Fintech startup Saveabhi has announced the launch of their android app which aims to promote savings and investments among India’s youth.
Vikram Malhotra, co-founder, Saveabhi said, “During my career as an investment advisor, I have realized that everyone wants to save frequently, invest wisely and become financially independent by forty but very few have the financial discipline to follow the investment plan.”
Along with traditional concepts like SIPs and lump sum investments, Saveabhi has also rolled out a new concept called “Save the Change” which it plans to promote simultaneously. The Delhi-based startup has launched their app basis the insight that linking expenses to savings is the key in promoting small, regular investments. Save the Change is a combination of this insight along with the power of compounding which has the potential of creating long-term wealth for its users. The app helps users cull out opportunities for savings through expense tracking and budgeting features.
The process of tracking and budgeting expenses along with saving spare change is fully automated. All of the expenses done via digital payments like credit card, debit card, net banking, etc. are updated in an expense dashboard wherein it is then evaluated against the overall budget of the expense category post which the change to the nearest hundred of the expense amount is moved to the “Save the Change” account.
Investments into your selected choice, like mutual funds and the like, are initiated when the value reaches Rs. 500. As per a report by ANI, early users of the app find Save the Change an effective tool, complementing the SIP and lump sum options available on the app.
Vikram added, “We have launched the app after successful trial run with more than 7000 users and investors. Our motive is to drain out middleman to reduce mis-selling to the consumer. Our app also provides the cumulative five years return on investment to help customers choose the best financial products.”
The spending-saving ratio in today’s Indian youth is easily put off balance. The eco-system’s trend is driven by impulse-buying of food, gadgets, clothes and more. Thus, there is a need for personal guidance and promotion of savings and better management of finances. Saveabhi is trying to offer these services with a simple tech-driven model that helps users categorise their cash flow, create budgets that are easier to stick to in addition to investing automatically. The app is looking to inculcate the habit of savings in today’s youth and boost the culture of savings in India.