I read this post about a new startup called ImpulseSave this morning, which wants to make it easy for people to save impulsively on the go. “Fifteen to 20 percent of our take-home pay is spent on things that we don’t need, and don’t even remember,” a woman from the ImpulseSave video says. So instead of making all those impulse purchases, you can save impulsively instead!
The intent of this sounds all good and nice, but, you guys: Saving isn’t actually that complicated! Just set an automatic withdrawal every month to transfer some money from your checking to a high-yield, no-fee savings account (look on Bankrate for the best rates). ImpulseSave’s current interest rate is 0.4 percent, which is better than the big banks, but you can get an even better rate with ING (0.8 percent), Ally (0.85 percent), or Barclays (1 percent). Do it. Start with $5 a month if you have to.