October 6, 2021

How to Save With Qoins

How do I set up my first Qoins Savings Goal and how does it work? Here's everything you need to know to get started

8 min read

Qoins Staff

@qoinsapp

You may know Qoins as the best app to pay off debt, in fact we’ve paid off over $25 million dollars worth of that stuff for our customers, but a little known fact is that the same debt destruction tools we’re known for can now be used to fund a savings goal as well! That’s right, when you download the Qoins app you can now set up either a pay off debt goal or a savings goal or both! 


Savings Goals 101:

You may be asking yourself what should my first savings goal be. Well, this is the great personal finance debate isn’t it, especially if you’re still paying off debt. One suggestion we’d like to make is to save up your first emergency savings fund ($1,000) while still on your pay off debt journey. This is a great starting point, because should anything happen rather than pulling out that credit card you’re trying to pay off already - you can now whip out your emergency savings and avoid the toxic debt spiral. 


How to Set a Savings Goal:

If you’re a Qoins user, you will see a button directly underneath your Pay Off Debt goal on the home screen of the app that says start a savings goal (must have Qoins+ to have both a Pay Off Debt & Savings Goal). After you click on add a savings goal you can name your goal anything you want, like “Wedding Fund” then choose an auto-transfer method, and that’s it! Keep spending and hustling while your savings goal is getting funded… without ever thinking about it! Take roundups for example, if you choose that as your auto-transfer method than in just 12 months you will have over $700 in your savings. Just by rounding up your regular purchases that you will have made regardless. Saving money just got easier with the help of Qoins. 


If you’re new to Qoins then during the on-boarding process you will be able to create your account by either choosing a saving goal in orange or a pay off debt goal which is the card in purple. Then you choose your preferred automation tool, and boom your goal will be met in less time than you think. Best of all, you’ll never have to think about it. All you have to do is check in every once in a while and see how well your savings are growing. 

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What Can I Save For:

There’s no limits! You can save for things like a home, a down payment on a car, an emergency fund, a vacation and more. Whatever your goals are you can save for them with the Qoins App. At the moment you can only have one savings goal, but stay tuned for updates to Qoins because we’re working on allowing you to save for up to 5 goals next. 


What Tools Should I Use to Save:

We have four tools that help you save money and pay off debt, here are some of results you can expect! 

  1. Smart Savings: Saves you $120/month on average with daily contributions of $3-$5 per day. This is a great way to save a few dollars everyday, which add up quick.
  2. Roundups: Saves you $58/month where every transaction you make gets rounded up, bought a coffee for $2.71, we’ll round up that transaction to $3.00 and move $0.29 into your savings. 
  3. When I Get Paid: choose either a percentage or specific dollar amount to be automatically withheld anytime you’re paid. Have unusual income, only save when you get paid! This is one of the best tools to use because soon you’ll become accustomed to living off 10% less of a paycheck and not even feel it. 
  4. Weekly withdrawals: every Friday send $50 into your savings fund, this way you can choose how much you’re contributing and choose any day that works best for you.
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