Curb Your Urge to Spend

Written by Karen Bryan

There’s a new iPhone/iPad/iPod Touch app called Urge to help curb your spending urges by means of money saving actions. Evidently the average person saves a paltry 6.2% of their income and spends 13.3% of their income on things they don’t really need. Now if you could resist half of these “don’t really need” purchases, you could double your savings, especially if you transfer the cash that you didn’t spend straight into your savings account.

The app lets you click on the icon of the item you’re not going to buy, whether that be a coffee or a new pair of shoes, then enter the amount that you are now going to save rather than spend. You can then share this on Facebook.

At the moment only US banks are supported on the Urge app. The Urge app is available on a 7 day free trial and then costs $1.99 to buy.

I think that the app could highlight ways to save, while having fun and being interactive.

However, I don’t have any i gadgets, as I think they are way overpriced, so  I couldn’t try out Urge. As a canny Scot, I find my Samsung Wave 2 8530 mobile phone perfectly adequate for my needs, at less than half the price of an iphone. So maybe you could get more from your money by ditching the fancy hardware, making a budget and sticking to it? Do you really need a app for everything?

This article was featured in the Totally Money Friday Grapevine #31.