I have been hearing my parents emphasise the importance of savings from the day I was born. Reduce your expenses and save for the future was the mantra they followed. There’s nothing wrong with it. Our parents were born at a time when India was only beginning to stand on its feet. So naturally, our parents saw savings as a safety net for the future.
Cut to 2021 and times have changed. India is now opening its wings to fly. And with it comes a drastic change in lifestyle in the current generation. As much as we like to plan our savings for the future, what we really want is to plan our expenses to achieve our goals.
At Jupiter, our north star is to make a financial wellness app. And since savings is a powerful way to achieve your financial goals, we’re introducing Pots. In this blog I have put down some design nuances and everything-you-need-to-know about Pots.
- TLDR — filling forms the length of encyclopedias with waaaay too many fields. Ironically, most of the information asked is already available with your bank but the bank still requires you to fill form after form. Why? Cause protocol. Painful. 😢
- An alien language. The bank forms are filled with a galaxy of confusing jargon, which, let’s be honest, a regular human has no clue about — “Interest payment mode, maturity instructions, principle to be credited to which account, which apple pie you ate yesterday?” 😡
- Most importantly, most people have no clue about “how much to save and for what.” 🧐 We save endlessly hoping to find a use for the savings some day.
- Lock-Ins. Bank FDs and RDs come with a minimum investment timeframe. As a generation raised on swiping endlessly on platforms such as Tinder and Instagram, we are petrified of any sort of commitment. What we seek is freedom.
- Social & family pressure. Every family gathering we feast on a lavish meal with a serving of savings gyaan on the side from that one uncle who (legend has it) has mastered his finances.
A Pot is a space (think of it as a sub-account) in your Jupiter account in which you can park your money away from your main balance. What’s the point you ask?
It’s designed to help you save — you can make a Pot for any goal such as your travel fund, your phone upgrade kitty etc. You can deposit & withdraw anytime. You earn 2.5% interest rate monthly.