Moneybox App

Bexd12

Hi,
I'm wondering if anyone has used the Moneybox app, I am very new to saving and wondering if this is worth using, or if I am better off bumping up the money I'm putting away in an account?

Thank you

Becky

FatherAbraham

Bexd12 wrote: »

Hi,
I'm wondering if anyone has used the Moneybox app, I am very new to saving and wondering if this is worth using, or if I am better off bumping up the money I'm putting away in an account?

Thank you

Becky

The latter.

That way you don't introduce an extra intermediary into your saving plan.

How do you think the app's owners make money?

Saving apps are for people with low will-power, not like you.

AnotherJoe

Yes, plenty of clueless people use the moneybox app.
They are clueless because it fools them into thinking they are saving when actually they are actually spending, they are clueless because its a very expensive way of investing, and they are clueless because it puts the emphasis totally the wrong way round, what you save depends upon what you spend. Instead first decide how much to save and then spend from whats left, rather than let your savings be determined by random events such as how often you bought a latte or a big mac and fries.