My digital piggy bank

While I was browsing for financial apps, I came across a very nice (and cute) app mypiggybankappfor getting an overview of your savings. I immediately liked it. The app is called “Piggy Bank – Saving Money” created by Georgio Sterk. It is a very simple app that visually shows you how much money you have saved and how close you are to your saving goal. The app is really simple to use, it has an elegant design, and it’s for free.

First you hMypiggybankave to choose for what goal you want to save money and how much you want to save. You can for example save for a car, to buy a house, for early retirement … If you have set your goal, you get a really cute piggy(bank) that shows you how much you have saved and how much remains. At the moment my boyfriend and me are trying to save as much money as we can. Our goal is to save 25000 euro per year. So I entered 25000 euro.

Every time when you then save an amount of money (even a small amount), you insert the numbermypiggybank2 in the app, and you can see the piggy filling up. You can also see how much money you still need to reach your goal. It’s so nice to see the evolution. I just want to save some money and enter the amount in the app, to see the belly of the piggy filling up.

To help you achieve your goal, the app also allows you to calculate how mucmypiggybank3h money you have to save per day, week, month or year. For example, if we want to save 25000 euro in one year, we have to save 2083.33 euro each month. If we succeed to save this amount of money each month we will achieve our goal and the belly of our piggy will be full, yay :). However we are not there yet.

I like the app because its so simple to use and it is beautifully designed with only one goal, showing you how close you are to your saving goal, and how much money you have already saved. For me it really is a visual encouragement to reach my saving goal! I just want to start saving some money and fill that little piggy’s belly! There is however one downside, when you have set your goal of how much money you want to save, you cannot insert a time limit. I for example have a goal for one year, but there is nowhere to include this. I think it would have been a nice addition (for now I will just add in the title that it is my goal for the year 2015). The app also does not show you the history of what you have saved per time period, it just shows you your total. When you want to keep track of the exact amounts you have saved  you will have to use another app or for example keep track of it in an excel sheet.

The app is for free, however, if you want to set more than one goal, you have to upgrade the app for €0.99 (or $0.99). It is available in English and Dutch. Compatible with iPhone, iPad, and iPod touch.

What do you think of this app? Does anyone of you use an app to keep track of your savings?

Regards,
Frugal Fiona

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4 thoughts on “My digital piggy bank

  1. It’s a good app indeed since it can constantly remind you about your goals. Several studies have proven that many consumers suffer from “price amnesia” or the inability to precisely remember the prices of normal consumer goods (I also have an academic paper about it). Therefore, they lose track of their budgets easily…

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    1. I can imagine the many people suffer from price amnesia… Me sometimes too 🙂 I even sometimes remember a product to be much cheaper than it actually is. That’s why at the moment I’m keeping better track of my expenses.
      It btw sounds as very interesting research. You can always send me the title of the paper if you want 🙂

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      1. Yeah, when we did the research, we asked people outside of a supermarket who have just bought their groceries about the prices of their purchases, and I was very surprised on how easily they could have forgotten the prices of the products that they have just purchased.

        Unfortunately, that particular research was written just for our university (Im a part time faculty member of its finance & econ. department) so it wasn’t publised anywhere.

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