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Using Chippit for a Planned Purchase
Using Chippit for a Planned Purchase
Written by Josh
Updated over a week ago

In this article, we'll guide you on how to effectively use Chippit for making a planned purchase. Whether you're saving up for a new gadget, a car, or any significant investment, Chippit can help you reach your goals more quickly and efficiently. Let's explore how you can leverage our app's features for your planned purchases.

1. Select a Plan: Timeframe and Purchase Amount

Define Your Goal: Start by clearly defining what you're saving for. Whether it's a vacation, a new laptop, or a car, having a specific goal in mind is crucial.

Determine the Total Cost: Estimate the total cost of your planned purchase. This helps in setting a realistic savings target.

Choose a Timeframe: Decide on a timeframe by when you want to make the purchase.

Select or Create a Plan to Meet your Goal: With your goal, total cost, and timeframe in mind, use Chippit to make quick progress towards your goal. We have many plans that will likely work for your needs but if not, feel free to reach out to us in-app to set up a custom plan.

2. Group Accountable Savings, with a Interest Free Credit Boost

Join a Group: On Chippit, will match you with a group with similar goals or you can create a you own group with friends. Being part of a group adds an element of accountability and motivation.

Regular Contributions: Make regular contributions to your group’s pool. Seeing others in your group do the same can be a great motivator.

Track Progress Together: Use Chippit’s tracking features to monitor your group's progress towards the goal. This shared journey can help keep everyone committed and on track be that for a personal or collective goal.

3. Rotating Group Interest-Free Cash Advances

Access to Cash Advances: As a part of a group, you can access interest-free cash advances (2.5% Admin Fee applies). This feature can be particularly useful if you're close to your goal but need a little extra boost to make your purchase sooner.

Rotating System: The cash advances operate on a rotating system, ensuring fairness and accessibility for all group members over time.

Making Your Planned Purchase a Reality

With Chippit, your dream purchase doesn't have to stay a dream. By setting a clear plan, saving with a group, and taking advantage of interest-free cash advances, you can make your planned purchase faster and more efficiently. Remember, our support team is always here to help if you have any questions or need assistance in setting up your plan.

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

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