We Need This in Canada: ImpulseSave
Last week, I shared the first of three posts I have planned on the topic of startups I believe Canadians have a need for. While my first post was targeted to the debt repayment progress so many of us need help visualizing, in order to stay on track, this second post is about a tool that could be used by people living either with or without debt.
When was the last time you stood in line at the grocery store for so long that you tossed an extra magazine or pack of gum into your shopping cart, even though you had a stack of unread magazines and extra packs at home? Now think about the extra items you pick up while shopping, because they are “such a good deal.” Do you have any idea how much your impulse buys add up to – in a week, month, or year? ImpulseSave does and they want you to save every penny that you don’t spend.
The process for using ImpulseSave is simple: set a goal, link your accounts, and move your money every time you stop yourself from making an impulse purchase. Sounds too easy to be true, right? But learning how to save isn’t always an easy lesson. As the site says, “Let’s face it. The world is set up to get you to spend more, not save more.” Because of this, we are sold on the idea of needing the newest, fastest and best of everything, no matter what the cost. And so we give in.
We give into everything, from buying the same item of clothing in multiple colours to upgrading technology every few months. We let the latte factor take over our finances, without realizing we are giving up control. And we do so without thinking twice, because we think we “need it” or “the deal is too good to pass up.” But ImpulseSave is trying to change the way we think. By making us stop and question if a purchase is a want versus a need, ImpulseSave is teaching us one of the most difficult life lessons to learn: self-control.
Currently, the average ImpulseSave user is saving between $3,000 and $4,000 per year. That’s money being saved for big ticket items, vacations, etc. that may have taken twice as long to save for, had so many impulse purchases not been avoided. Successful ImpulseSave users are living proof that we don’t need more unread magazines laying around the house, tubes of lipstick lost in our purses, and DVDs we will only watch once and then shelve to collect dust. It is possible to save strategically and still live a life with everything we “want.”
To read more about how ImpulseSave works, read through their site. If you’re in the U.S. and have a savings goal (or a few) in mind, I’ve heard wonderful things about ImpulseSave from friends in the personal finance community, and suggest you look into it further.