The trouble with my goals is that they always end up organic. I have a hard time sticking with long-term goals becuase I need some instant gratification and then I spend my time hurrying up to wait.
I tried a new app recently called Qapital. Like Digit, it takes small amounts from your checking account and puts them in a different account. The biggest difference is that Qapital makes withdrawals based on sets of rules that you can create – both in your everyday purchases AND using social cues. Currently, I have $1.00 going to a Kitchen Fund every day that I hit my FitBit step goal, repin something to my Money Pinterest Board, use the hashtag #wallydog on Instagram, and a few others. In 2 days, it has racked up $5.35.
The Pros: Transferring more small amounts of money based on social media stuff – I LOVE that.
The Cons: It takes them a few days to make withdrawals and your savings account does not have any interest or incentives (Digit gives you something like 20 cents every couple of months depending on how much money you have there)
The biggest con was probably the fact that it made me realize that keeping my Kitchen Fund makes it difficult to earn any interest on the money I’m saving. So I’ve transferred the PayPal earnings to my savings account and have set my goal to $100 on Qapital so that I can get interest.
How’s that Kitchen Fund? Well, in 30 ebay transactions I have net exactly $60. In the amount of effort I put forth, I am not sure I’m doing this right. I believe I will just throw the remaining stuff on a Philadelphia Yard Sale and then donate by the end of next month just to get my space back!