New iOS app for tracking how much money you save: FoundMoney

Hey everyone – long time forum lurker, first time poster here. I wanted to tell the community about my startup’s new savings tracker and get your collective feedback:

You’re trying to live more purposefully by monitoring various aspects of your life–including possibly tracking your spending. But until now there’s never been an easy and fun way to keep tabs on how much you’re **saving **during the day. Maybe you know that you spent $4 at Starbucks, but without knowing that you skipped the $6 latte, what does that $4 you spent mean?

Until now, there’s never been an easy and fun way to keep tabs on when and where you’ve saved money or how much–and no easy way to see your progress over time. As a result, it’s impossible to know whether you’re saving enough, less than you could, or doing a great job.

We built the FoundMoney app (on iOS) to give you the tracking tool you need. FoundMoney enables you to track how much you save, by merchant, so you can save more money and spend more purposefully.

High level features:

  • Track savings activities, tied to specific merchants and specific behaviors. Be as specific as you want to be
  • Automatic tracking of savings totals, across time periods
  • Basic analytics – daily averages, weekly and monthly totals, all-time best streaks, etc (I know we’re light here–I’d love to hear what stats people would find most useful)
  • Once you’ve logged an idea, you can repeat it in the future with a single swipe. So if you do the same savings activity daily (skip the Coke at lunch for instance), you can tally that quickly
  • You can see what others have done at any merchant to save money. Like a savings activity someone else did? You can add that to your savings list to do the next time you’re at that merchant

We just came out of private beta and are aggressively adding new features and refining the product with the input of our users. I’d love to hear what people here think (good or bad) so we can incorporate your feedback in the product.

We’re trying to accomplish something daunting–enabling average people to save more money–but with your advice, we’ll get there!

Want more information? Click here
Or, click here to go directly to iTunes

Thanks in advance for your time and feedback–I really appreciate it!
–Ed

Completely agree on two points – what we’ve seen is that everyone knows they should be saving more. What people need is help doing it–reminders or ideas on how to save money when I walk into Starbucks, for instance, and that’s what we’re providing. (Interestingly, every bank or investment firm I’ve ever spoken to thinks the issue is education–if you just knew more, you’d realize you should save money. Education isn’t the problem).

Second point I agree 100% with is that little things add up. It’s true in dieting, fitness and finance–its a bunch of small changes that add up to a big impact. Helping users see the impact of their small daily changes is the goal of the tracking component of our app.

I disagree though that technology can’t help. Is it the entire solution? Of course not–nor is my UP band the 100% solution to improving my fitness. But I think technology can be a tool to help make dramatic behavioral changes–in the case of our app, turning occasional savers into smart, mindful consumers.