Saveabhi, a start-up in fintech space today announced the launch of its android app that aims to promote saving and investment among Indian youth.
Saveabhi has introduced a new concept of "Save the Change" that it hopes to promote along traditional concepts like SIPs and lump sum investment. App has been launched based on an insight that linking expenses to savings is key to promoting small but regular investing.
Saveabhi's "Save the Change" feature combines this insight with the power of compounding to create the potential of long term wealth creation to its users. The app goes further and helps users create capacity for savings by providing features like expense tracking and budgeting.
The whole process of tracking expenses, budgeting and saving the spare change is fully automated. Each expense done through digital payments like credit card, debit card, net banking etc is updated in an expense dashboard, evaluated against the overall budget for the expense category and change to the nearest hundred of the expense amount is added to the "Save the Change " account.
An investment into your chosen investment asset like a mutual fund is initiated the moment this value reaches Rs. 500. Nearly 7000 early users of this app are finding "Save the Change" a very effective tool that complements the SIP and lump sum investment options that are also available on the app.
"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. 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," said co-founder Saveabhi, Vikram Malhotra.
"We are elated to bring in a product which is easy to use and relevant for the masses. Our investment app is convenient to use, has high quality security features to protect users from any fraud and helps in regular saving for the larger benefit of the investors," said co-founder Saveabhi, PriyankBarthwal.
Today's youth lives in an eco-system which is driven by impulsive spending- from good food to latest gadgets, they are spoilt for choice. Hence, there is an inequality in spending-saving ratio. There is a need of personal guidance to promote savings and manage finances. Considering the youth is highly influenced by technology, Saveabhi has integrated a simple tech driven model which will help users categorize their cash flows, create budgets that they can actually stick to and invest automatically. Saveabhi app can infuse the habit of savings in today's youth and bring in an uptrend in the India's saving culture.
Disclaimer: No Business Standard Journalist was involved in creation of this content
