Substitute Savings

In today’s increasingly uncertain economy we all need to save money. When our paychecks don’t make ends meet, sometimes the only way to have more is to save it.

One of the best ways to save is by substituting one purchase or expense for another at a lesser cost. The goal of Substitute Savings is to show how much money you can save by substituting lesser expensive goods and services for others.

Examples for how to use the Substitute Savings app:
• You usually buy a $4 coffee drink but instead decide to purchase one for $2, you’ve just saved $2. Do that every day and you’ll save hundreds!

• You want to paint your kitchen but unfortunately the estimate for labor and materials is $600. You decide to do it yourself for $145 in materials, saving $455.

• A pair of shoes or a set of tools that you intended to purchase is on sale. You save the difference!

• Your friend buys you a drink after a long day at work. You just saved the cost of the drink. There is nothing better in life than something that is for free except the friend who bought you the drink.

• At the end of a receipt, grocers will often indicate how much you saved on your purchases. Add the savings to the actual cost. That is what you would have paid. Include that amount and the actual cost in Substitute Savings. You now have extra savings!

How to use Substitute Savings:

Goal Tab
Once installed, you will be directed to the Goal tab.
1. Enter the date you want to reach your savings goal.
2. Enter a description, such as Birthday, Wedding, Vacation, or Emergency Fund.
3. Enter the amount you wish to save by the goal date.

Remember you can always revise your goal if it changes. Just swipe to the Goal tab and revise.

Expenses Tab
When you have an expense that you can save money on, enter it into Substitute Savings.
1. Enter the date of the expense.
2. Add a description if desired.
3. Add the regular cost of the item or service.
4. Add the substitute cost of the item or service.

Delayed Expense or Purchase
There is also a checkbox to indicate that you have delayed, indefinitely or for a short time, an expense or purchase. It will show up in your expense history as delayed. Enter the regular cost, then $0 for the substitute cost. If you end up making the purchase, you can delete the delayed record. If you purchased it for less then re-enter the purchase you made for a lesser amount.

History Tab
The history tab displays a record of all of your actual or delayed expenses and purchases you entered. You can delete an individual record if it is no longer valid.

Summary Tab
You can easily check on your progress in the Summary tab. It displays your current savings goal information on top and progress below.

Substitute Savings will calculate:
• The amount of money you have saved.
• The amount needed to save to reach your goal.
• The number of days until you reach your goal.
• The average daily amount you need to save to reach your goal. Note that this amount may be off by a few cents due to rounding.

On the bottom of the tab is a progress bar to quickly scope your progress.

Features
• Revise your savings goals at any time.
• Save past purchases and expenses by emailing them to yourself for later reference.
• Remove old purchases and expenses to start a new savings goal.