First-of-its-Kind Android Tool Tracks Spending and Savings for Personalized Goals, Giving Users a Simple Way to Draw a Direct Line from Everyday Spending to Financial Success (image: Kobizmedia/ Korea Bizwire)
SAN FRANCISCO, June 06 (Korea Bizwire) – Level Money, the mobile-first financial services company, today announced the addition of a new feature, Level Goals, to its flagship Android app. The savings-specific tool draws a direct line from members’ daily actions to their goals, enabling them to see how they can save over time for the things they want.
The Level Goals offering enhances Level Money, a free app that turns a smartphone into a mobile money meter and enables members to easily track their spending in real time. The new savings tool is launching on the Level Money Android app first, with iOS coming soon. The update is available in the Google Play store today.
Level Money members are encouraged to designate a specific percentage toward savings at the beginning of each month via the already-existing “Autosave” feature. Now, with Level Goals, they are also able to set up savings goals for specific items – from a summer vacation to a favorite pair of shoes or a home down payment – roll over unspent money directly towards those savings goals, and watch the money accumulate. With this new tool, Level Money is helping members clearly see the benefits of positive spending behavior.
“The hardest part of savings is getting started. The second-hardest part is actually sticking with your plan,” said Level CEO and Co-Founder Jake Fuentes. “With Level Goals, we have created the easiest, simplest way to start saving and make progress, automatically. We draw a straight line from everyday decisions to long-term achievement. Just set a goal, monitor your everyday spending, and achieve balance. It’s as simple as that.”
Key features of Level Goals include:
- Customized goals profile: Members can designate specific items they want to save for, and these items are added to a customized goal’s profile showing the total amount needed to save. From there, a member can add a photo of the item they are saving towards to stay motivated and visualize their success.
- Automatic “rainy day” fund: Since it’s important to save for a rainy day, Level Money calculates a smart suggestion for a “rainy day” fund goal, with a recommended amount based on income.
- “Rollover” funds towards your goals: At the end of each month, Level Money informs members of how much spendable income they have leftover after everyday expenses. Level Money members can then put this “rollover” towards their personalized goals, designating exactly how much money they want assigned to each goal.
- Tracking success: When members accomplish a goal, Level Money rewards them with positive feedback. Level Money remembers when a user sets and completes a saving goal, showing how much they saved and how fast they saved.
- Social sharing: Establishing a social support system can help people achieve their goals. Level Money members are offered the option to share their savings accomplishments with friends to help stay on track.
In a world where most money is represented digitally rather than as physical cash, Level Money provides the mobile equivalent of opening up a wallet to see how much money is available to spend. With Level Goals, members can now also see at a glance how much they are saving for their aspirations and how their spending habits are helping them hit their mark.
ABOUT LEVEL MONEY:
Level Money is dedicated to building a financially sustainable society for today’s young adults. Level Money’s approach begins with everyday decisions: the Level Money application provides an instant, at-a-glance read on financial health. Level Money applies the “quantified self” approach to finances, eliminating the need for budgets. Level Money’s mission is to create a fully-integrated, next-generation financial services company designed for the 21st century. Level Money is led by a team with deep experience in design, mobile engineering, and finance, all oriented towards a common objective: setting up the next generation for financial success. Named a top startup to watch in 2014 by Mashable and Business Insider, the company is funded by Kleiner Perkins Caufield & Byers and is headquartered in San Francisco, California. For more information, visit LevelMoney.com.
Source: Level Money (via BusinessWire)
