UPDATE MAY 2020: The current sign-up bonus is now $25 when you use this link!
The easiest way to save money for travel? By not having to do anything at all because my favorite savings app, Qapital, does it for me.
Let me start out by saying that this post is not sponsored! I’ve been using this app for the last few years ever since I was looking for ways to help me build up my savings while in college. Qapital has helped me save thousands over the years with zero effort.
I’m going to do my best to break it down for you, but it’s pretty easy to understand if you download the app (use this link to have $25 automatically deposited into your account!). Let’s get into it so you can get yourself that next plane ticket.
Here’s the gist…
Qapital helps me save every month by using “rules” of my choice to automatically move small amounts of money into a “goals” account in the app (basically a mini savings account). Because the amounts are so small, I literally never notice the money leaving my checking account. I set up my goal account to stash away extra money for travel, but you can set up as many goals as you want to save money for.
Here are JUST some of the savings rules:
Round-up rule: My personal favorite! Save the change every time you swipe your card. Say you spent $3.50 on a coffee, the app will automatically round-up the purchase to $4 and move the remaining $.50 to your goals account.
Spend less rule: Do you always spend $50 on groceries? Set this rule, spend only $40 the next time you shop and $10 goes to your goals account. Basically: set a budget, come in under, save the difference.
Set and forget: Set the app to automatically deposit money into your goals account weekly or monthly. Start with just $10 a week and see if you even miss it.
52-week rule: Imagine all the places you could go with an extra $1,378 a year. This rule automates the process of saving $1 on week one, $2 on week two, $3 on week three for an entire year. Better start vacation planning for 2021!
Guilty pleasure rule: Can’t stop buying that morning coffee? Might as well save a little while you do it. This rule automatically transfers money any time you spend money at merchants (think Starbucks) that you choose.
Every time you save money, Qapital will withdraw money from the bank account or card you set up with the account. Don’t worry, that money is FDIC-insured and held with one of their partner banks. And you can transfer the money back to your bank at any time!
I know you have some questions…
Q: Can I withdraw my money from the Qapital app at any time?
Yes! You don’t have to meet your goals to get your money back into your checking or savings account. You can move your money back at any time without penalty. I’ve moved money from Qapital back into my checking account when I have unexpected expenses I need to cover.
Q: Does the app cost any money?
The first month is free, but after that there’s a membership fee of $3/month. I know, I know, I don’t love paying for stuff, but with how much you end up saving without even trying, it’s totally worth it. Since you get $25 when you open an account using this link and the first month is free, you nearly have eight free months to try out the app and see how it goes.
Qapital offers a three-tier membership plan, but the basic membership (Qapital Basic) for $3/month is all you really need. If you can spare one coffee a month, you’ll be saving for that next trip in no time.
Q: Can I cancel my account/membership at any time?
Yes! If later down the line you don’t need the extra savings boost you can transfer all the goals money back to your bank and cancel your account and monthly payment.
Now GET TO SAVING!
Depending on the rules you choose, you can quickly start saving a lot or a little. It may take a while to save up enough for round-trip plane tickets, but you could also use it to save up for smaller things like a boat tour or wine-tasting on your next vacation. Think big or think small, Qapital will certainly boost your travel dreams.
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