Idea #3 from Erin A.: Recommend Savings Tips

Posted by Estelle Thompson on at 6:33 pm

Idea #3 from Erin A.
“Based on my spending history, give me smart tips on where I can reduce spending.”

Thanks for the idea, Erin! We certainly try to do this when we¬†see the opportunity. Here’s what we found interesting. There were more thumbs down for this one than there where thumbs up. As of today, it’s 26 thumbs up and 35 thumbs down.

Join the Discussion
We’re curious, if you voted thumbs down, why wouldn’t you want your financial institution to help you save money?

Recent Comments (2)

  1. Stephen says:

    Right now, I’d rather you focus on fixing things that are broken and causing problems for people instead of adding new, unessential features.

    Based on spending habits, what sort of advice do you envision giving? Something like, “I noticed that you pay Comcast the same amount of money every month. Have you considered over-the-air TV/ or other TV/internet/phone providers?” Or would it be something more useful?

    A lot of people use multiple financial institutions, so it will be difficult to pick up on spending habits and trends that will be both useful to the member and the CU. Perhaps you could have a program run through all members’ checking and savings accounts and produce a table for every member that would display what interest they would have received over the last 1, 3, 6, 12 months under the conditions of various accounts. (e.g. You have Carefree Checking and earned $0.00 interest over the last 12 months. If you instead had a Dividends Rewards Checking account, you would have earned $42.23. If you instead had an HSA Checking account, you would have earned $16.81.) Then send that to every member and let them decide what they want to do with their accounts. You can never give people too much information on how to receive more “free” money.

  2. VS says:

    I would actually find it a bit creepy if I got an email that said, “We noticed that you spend $140/week on groceries at Whole Foods. If you shopped at a cheaper store, you’d save money.” Or any other variation thereof. It’s my money, I’ll spend it how I want to, and I’d prefer it if my credit union wasn’t looking over my shoulder and judging me. If I need financial tips, I’ll go to a financial adviser.

    And I agree with Stephen: please fix the things that are currently broken, rather than adding weird features like this one.

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