You connect the app to your bank account and it looks at your previous spending history and what you’re spending currently and then somehow calculates what you could save without feeling the pinch.
You choose how aggressive you want the AI to be. I opted for the medium level at the beginning and now I play with the higher settings just to see how much more aggressive they really are. So every now and again, I get a message from Chip saying that I could save say £30 today without feeling the pinch, and that this will be moved from my bank account to Chip at 3pm. You can choose not to move it but I always let it go.
I opened my Chip account on 19th June 2020 and as of 14th August 2020, I have £182.40 in my Chip account. Annualised, that’s would be around £1,100. Not bad at all.
What would have happened to that money if I hadn’t been using Chip? I’d probably have spent it on some stuff I didn’t really need. With it gone to Chip, it’s out of spending reach. These apps that focus on the ‘small change’ that you wouldn’t even notice help you save effortlessly. Give it a go!