5 applications to help you put money aside without thinking about it., Five apps to help you save

Five apps to help you save

Originally launched on Facebook Messenger, in February 2018, the Bruno application can be downloaded from iOS and Android since September 2019. Connected to your current account, it analyzes your weekly transactions to determine what small amount you can put aside each week, thanks to a sophisticated algorithm. The money is then automatically transferred to your Bruno account.

5 applications to help you put money aside without thinking about it

The French have never spared so much. Containment obliges, with closed shops and restaurants, they put aside no less than 55 billion euros in just two months. By integrating the additional 20 billion saved during the disconception that followed, there is a total of “75 billion in the space of 16 weeks”, according to the French Observatory for Economic Conditions (OFCE). The Banque de France estimates that the savings of the French could reach 100 billion euros by the end of the year.

But with the resumption of various economic activities, many households began to resume their expenses as before. They no longer undergo this “forced savings” by confinement and the health crisis. The fact remains that the rise in unemployment and uncertainties invite you to remain cautious. If the government encourages the French to spend their money to relaunch the economy, build up a woolen low seems to say the least.

For those who still struggle to save, several applications exist to put money aside, easily, almost without realizing it. A way to anticipate hard blows, but also to manage to finance future projects. Here are five applications in France facilitating savings, available on Android as iOS:

Yeeld, an app for young active people who wants to be fun

Launched in March 2019, the Yeeld application targets young workers in priority, who represent 80% of its customers. Its operating mode is simple: it offers to round off each of your purchases to the upper euro, during your expenses with your bank card, to put this sum side on your Yeeld account. “We offer other automatic savings rules, we are a lot in gamification”, specifies Nagib Beydoun, the boss of the company. One of them, that of the “pile or face”, consists in finding the answer to a question – who will be the winner of such a television game Thursday evening for example – with a sum put aside in the event of a bad answer.

The money saved is stored in a Yeeld account, for which you have an IBAN and a physical or virtual card to make expenses. If you are shopping on Amazon, you have 4% offered on the e-commerce site, so that 100 euros spared on Yeeld allows you to benefit from 104 euros on Amazon. However, the application remains paid. Fees of 2 euros apply each time you withdraw money from your Yeeld account, regardless of the amount. Otherwise there are two monthly formulas offering various features, one to 4.99 euros the other at 9.99 euros, at no additional cost for withdrawals.

The startup, which has never lifted funds, already claims 100,000 accounts opened at home, for a total amount of around 20 million euros spared. It ultimately targets a million users in France, despite the existence of several actors comparable to this application. “There is room for many people, the market is deep,” says Nagib Beydoun.

Bruno, the app that is seen as a ‘Savings Sports Coach’ for small budgets

Originally launched on Facebook Messenger, in February 2018, the Bruno application can be downloaded from iOS and Android since September 2019. Connected to your current account, it analyzes your weekly transactions to determine what small amount you can put aside each week, thanks to a sophisticated algorithm. The money is then automatically transferred to your Bruno account.

The application must help find savings pockets. On the other hand, during difficult months, it may happen that no sum is saved. And in the event of unforeseen expenditure, like a big fine, Bruno can go so far as to offer you to withdraw money from the app in order to avoid a negative balance at the end of the month on your current account. The startup intends to promote good practices. “We don’t work in the rounding (as other apps do, editor’s note). It’s counter-intuitive, it means that the more you spend, the more you will save, “says Florent Robert, co-founder and boss of Bruno.

The application returns to 3 euros per month, “without any other costs”. She sees herself as an assistant by your side, “a bit like a sports coach”, specifies Florent Robert. With the possibility of placing savings targets. Its users put an average of 100 to 150 euros on the side per month. “We rather address people who do not have great financial means and seek for example to finance their expenses for the start of the school year or their vacation.””

Bruno users are an average of 28-30 years, “but there are also not so young,” adds his co-founder. The application claims just over 100,000 downloads, for 10 million euros spared in total.

MOKA, the newcomer who offers to multiply the rounds

This is the news in the world of apps specializing in savings aid. Mylo, now Moka, landed on July 20 only in France, but it has existed since 2017 in Canada since 2017. Like Yeeld, it operates in particular at the rounded Euro rounding during expenses. It also offers a rounding multiplier, up to eight. A coffee at 1.50 euro will, for example, lead to a rounding at 2 euros. By multiplying by eight the 0.50 cents set aside, you will save 4 euros in total.

You can very well perform in addition to punctual or recurring deposits on the application. And you have the possibility of connecting your savings to concrete objectives, in the short or long term, such as buying a bicycle, going on a trip or becoming the owner. In addition, a socially responsible investment offer to which flexing your savings must be launched in a few weeks, announces Hélène Cazalières, spokesperson for the application in France. “Moka offers human customer service available 7 days a week,” she adds.

