PiggyPot – A savings app to help you reach goals

PiggyPot savings app to help you reach goals

In the past I have been ever so guilty of wanting things right now. I would buy now and pay afterwards. This has been done using various methods of payment that we are all very familiar with such as interest free repayment loans (furniture), 0% credit cards (car) and pay monthly contracts (phone).

I have always been of the mindset that it is fine to have some debt and pay it back afterwards. There has not been one point in my adult life where I have not been paying off debt. At the moment, we are paying off interest free credit cards that have paid for holidays and house expenses from last year.

PiggyPot – A savings app to help you reach goals

But there is a different way!!

The more I work in this personal finance world and write about this world, speak to other bloggers and speak to various finance brands I realise there is another way. It’s almost like there are two mindsets of people, those who spend and then repay and those who save and then spend.

I want to be more like the person who saves and then spends on the things they were saving up for. I want to not be in a position of debt where a portion of my monthly income goes towards paying off my debt, I currently pay £200 per month off my debt and it’s a killer.

PiggyPot to the rescue

I have discovered an App, available on IOS, which will help with my new savings goals.
Within the app, you can set up very specific savings targets and then transfer savings into your pot aiming towards the target you have set. You can set up weekly or monthly transfers into the pot. The money can be simply transferred back to the bank any point of time.

You can be really specific with your pots so for this year I have set up the following
1) April 40th Birthday Vegas Holiday
2) August Summer Holiday with the family
3) Sept Mobile Phone Renewal

Setting up your pots

Firstly, click on create your pot. I am choosing April Holiday. Next set goals. A target of £500. Make first deposit 20th Jan. Reach target by 13th April. That’s £41.66 per week I will be transferring to my holiday pot every week. Click on connect card and create pot. Add you card details by the secure process and you are done. Payments will commence.

Here is a YouTube clip to show you the process too.


Saving Money with your Mobile Phone Pot

This is great example of a savings pot that will end up saving you lots of money in the future, as you tend to pay more for things when you buy now and pay back over a period of time.

Let’s say in Sept I want to get the latest Samsung mobile phone. I could take this on a pay monthly contract for 2 years where I could get the phone upfront for free and then pay maybe £40 per month for 24 months. A total of £960.

Instead I could save up some money in my piggypot to buy a phone outright in Sept. I would need maybe £450 for that so would need to save £50 a month to be able to buy that phone outright. Obviously the earlier you start saving the lesser the monthly amount.

Then I would need a SIMO deal, you can normally pick up a good deal on a sim with average data usage of 4GB for around £10 per month.

In September I would then have the specific funds set aside to buy the phone and I am not getting into any debt plus saving a ton of money in the process. Buying the phone this way costs just £690 over the two years rather than £960. A huge £270 saving.

My favourite feature

My favourite feature has to be the bonus you can get when you are ready to use your money. You can transfer it into a digital gift card and get a 5% bonus on top of your savings. Suddenly your £400 saved for a new laptop becomes £420 on a gift card to spend in Currys/PC World. Here are bonus partners at the moment with plenty more planned to be added through this year.

19-1-16 piggy pot spending options


I love the simplicity of this product that makes saving for a specific target so easy to set up. This is going to mean you are more likely to achieve your savings goals. How great will that feel to have the money in place to pay for something rather than adding it to a credit card. I am so looking forward to having the money in place to buy my dollars for my America holiday.

Savings towards a goal rather than a savings account

Often when you pay into a saving account the sight of the goal is lost. And once the goal is lost saving becomes a lot harder. This app changes the mindset and makes the saving goals more tangible and achievable. Plus, you can have as many pots as you want, I doubt anyone would have 5 different savings accounts for short term goals!

Why not download the app and take a look yourself? What are your savings goals this year?

This is a collaborative post.


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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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