How to create a Personal Savings plan using the HerVest app
HerVest is on a mission to help women take over their finances and one of the many ways we plan to achieve this is by imbibing a saving culture in these women.
Saving might sound so easy to say but in reality, it could be difficult to overcome the temptations of overspending. However, HerVest has made it more interesting to save as we have provided a reward system that gives you up to a 10% interest on every saving plan you create. What’s more encouraging than being rewarded for your efforts? We practically help you make money, grow, and also manage your money.
The personal savings feature on the HerVest app allows you to save your money for a minimum of 3 months and a maximum of 1 year while you earn a competitive return on every saving plan you create.
Here’s a step-to-step guide to creating a Personal Savings plan on the HerVest app:
- Give your savings plan a name: Under savings, there is a clickable option that says “personal” on the HerVest app screen. Select the personal button and give your savings plan a name. For example (driving school, a new car, Masters degree)
2. Input your Target savings amount: After giving your savings plan a name, the following interface requires you to enter your savings plan’s target amount. If your goal is 100k, you will enter 100,000.
3. Select a start date for your savings plan: Following the entry of your desired target savings amount, you will be asked to select a start date or the date on which you would like to begin saving. You can create a savings plan right now and begin saving a month later. If you wish to begin saving on June 24th, for example, you can enter that date as needed, and your savings will be automated.
4. Select an end date for your savings plan: After selecting a start date, you must also select an end date on the following screen. How long do you want to keep this savings plan running? Please keep in mind that a plan must last at least 3 months and no more than a year, therefore you can choose a period of 3–9 months or a year, as well as a preferred end date that must last at least 3 months.
5. Select a periodic plan: There is a periodic plan to assist you in beginning your saving journey. This could be done on a monthly, weekly, daily, or as-needed basis. Please keep in mind that if you choose a monthly plan, a specific amount will be debited from your purse or bank account every month; the same is applicable for daily and weekly plans. You can, however, use the “whenever I wish” option, which allows you to save any amount at your convenience
6. Confirm your plan: The next screen shows you a summary of all the options you have selected. Take your time to go through each option. After confirming, you can go ahead to create a plan
7. Fund your Saving plan: After creating a plan, the next step is funding. To fund your plan, you have to select a payment method that is either from your HerVest purse or Your bank card.
8. Pick a payment option: If you are using your bank to fund your account, you have the options to pay via a debit card, your bank app, or via your bank code.
9. Validate your payment: After successful payment validation, Your savings account is now active and you are on your way to smashing your financial goals.
