent my code to anyone though)
I don’t have a credit card, I just have one account so it’s perfect for me. Surely the app would still work though regardless of whether or not it sees one payment going out or several. It compares month on month spending regardless of what that spending is.
To be honest even if the interest disappears after a year it’s still saving me money that I just wasn’t saving otherwise, so there’s no negative points for me at all - someone with bad credit, no savings, no disposable income. After 7 weeks I have £358 in there, I’ve never managed to save any money before now, ever.
Plus there’s no obligation to keep your money in there. I could transfer it out at the end of the month into a savings account with my bank once the interest dries up, if it does. There’s also plans to integrate it with Monzo which I’m really excited about!
It’s aimed at people like me so none of those drawbacks are drawback for me whatsoever
what you gonna spend the $$$$ on?
Boringly…to pay debts, to replace my very broken laptop and to buy a phone because when my contract job ends in spring I have neither a laptop or a phone anymore.
I was gonna start a thread on ‘Things you reckon you like more than anyone else’
And I think I like chips and curry sauce more than anyone.
My understanding is that the app analyses your spending patterns from month to month and squirrels away a fiver here and a tenner there every few days based on that pattern. That is easier to determine if you spend regularly than if it’s one big sum on a set date once a month. In that case the app has to make sure that the cash balance in your current account builds up until the day you pay your credit card.
Ah I see. Well I don’t think overall that matters, it might just make the algorithms take a few months to get a hold on things properly. But I have no idea. Despite no credit cards though my spending is very all over the place, so in month one I couldn’t afford to pay nursery on time (1st of the month) so I had to wait for tax credits and stuff to accrue and ended up paying it on 25th (not to mention the nursery fee is different every month sometimes by £150) The next month I had enough money to pay on time so my supposedly regular payments are anything but. Also I sometimes get paid for freelance work, then I could go months without any, so I by no means have an easy to read account.
What it’s encouraged me to do and why I like it, is to put savings away manually too, anytime I would have normally got a takeaway or something, or when freelance money comes in I am now encouraged to put it away instead, and that’s never been something I’ve done before, and it being in this separate app, even though it’s easy to transfer out again, I find that I don’t. So the money stays saved.
It’ll be interesting to see 6 months from now if the savings seem to change once there’s more data to compare it to.
Sounds like this’d benefit me and show me where I could save more, I’m probably going to create an account if you want to PM me a friend code to up your interest %