Saving part of your income is essential for achieving financial independence and stability. The most common suggestion is to try to put aside and invest at least 20% of your income.
Bilance will help you track your savings rate and improve it over time.
The Savings rate is the percentage of personal income that a person saves or invests rather than spends on consumption.
For example, if you make 1000€ per month and spend 800€, your saving is 200€ which makes your savings rate 20%.
Bilance includes investments as money saved or put aside. So if you make 1000€, spend 800€, and invest 200€ then your savings rate is also 20%.
Bilance will award you with badges to motivate you to keep your savings rate or improve it. The Savings club has Badges for each level you reach.
Starting from a minimum 10% savings rate:
10%-19% = 10% Saved Club
20%-29% = 20% Saved Club
30%-39% = 30% Saved Club
You get the point. ;) Can you make it to the 50% club? 😏
The last thing about Saving club is streaks. For each month you maintain your savings rate consecutively you get a streak. If you keep it for a year you get a 12-month streak.
Each time you reach a higher lever you keep all your previous levels streaks but also start a new streak on a higher level.
For example, if you reach a new level each month for 6 months in a row it would look like this:
10% Club - 6 months streak
20% Club - 5 months streak
30% Club - 4 months streak
40% Club - 3 months streak
50% Club - 2 months streak
60% Club - 1 month streak