Saving money for vacation can be a hassle. Ok, let’s be honest. If you’re like me, then saving money in general can prove to be quite challenging. At least it was until I found this nifty little app called Qapital that helps me save money for vacations by creating goals and rules that automatically save for me!
So before I go any further, let’s get this out the way: These are my personal opinions as a user of this application, and I am not paid to endorse this product. Maybe one day that changes? Until then, use this link to download Qapital, and get $5 after you make your first deposit! Hey, I’m all for taking what I you can get!
Why I love saving money for vacation with Qapital
I won’t rant for long, but I do want to boast about why I like saving money for vacation using this app. First off, it’s completely free and super simple to setup, and once configured to your bank and your goals/rules are set, all you have to do is sit back and watch your savings start to build up. Sometimes, I literally forget that I’m saving money, because I just don’t have to worry about it. It’s there. Done. Constantly working for you. I mean, does it get any easier than that?
I also love the fact that Qapital makes a promise that it will never withdraw money if it’s going to overdraw you, or will put you in a position to be overdrawn. This is their guarantee, not mine. What I can say though, is that I’ve never had an overdraft using this app, actually not even close. So maybe there is something to their promise? Whatever the case, if you do use this service, it’s important to READ THE TERMS AND CONDITIONS. It’s your money after all, and you should know everything that’s going on with it, right?!
How I save money for vacation using Qapital
To start, I consistently tuck away money for our trips. I travel with family quite a bit, so we’re always on the lookout for our next vacation destination, not to mention it’s good practice to just have money saved for a rainy day. I won’t lecture you on that though.
So, saving money with Qapital is actually pretty simple. Once you get your account setup (It’s easy; I promise!), you select your goals and the rules that apply to your goals. Your goal, is just that. It’s how much money you want to save. Your rule is when the app should move money from your bank account toward the goal. There are loads of rules out there, and my favorites are the following:
- Round Up – Rounds up [every purchase] to the nearest [$3] and saves the difference.
- Spend Less – Spend less than [$25] at [Shell] during a [week] and save the difference.
- Guilty Pleasure – Save [$5] every time you make a purchase at [Starbucks].
- Set & Forget – Save [$10] at the end of each [week].
The amount you save will vary greatly on how aggressive you want to save money, and how much money you spend out of your account. The logic I use listed above, nets somewhere between $25-$50 per week on average.
Closing thoughts and FYI’s
Ok, so just one more thing I’d like to call out if you decide to try this app. It’s nothing scary or negative, but it’s certainly good to know before you start using it. The movement of money from your account to Qapital and vice versa takes a little while. Typically a few business days is what I’ve experienced, so if you need to move money from Qapital back to your bank, then be prepared to wait for it.
Is having to wait for it really a bad thing? In my opinion, it’s not. Keep in mind it’s a free service, so how do you think Qapital makes money? (In case you didn’t feel like clicking the link, they make money by accruing interest off the money they are holding for you).
Overall, I give this app 11 out of 10 stars. Maybe I’m biased, sure; but this service works for me, and it makes saving money for vacation (or anything else you may want to save for) so much easier. Enjoy!