The CHANGED App Boosts Your Savings and Debt Payoff Goals
Application Software Download Free Android
CHANGED automates your micro-savings to help you reach savings and debt payoff goals. Whether you want to save for an emergency, buy a home, or pay off your debt, Changed helps you optimize your finances so you can reach your dreams.
A round-up app rounds up the spare change from your everyday spending and automatically deposits it into an account or invests it for you. The average Changed borrower saves $45-$85 a month through this type of auto investing.
Changed was created by Dan Stelmach, who figured spare change installments could help him pay off his student loans faster and for less in interest costs. He pitched the app on Shark Tank in 2018 and won an investment to launch the company.
Users can link their bank accounts and credit cards to the app, which then analyzes their spending habits and calculates how much each extra Changed payment will save in interest over time. The app also keeps track of their progress, so they can see how much they’ve knocked off their loan balances through its user dashboard.
The Changed app also allows you to schedule daily Savings Boosts to help knock out debt faster. Once the amount in your Changed savings account reaches $50 or $100, it transfers the funds to your debt balances.
The app is free to use, but Changed charges a $3 per month subscription fee for its services. This includes maintaining the savings account and transferring money to your loan servicers, which covers all of its debt payoff features. Other apps that offer similar services, such as Oportun and Stash, are available for a lower price, but they don’t directly send in extra payments to your debt balances.