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Qapital Review…. Does it work? And is it really Free?

review of Qapital

QAPITAL Banking Mobile APP Review

In today’s article, we wanted to take a moment and review the “intentional” money saving app known as Qapital.

And while at first…

You may not think that you don’t need an “app” to help you save money each and every month, just remember that according to a recent article on CNN nearly 60% of American’s don’t have at least $500.00 in their savings account.

Which means…

That a lot of these folks will have to turn to “credit” in order to pay for an “unexpected” expenses that may arise.  And when we say “credit”, we mean DEBT.  And the most common form of debt in the United States which is why according to a recent article by CBS news, the average household in American currently has $8377.00 in credit card debt!

And who’s really…

To blame in this situation?  Today’s consumer is literally bombarded by advertisements (Nearly 5000 a day), and we’re all just a “click” away from being able to buy just about anything our hearts desire (at 50% off but only for the next 24 hours, right?)

It’s crazy…

Which is why we wanted to take a moment and actually review a product that is free to use and can help individuals meet “Saving Goals” throughout the course of the month.

But before we…

Get into our review, we want to take a moment and explain why a “life insurance” brokerage is taking the time to write an article about a money saving app for your phone or tablet.

What’s the catch?

Here at TermLife2Go, we spend all day trying to help individuals purchase cheap life insurance policies so that they can help secure the financial security for their family.

Many times…

The process is really simple because it’s just a matter of helping our client find the best type of life insurance policy that will meet their need and simply set them up with a payment that will fit within their budget.

Unfortunately…

This is not always the case and frequently we’ll encounter clients who are on a “severely” limited budget where it is simply impossible to “add on” any additional monthly obligations.  In cases like these, an individual client could benefit significantly if they could only find a way to save a few dollars each and every week.

And since…

Our primary goal here at TermLife2Go is to help our clients secure a better financial future for their family, the “catch” to writing this article would be that perhaps some of our clients will read this, learn from it and one day be able to afford that monthly payment that is not within their reach right now.

That said…

It’s important to understand that we do not “earn” any type of income or compensation by reviewing or recommending Qapital, nor do we have any type of business relationship with them.

***Spoiler Alert***

We like the “concept” of what Qapital does and think that it could be a pretty good money saving tool for someone who finds it difficult to save on their own.

So, without further ado, let’s dive right into it!

Review of Qapital: the app that helps you save

Qapital is an app that helps you set your eyes on the prize. It works by making you set a goal and allows you to track that goal daily.  Qapital, believes (and so do we), that you will have a much better chance at saving money and meeting your goals if you’re able to track you progress daily and track your success.

Founders of Qapital.

Qapital was first launched in the US in 2015, but all three of the co-founders are from Sweden. Here’s what they were doing before they got together and made Qapital:

George Friedman.

Was a project manager at Avanza Bank, an online stock broker in Sweden. Before that he was a project manager for Nomura Securities in New York. Now, he is the CEO of Qapital.

Erik Akterin.

Was the Tech Lead at Avanza Bank – presumably where he and Friedman met. He is now the Lead Engineer/CTO of Qapital.

Henrik Wrangel.

Is the third co-founder for Qapital and the Chief Product Officer. He previously worked for TVdags, an internet TV platform in Sweden.

Why you might want to use Qapital.

First of all, who doesn’t need a little help making money and saving money? We all probably do. And the great thing about Qapital is that it helps you do it without charging you a cent.

Unlike a financial advisor…

Who would charge you a fee or other apps that might charge a fee as well, Qapital is totally free to users! This means that there is no sign up fee, no monthly fee, no payments ever.

How does it work?

Basically, you start by setting up a savings goal. Usually the goal is attached to a specific purchase. If you’re saving for life insurance and your premium is $50 a month (think TermLife2Go), you can set that as your goal. Or you can save for something larger like a vacation that’s $2000. You create the savings goal and Qapital helps you reach it!

Then, set a budget for spending. Every time you “under-spend”, it counts that as a “savings”. For example:

  1. You enter a $30/week budget for lunch at the office.
  2. This week, you bring your lunch a few times. As a result, you spend only $22.
  3. Qapital adds $8 to your savings.

Qapital “Rules”

There are a few unique features about Qapital. These are called “rules”. The user can activate them whenever they want. For example:

  1. Guilty Pleasure Rule- If you’re the type of person who spends a lot on indulgences this feature can help you avoid spending. You name places or things you wind up caving in to, and Qapital monitors it, adding to your saving goal every time you spend there.
  2. Round-Up Rule – this is a pretty classic Qapital rule. If you activate this, whenever you make a transaction, it rounds up to the nearest dollar. That means if you spend $23.34 at a shop, Qapital rounds up to $24. But, it deposits the remaining 76 cents into your savings! That’s what we call passive saving! Remember, a penny saved is a penny earned and this rule helps you count all those precious pennies.

What you should know about Qapital?

You won’t earn interest on Qapital like you would in other bank accounts. However, this really isn’t the end of the world because nowadays regular savings accounts give such low interest rates that we feel that this is an “acceptable” loss given the usefulness of using Qaptial.  Especially on “savings” amounts like a few hundred dollars. But, as part of a thorough review of Qapital, we still thought you should know this information.

And as always…

We want to point out that it’s up to you to do your due diligence whenever you’re considering setting up a savings account or handling your own finances.

After all…

We here at TermLife2Go are not financial advisors, or money managers, all we are is a bunch of life insurance agents.  So… be sure that before you do anything too “rash” be sure to speak with your own financial advisor or simply visit Qapital.com yourself and see if it looks like something you might be interested in.

What to know another great way to improve your monthly budget?

Save more money or make more money!  It’s up to you but we’ve written article on both so feel free to check them out!

Also, for a complete list of all the “App Saving” reviews we have written please visit our article:  Top 20 Best Money Saving Apps in 2017.

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To empower our customers through knowledge and expertise so our clients secure the best and most appropriate insurance coverage available providing peace of mind to our clients and their loved ones.

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Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.