ING Direct enhances mobile banking app with Small Sacrifices

Visualizing savings

Canadian financial institution, ING Direct, is updating its mobile banking app with the launch of Small Sacrifices (view press release). Small Sacrifices, which is available on Apple and Android devices, allows users to visualise how much savings they would make if they went without non-essential purchases, while encouraging them to redirect money through small deposits. ING Direct recently commissioned a poll which showed that 52% of Canadians surveyed said that if they could visualise what foregoing spending on non-essential purchases would save them over the short and long term, they would change their spending habits.

Users of the tool decide which indulgence they would like to forgo, and then decide which account to redirect the money to, such as retirement or savings. They then enter how much they spend on their average purchase and Small Sacrifces creates a chart demonstrating how much that weekly amount would grow to in the near or long term. The next time a user is tempted to spend on their non-essential purchases, they will be given the option to instead redirect that money from their chequing account to a savings or retirement account.

Small Sacrifices is there to help Canadians make small choices throughout the day to put that extra few dollars aside instead of spending it on lunch or dinners or another cup of coffee. By cutting back on what seems like small everyday spending, Canadians can easily save thousands of dollars to meet their savings goals, like retirement, a new home or a vacation,” said Peter Aceto, president and CEO, ING DIRECT. “This new tool lets you see how those small purchases add up over the short- and long-term, and gives you a way to redirect that money to a real savings goal.”

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