Frequently Asked Questions
What is SaveAway®'s Internet of Savings® platform?
The Internet of Savings® platform is where users can not only accrue the benefit of savings from retail and financial institutions all in one place, but equally leverage the wisdom (and discretionary cash) of friends and family to make smart spending goals, design a personalized savings plan to help raise the money to meet those purchasing goals faster, and then track progress as the savings grow. Those longed-for big-ticket purchases are now achievable – with SaveAway®’s program which is reliably at work until the purchase arrives.
How Does SaveAway® work?
Step 2 Plan: Create a Personalized Savings Plan which is multiplied by interest income, best offers from merchants, and monetary contributions from your friends and family.
Step 3 Achieve: Monitor progress towards purchase-goal fulfillment facilitated by our embedded payments-hub capable of both p2p & merchant payments.
What makes SaveAway® special?
SaveAway® empowers fulfillment of big purchase goals without debt by helping Users make thoughtful purchase decisions and create a personalized savings plan to fulfill them. The magic of our Internet-of-Savings® platform helps you save faster by allowing for the support of friends and family via feedback and gift-giving, as well as partnering merchants and financial institutions. SaveAway® creates a new underlying set of economic incentives that have proven to be materially significant for partnering banks and merchants to encourage their customers to save and spend smarter. SaveAway® is the only end-to-end platform unifying planning with the path-to-purchase.
What problems does SaveAway® solve?
Saving money for the important things in life is not easy. According to our research, consumers regret 30% of what they buy, and 44% of Americans are “liquid asset poor”. In contrast to the impulse to “buy, buy, buy” as our early-adopter SaveAway® users have told us, they are bombarded with credit card debt. They are not unique in this struggle; the average household with credit card debt has balances totaling -$16K. According to the Federal Reserve, about 3/4 of Americans have less than $1,000 in savings. We can help give people the impetus to focus on really saving for what matters, and in doing so resist impulse buying. In fact, there isn’t a significant vehicle to save for a specific purchasing goal in this way, with the exception of retirement or student loans. Persistently low interest rates have left financial institutions with diminished incentives for consumers to save. We are helping our customers to solve these problems from multiple angles.
How is SaveAway® solving these problems?
By harnessing behavioral finance principles and goals that truly matter, SaveAway®’s design, AI, and content-creation tools have made it extraordinarily simple to foster a well-wishing community who encourage that goals are fulfilled, even if it may have been out-of-reach otherwise. People are saving faster through The Internet-of-Savings® platform by drawing from multiple sources — savings from merchants and banks, as well as the contributions of friends and family — whose benefits have turned out to be an order-of-magnitude higher than what solely relying on savings from just one source would.
Another benefit of the SaveAway® platform is empowering users with advice from their network of friends and family — big purchase decisions are more well-informed by those who care about you the most. Impulsive and regretted purchases stop here.
What benefits can people get by using SaveAway®?
InSpirAVE is giving users the benefits of interest income for the funds they already have as well as the merchant’s best offer. The AI embedded within our platform generates a personalized plan to get the purchaser from where they are to where they need to be, by setting aside funds on an ongoing basis. Taken together, people who use our platform are ending up saving a lot more, faster. Fulfillment of the goal is also being significantly accelerated with friends and family taking advantage of the capability InSpirAVE provides to them to make gifts and other monetary contributions. Once the purchase goal is reached, users are choosing to have the merchandise show-up right at their doorstep or at their preferred retail location.