For users, the application is free the first 30 days, then it increases to 2.99 euros per month for all of its services. Moka targets young people from 18 to 35 years old, whatever their means and their knowledge in finance. In Canada, its users-who exceed half a million-have an average age of around 30 years. The app offers in the country cashback offers (discounts) with partner e-merchants. This is not yet the case in France, where Hélène Cazalières sees competition as “something very positive”, showing that there is a real need for services to save.

France, where Moka already has a few thousand users, allows the startup to set foot in Europe before exporting elsewhere on the continent. “We are in a mass strategy to save scale and reach profitability more quickly,” said the spokesperson.

Cashbee, an app that wants to make your savings ‘more intelligible’

Launched in September 2019, Cashbee is recognized as a payment institution, supervised by the Banque de France. Rather than letting your savings sleep on an unpaid current account, the application offers to connect it to another account which offers it a remuneration of 2% for two months, then 0.6% per month. Transfers are made from one account to another to “timely moments”, specifies Marc Tempelman, co-founder of the startup. They take place when the apptraft computer system detects that the balance of your account allows, with regard to your expenses.

Cashbee then offers a history of your savings, with a color code: green displayed for periods when you have managed to save well, otherwise orange, or even red when you have not or very little spared. “There is an understanding of the importance of savings, but difficulties in practice to save. Our goal is to make savings more intelligible and more intelligent, “explains Marc Tempelman.

Cashbee works in partnership with My Money Bank, with whom your second paid account is open and can accommodate up to one million euros. The online bank, for its part, pays the startup in exchange for the outsets it brings it. The application remains completely free for users, unlike its competitors. Cashbee targets assets that already have a certain savings capacity, with an average age approaching quarantine.

It claims a little more than 13,000 users for 20 million euros saved in total, with a clear acceleration of the sums spared since the beginning of 2020 and the health crisis. Cashbee also aims to export elsewhere in Europe and should soon launch a solution to make your savings help finance the real economy.

Birdycent, the virtual piggy bank to finance small projects

Launched in 2015 and bought in March 2020 by the Fintech Trezor, a subsidiary of Société Générale, Birdycent also proposes to spare by rounding your daily transactions to the higher euro. You can also inflate the uprights put aside by applying a rounding directly to the ten euros superior. The whole is then stored in a virtual piggy bank, corresponding to a project that you want to finance. “The user can, at any time, break his piggy bank to recover his savings by simple bank transfer”, specifies Julien Mortuary, director of technology (CTO) and co-founder of Birdycent.

“The application is planned for ‘small savings’, that is to say precautionary savings up to around 1000 euros per year,” he adds. To fill your piggy bank, it is also possible to make free payments, up to 49 euros per day. Birdycent also makes it possible to set up shared shops, in order to save several above and thus have a kitty. “This feature is, for example, much appreciated to finance a common vacation budget”, underlines Julien Mortuary.

The application is free for users. Birdycent is remunerated only by selling its technological solutions to bank and insurance players, to enable them to test savings features on a user population. The mobile app should reach a total of 25,000 registered in late September 2020, according to Julien Mortuary.

This article was initially published on Business Insider France

Five apps to help you save

If the initiative of the no spend November has existed for a few years to encourage us to refocus on essential purchases and to consume more responsibly, it is not always easy to keep the course. Selection of 5 applications that will help you save.

By Mathias Renaux. Photo: Josh call on Unsplash | November 01, 2019

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1. Linexo

This application available on iOS and Android is a real connected portfolio from your bank account. From the app, you manage all your expenses, ranging from rent, including races, activities, reimbursements. Linxo has existed for over 8 years and is actually an intelligent financial assistant, on smartphone. You can categorize your expenses and see the details thanks to forecast graphics that will alert you in the event of a potential discovered at the end of the month. In summary: a clear and easy to use app, which will allow you to visualize your income and expenses serenely. Note however that certain features are not accessible with the free version.

2. Shopmium

If you are used to shopping in supermarkets, this app turns out to be a major ally. You will find a whole selection of promotional items in your stores, items you can check the availability thanks to a geolocation system. In addition to this service, you can also take advantage of cashbacks (money backing), simply photographing your receipt. Finally, you can bring together all your loyalty cards, to be sure to enjoy it !

An application available on Google Play and iOS.

3. Groupon

We no longer present the Groupon site which has given us a reduction vouchers for years. It is now also via your smartphone that you can enjoy good plans on products as diverse as races, travel, restaurants, in more than 500 cities around the world !

4. Too good to go

At present, it is essential to try to consume better and pay attention to what we eat. With the Too Good To Go application, you can consume more responsible by buying unsold traders at the end of the day. So you get a good deal, while reducing food waste. A product basket is available on the app to find out what you can find around you. A good action for the planet, and for the wallet !

5. Fridge

We are not going to hide it, we often have fridge funds that we end up throwing … a bad idea when we want to be economical and concerned about the environment. With the Frigomagic application, available on iOS and Google Play, you have the solution ! By selecting the products you have left, the app offers recipes to no longer waste. With 364 basic food listed and its 2,000 recipes, it is more than 20 million combinations that Frigomagic offers you ! A good way to find inspiration, without breaking your head or throwing.

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