Q: What is a goal? And, goal action?
A: You set a goal to save a fixed amount over a fixed time period. We recommend smaller amounts & durations. Then, periodically (we recommend each day) as you undertake actions that save you money (for example, you decide to take lunch in to work as opposed to going out for lunch), you record the savings in the app - this is the goal action. When you finally record a goal action that puts you over the goal amount, you have met your goal!
Q: Why can't I move money to a long-term savings account directly when I perform a goal action? Why do I need to do this separately?
A: Yes - this feature too is on our "to-do" list. We will get to this in a future version of the app. But here's the key point of our app: It's less about making savings convenient, and more about making savings a habit for you. Our app has been architected to help make savings a habit! In future versions, we will add features that make it more convenient too. We promise!
Q: Why do you recommend small goal amounts and short durations?
A: Arnexa research shows that effectiveness at savings comes from building this into a habit. Habits are hard as anyone who has tried to start exercising regularly, lose weight, or quit cigarettes can attest. The best way to build a habit is to start with goals that you can easily achieve, build up your confidence and capabilities, and then slowly over time increase the amounts, shrink the durations to tackle more difficult goals.
Q: Can I have more than one goal active at a time?
Q: Can I edit a goal? Delete a goal?
A: Yes, you can edit and/or delete a goal until you either meet it (when you have saved an amount equal to, or greater than, the goal target) or it has expired. Once the goal is met or has expired, you cannot edit/delete it.
Q: Can I edit a goal action? Delete it?
A: You can NOT edit a goal action. If you need to edit it, simply delete it and record a new goal action. Goal actions can also be deleted. Goal actions can only be deleted while the goal itself is still active (goal has not been met and has not expired).
Q: Why do you want household income, household size and other information?
A: When you provide this information, the scores we assign you when you successfully complete a goal are more accurate. Think of it this way: It is super simple for Bill Gates to save $1000. The same $1000 is much harder for someone who makes $40,000/year (or, less). The more accurate the information you provide us, the more accurate our scores, and hence your position on the leaderboard.
Q: If I provide no information on household income, etc. what do you do?
A: Our system obtains nationwide data for the countries in which our service is currently available. If you provide no data, we use aggregate nationwide statistics. For example, if you are in the US, and do not provide your household income, we will assume your household income is US $56,000. You can always set this value in the Settings section of our app.
Q: Why do you need my year of birth?
A: Our app is focused on helping you save for the long-term, for your retirement. Dollars you save today can compound to larger values at your retirement, if left untouched. This larger value at retirement is called "future value" (https://en.wikipedia.org/wiki/Future_value). We use future values when computing scores and your position on the leaderboard to incentivize you to save more.
Q: How do I rise in the leaderboard?
A: Simple: Keep setting and meeting goals. Don't worry that you will be overwhelmed by "rich" people who can save much more than you. Put simply, a person who makes more than you would have to also save more in order to achieve the same score. Our scoring system takes into account your goal performance (how many goals have been met, how long is your streak, etc.) along with other factors such as household income, etc. to arrive at your ranking compared to other Arnexa savers. So your focus should be to set a goal and meet it! The more you meet your goals, the longer your streak. And the longer your streak, the higher your position in the leaderboard.
Q: What is my rank in the leaderboard based on?
A: See above.
Q: What is a streak?
A: It's the number of consecutive goals you have met/exceeded.
Q: Can I view the profile of those at the top of the leaderboard?
A: No, not just yet. We are just getting started and this feature is "hot" on our list to get to you when we release the next version of the app.
Q: How safe is my data?