Fickle-and-Dime - Netted
Article • June 25, 2012


Stash Away Money with an SMS Using ImpulseSave

In New York City we have what’s known as The Front Door Tax. Every time you walk out your front door, you spend $20.

On what, exactly? Likely an overpriced coffee drink. Some gum. A cab to avoid the heat. A second overpriced coffee drink.

In other words, lots of unnecessary impulse buys.

ImpulseSave capitalizes on those same whims to help you save instead of spend. The site connects your checking account to a high-yield savings account and allows you to create different savings goals (a summer vacation, college for the kids, etc.) within that account.

Then instead of buying that second overpriced coffee drink, you can put the amount you would have spent toward one of those savings goals using ImpulseSave’s iPhone app or a simple text message (e.g., “$10 to summer vacation”).

The site tracks your progress, and you can withdraw money at any time – though it helps if you refrain until you’ve hit your savings goal.

After all, you wouldn’t want to be impulsive about it.