Saving Together: Froogal Shared Accounts
How your banking life is about to get way better with Froogal.
You’ve made it this far.
A lifetime of trying to manage your finances alone, despite practically every major purchase in life involving likely more than just yourself, is about to conclude. Whether it’s saving for a wedding (takes two to tango), attempting to manage saving/purchasing for group trips & activities (thank’s friend who never seems to have money or who’s Venmo app never appears to be working), failing at anticipating your various savings needs one a new household addition is on the way (real baby or puppy-baby), or going after the holy grail of all savings, “the retirement fund”, you are not in this alone although it sure does feel like it.
Bank’s have neglected to help you with this for many reasons but the most likely is that by doing so, they increase the chance that you can use your savings to pay for it (decreasing the deposits they are paying you 0.01% for) and decrease the probability that you throw it on the credit card (which they can then rake in various fees from).
Sounds farfetched, but this is likely exactly why.
So that leaves you with the classic alternatives:
- “The Planner” attempts the impossible to coordinate in all (leveraging an excel spreadsheet, group chat, deep breathing, and possibly Venmo)
- The plan/savings event simply never occurs
- You end up having to borrow the money (via credit card) or lend someone your own money since they didn’t save a dime (likely by putting it again on your credit card) and then spend double what you initially planned for (because let’s be serious, you’re never getting that money your friend owes you)
Terrible. Terrible. Terrible.
So that brings us to the Froogal Solution.
Step one is pretty simple. You have to go sign up for Froogal.
Step two is pretty much just as simple. You have to “search” for your friends (if they are already on the platform) or you have to invite them to join you on Froogal so your life isn’t complete chaos and you don’t have to spend all your savings on therapy after your meltdown.
Adding them looks exactly like this:
So you invite & add, or simply add, and then step 2 is completed.
Step three continues the trend of simplicity as you now have to go create a savings “goal” that you’d like to pursue with the aforementioned individuals.
This process consists of naming the goal, maybe adding a little color to what you’ll be doing as a brief description, selecting when you’d like this goal to occur, and then adding your friends to the shared goal (you can make them view-only or admin depending on their worthiness).
In all of 30 seconds, you have now set yourself up for victory.
Step four is to click into the goal you’ve created (which is conveniently displayed on your dashboard) and to start adding detail (via very easy to use & excel-esk formatting).
Here’s exactly what that will look like (and a peek at a planned road trip):
Not too shabby, right?
Now that you (or the planner in your life/group) has completed the needed detail and there are officially zero mysteries or excuses to be used by the added members, everyone in the group can start adding funds.
No, other users cannot withdraw funds you add.
No, other users cannot see how much money you have in your account outside of the shared goal.
Yes, this all exists now and is ready for you to use.
So now that you can save together as a couple, group, or small organization, you should not only crush those life goals you’ve been thinking about but also save an immense amount of time and money (as described above, you will pay way more trying to do this through a bank).
Go sign-up and invite your friends.
Froogal is also the first savings (FinTech partnered with a bank) platform to provide rewards for saving money. These rewards can either be specific to saving you money on savings goals (flights, hotel nights, gear/clothes) or just make your life better while your saving (TV/music streaming, subscription boxes, gym memberships, etc).
So stop waiting and get to living.