Spendaway is a financial technology tool designed to help people save, give, and invest into their established accounts leveraging micropayments through everyday transactions. Spendaway to save for your emergency fund, family vacation, or home down payment. Spendaway to give your tithes, offerings, or even to the charity of your heart. Spendaway to invest in your future, your retirement, into your established Roth IRA, your kids’ 529 Plan, or any of your investment accounts.
Spendaway is a financial technology tool helping one million families begin saving, giving, or investing every time they swipe their debit card or have a banking transaction. The Spendaway application delivers micropayments (ex. $1.00), allowing consumers the ability to spend and save, give, or invest at the same time automatically! As users spend, the micropayment is added as a transaction and then directly applied toward an existing savings account (I.e. Money Market), charity or other non-profit organizations (I.e. Church) or investment accounts (ex. Roth IRA, 529 Plan, Money Market, etc.).
Spendaway provides an opportunity for those looking to accelerate savings, giving, or investing by complimenting their current monthly contribution or helping people commit to begin all from their everyday transactions improving their financial health.
How it works
Let’s assume you downloaded Spendaway’s app and created your profile. The first step is to link the bank account you want to pay from (ex: Bank of America - checking account), input the account you want to invest in (ex: TD Ameritrade – IRA), and then define your micropayment (ex: $0.50); which will be added to every transaction you make. After that, you are ready to start investing.
Here’s an example of a transaction: you are buying your favorite cup of coffee for $5.00. At the point of sale, you pay $5.00 for the cup of coffee and automatically the $0.50 micropayment will be added as a secondary transaction. The $5.00 will go to the merchant and the $0.50 micropayment will go toward your TD Ameritrade IRA account. Over the course of the month we aggregate all the transactions in your Spendaway account and then send a one-time payment to your investment account every month.
Spendaway provides a dashboard for you to monitor your progress 24/7 and to make changes that meet your financial need.
Please download the Spendaway app on Apple iOS App Store.