I love any hacks that come along with saving or earning any extra money. I’m on nearly every cashback and survey site going; and I’ve tried quite a few different saving methods over the years; from putting the remainder of a paycheck into a different account the day before my next pay or just saving old pennies.
I wouldn’t say they entirely failed – I do have a bunch of pennies hiding somewhere at home – but I wouldn’t say they were entirely successful either.
Which is why I recently took some time to research into some new saving methods; after all, I have a lot to save for now and I’m pretty sure you will all benefit from this post too what with Christmas fast approaching!
Chip is my latest go-to money saving app and so far I am thoroughly impressed. I installed the app in July and have earned/saved £41.72 – although, bear in mind, I didn’t actually start getting paid from my new job until mid July. This money has come out of my bank account bit by bit without me even noticing.
The way it works is this. Chip is like a personal savings bot (you can even chat to it via the app) and you give the (totally safe) app access to your bank account so that it can analyze your spending. Every few days, it calculates a small amount that you can afford to save, based on your spending.
So, rather then choosing a set amount to put aside each month, this app takes into account the fact that some months you might be spending more than usual. It calculates just enough so that it doesn’t affect your day-to-day life, so, for example, you don’t transfer a huge amount and then find yourself short at the end of the month. Likewise, it really analyzes very well, so you don’t save just a tiny bit and then spend loads of money that you have left over unnecessarily.
I was a bit wary at first but I decided to give it a go and I can honestly say it feels like free money as I’ve not even noticed the money being taken.
You also get a notification a few days beforehand to let you know how much will be taken so if you really feel like you’ll be short, you can cancel the transaction. Plus, the bot shares super funny gifs throughout which is always a win in my eyes. You can use the chat to report a problem, so although you speak to a bot, if there is an issue, an actual person will get back to you.
You can pause the app, withdraw your money anytime and can even change how you want to save: at first I had my saving level set to low, then, when I started getting a regular income, I changed it to high.
You can make your own manual savings too, just in case being able to see saved money in your own banking app makes the temptation that much easier to spend it, and you can also save in your overdraft – and we all know how hard it is to save when in your overdraft.
It’s extremely smart, especially for millennials like you and I. I’m very much the type of person to see what I have left over at the end of the month and save that but, as we all know, all too often this does not work.
Chip is regulated by the Financial Conduct Authority (FCA) through its agency status with Prepaid Financial Services (PFS). You can look PFS up in the Financial Services Register (FSR) and you’ll find us on
the PFS website too. Sorry about all the TLAs, btw.
Chip has a data control licence – you’ll find us on the ICO register – and we always act in full compliance with the Data Protection Act. Your online banking login details are protected using 256-bit encryption and Chip does not store your data.
That’s cleared that up then.
The app has recently released a new feature to help you save. You pop in details such as how much you want to save and what for and it automatically updates you on how long it will take you to save that amount based on your current activity. It’ll send you regular reminders as you get closer to your goal too.Finally, there are always tons of incentives to earn that bit more – recently, the app offered a £10 sign up bonus for friends and, currently, if you get a friend to sign up, both you and your friend you will get an extra 1% interest (per friend) for a year.
PSST! – my bonus referral code is JLB3BY if you’re interested in grabbing this 1% interest!
Please note, I have of course used my referral code in this post (every little helps!) but you also know how transparent I am with these types of posts. This is not a sponsored post, I genuinely have had a great experience with Chip so far and often like to share any tips on this blog when it comes to saving money. Alternatively, if you are interested in using Chip but would not like to use my referral, you can learn more at getchip.uk.