As someone who lives, I’m always busy going from one place to another, trying to fit everything in one day. Whether it’s work or play, I’m constantly moving from meeting to meeting, lunch to lunch, and party to party. Fortunately, there’s now a new service called Buddy Banking that lets me have my bank on my phone and it’s completely free!
How Does it Work?
If you’re having trouble saving, Buddy Banking is a good way to force yourself to put some money away. But it can also be used as a fun way to earn some extra cash. For example, if you have a bunch of clothes hanging around that you never wear, post them on bankingand ask your friends to buy them for a fraction of their retail price. The proceeds will be transferred directly into Cuofga Online Banking your account and you can use them for something else like that awesome pair of shoes or an overseas trip. Whatever you do with it, keep in mind that every penny earned will come from savings so aim to spend as little as possible!
The more money saved, the more money earned. To make Buddy Banking work, there are two things you need: A buddy bank account and at least one buddy willing to save with you. Buddy banks are easy-to-use digital platforms that allow people to save together towards specific goals. Once you’ve opened an account, set up a goal vacation fund, and invite your buddies via email or social media. They must know what they’re getting themselves into: You want them to take it seriously because then they’ll save instead of spending all their money on lattes!
What Does the Future Hold?
Banks aren’t going away anytime soon, but they are having to adapt their strategies to meet a rapidly changing environment. Smartphone-only banks, such as Buddy Bank and Tandem Bank are two examples of how banking is changing. By streamlining user experiences and focusing on partnerships with startups and leading digital companies, Buddy Banking could change financial services for good. Read more about why these smartphone only banks have become so popular in our new white paper: The Future of Retail Banking: Why Buddy Banks are Transforming Financial Services. Download it now!
What’s Next? This whitepaper examines why buddy banks are proving so successful, how they’re different from traditional banks, and what their long-term impact will be on retail banking. buddyis also making headlines because of how quickly they’ve been able to grow you can read more about that here: Buddy Banks Hit $2 Billion in Two Years With No Branches or ATMs. Are Buddy Banks Here to Stay? Buddy banks are already becoming mainstream, but there are still many questions about whether they’ll be able to survive long term. To find out more about Buddy Banking and its future, download our free whitepaper.
There are a lot of benefits to Buddy Banking, but some of them are particularly relevant for millennial entrepreneurs. First, for new business owners, it’s important to stay organized and on top of cash flow, which can help you do both. Once your bank account is connected, bankingautomatically keeps track of transactions made through your startup’s account. That way, you always know exactly how much money is coming in and going out and you can keep tabs on where your money is at all times. Second, helps maximize transparency between co-founders or partners.
By keeping an eye on each other’s spending habits, you can make sure that no one is overspending or hiding expenses from their partner. If you have questions about your Buddy Banking balance, just ask! Your buddy will be able to see what transactions have been made and they can respond directly through their app as well. Finally, if one of your buddies has an issue with their bank or with any other aspect of their financial life, they can easily reach out to someone who understands what they’re going through someone who’s been there before. You might not be able to fix every problem for them bank issues aren’t something that startups deal with, but having someone there who understands what’s happening? It means everything.