Saving the things that matter most shouldn’t be as hard as it sounds, especially when you have an app that makes the process simple and fun.
One of the most important elements of saving money is its purpose. When we save for a reason, we are much more likely to stick with it. Setting goals is what makes us human.
And, frankly, this is true for almost everything we do in life.
Going to the gym every day becomes easier when our goal is to lose 25 pounds before our wedding. Nighttime activities are easier to reschedule when we need these activities for a promotion.
Goals make life easier, so why should saving money be different?
Dobot was created to help you visualize your goals and make the save process easier for them. Dobot makes it easy to save money by leveraging its automation capabilities.
Imagine not having to lift a finger to meticulously achieve all of your savings goals.
How Dobot saves money
Dobot helps you and your family save money by visualizing your goals and then simplifies the savings by automating the entire process. Just connect your checking account and Dobot is up and running.
And don’t worry. Dobot is 100% free.
Key Features of Dobot Savings:
- Smart savings – Dobot does all the work. Every few days, Dobot will calculate “safe savings amounts” and automatically transfer small amounts of money into your Dobot savings.
- Planned savings – You set your own schedule. Just choose how much and how often you want to save and Dobot will take care of it automatically.
Save yourself – You can always save by transferring funds directly into your Dobot savings. Open the app and “Add Money” to your goals, or simply send a text like “Save 20” and Dobot takes care of the translation for you.
The process is simple. To use Dobot, you must be 18 years of age or older and have a checking account with a US financial institution with a valid US Social Security or US taxpayer identification number and a current US mailing address.
5 steps to using Dobot
Step 1. Download the app
After downloading the app to your phone, create a Dobot account and set your goals (with photos!). Then connect your checking account. Just pick your bank from the list of thousands of supported banks, enter your credentials, and you’re off.
You can only connect one current account in accordance with anti-money laundering regulations, so keep that in mind when you choose which current account to connect to the Dobot app.
Dobot is available for both Apple and Android.
Dobot and the D Dobot mark are registered trademarks of Fifth Third Acquisition Holdings, LLC.
App Store is a registered service mark of Apple, Inc. Google Play is a registered trademark of Google LLC.
Step 2. Set savings goals
Your goals can include pretty much everything, like saving for a future wedding, a pleasant vacation, a brand new car, or a shiny new computer. Heck, just set up an emergency fund for a rainy day (that’s smart!). All you want to save on is fair play.
You are not locked up. Your goals are completely up to you.
Use Dobot’s “group savings goal”A feature that allows multiple people – such as family or friends – to save for the same purpose. This feature works great for allowing a group of people to save money for big family vacations and other goals that involve more than just you. Remain as a group and reach your goal faster.
For example, let’s say you are saving money for a trip to Hawaii with a few other friends who are using the Dobot app. Dobot will track each individual’s contribution and how close they are to achieving their savings goal.
Here’s an example of what this might look like:
Step 3. Decide how much you want to save
Typically Dobot users save $ 5 to $ 25 each time.
Use Dobot’s smart savings feature to let the app find smart auto-saving opportunities every few days, or customize your savings schedule for more granular control.
If you prefer to have complete control over each contribution, Dobot allows you to manually control the savings process, allowing you to transfer funds yourself whenever you want.
It usually takes about 2 business days for a money transfer if the transfer request is initiated before 6:00 pm ET. Once the money has been transferred, it can be withdrawn immediately at any time.
Step 4. Get regular updates on your savings
At the end of the week, you’ll receive a weekly text message telling you how much money you’ve saved this week, and you always have access to your savings right from the app.
You will also receive an email every month stating your savings. Alternatively, you can send a “Savings” message to Dobot at any time to receive your account balance.
Step 5: withdraw money anytime
As I mentioned earlier, saving money with Dobot doesn’t limit you. Dobot users can always withdraw money directly from the application, or you can send Dobot a text message with a “Save” or “Withdraw” message. They make sure your money goes where it should be.
It’s a simple and easy process.
If you’re wondering if Dobot is safe, don’t worry. Dobot uses various measures to anonymize and encrypt your personal information before it is stored on their secure servers, and they never save bank account login details. Your Dobot savings are kept in a bank with all the necessary protections and are insured by the FDIC.
Finally, Dobot is only available to US users.
Use Dobot to Boost Your Rainy Day Fund
Dobot doesn’t cap your savings goals, but popular goals include vacations, travel, cars, and other higher-priced items. But don’t forget that Dobot is great for creating emergency savings.
Savings for an emergency (or “rainy day”) will help with sudden medical bills, job loss, or anything else that happens unexpectedly. If you don’t have an emergency or rainy day fund, use Dobot to start building one right away. It’s simple.
All you have to do is set up a new Rainy Day Fund goal in the Dobot app, select your desired donation frequency using Dobot’s Smart savings, Planned savings or Save yourself feature and watch your emergency fund slowly but surely replenish over time.
I hope you never need this. But if you do, you will be glad that you have them, and this money will be immediately available for withdrawal.
Dobot Savings Movement
Dobot is not just an application. It is also a movement that challenges you to save more of your hard-earned money. For example, if you meet Dobota’s Future of Me challenge, you automatically qualify to win up to $ 100 in savings every month.
Visit the Dobot Money Movement page to learn about the latest savings challenges and start earning gift cards and savings matches – not to mention a happier future!
This article originally appeared on The Money Mix and has been republished with permission.