ImpulseSave, an independent personal finance company, is trying to change the way consumers save money by using impulse psychology. Following a successful private beta test, ImpulseSave is rolling out its service to the general public. Consumers can now sign up for this service by requesting an invite at www.impulsesave.com. Users also need to download a mobile app at iTunes to get the full benefit of “impulse saving” anywhere and anytime. The service is entirely free.
ImpulseSave – Video Overview
“ImpulseSave provides people the easiest, the most fun and most effective way to save toward goals they care about,” the company said in a statement. “Whether planning a wedding, paying off debt, taking a trip, or saving for college, ImpulseSave is a powerful tool that helps people actually reach their financial goals, not just plan for them.
Through its private beta offering launched earlier this year, ImpulseSave found that its average user saves as much as $316 per month through a combination of both automatic savings and in-the-moment “impulse saving” transfers. Overall, the average ImpulseSave user is on track to save more than $3,700 per year.
“Americans on average are spending somewhere between 20-30% of their disposable income on impulse purchases they don’t even remember making,” said Phil Fremont-Smith, president and co-founder of ImpulseSave. “In a world designed to get us to spend a little more at every turn, ImpulseSave has transformed the option of saving from something once painful requiring self-discipline and planning into something that’s just as fun, frivolous and even tempting as spending is.”
ImpulseSave is currently partnered with Leader Bank, NA, a nationally chartered community bank dedicated to fostering the continued growth of their clients through a diverse array of products and services. The partnership allows ImpulseSave customers to move their money into an interest bearing savings account that is insured by the FDIC.
“We are very happy to be working with ImpulseSave on this innovative approach to saving money,” said Jay Tuli, VP Corporate Development at Leader Bank. “We believe that turning some of those impulse purchases into ImpulseSaves is a great way to encourage savings for individual financial goals, whether it be paying down a mortgage or saving for a vacation.”
All ImpulseSave users’ financial information is encrypted, and ImpulseSave says it meets or exceeds all industry standards to safeguard users’ data.
ImpulseSave plans to add new features to its service in upcoming weeks, including a geolocation feature for its mobile app aimed at helping consumers curb their spending right when they’re in a particular store. They also have a browser extension planned that will tempt users to contribute a small percentage of a purchase towards a goal as they shop online. ImpulseSave is looking at ways to work with charities to encourage users to impulse donate, and a social saving concept that loops in friends and family.