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Create a Savings Plan with Revolut
A step-by-step guide to create a savings "vault" using Revolut.
Revolut is a banking app that offers an alternative to the regular banking system. It’s a great card for spending abroad because it supports many currencies. But you can use Revolut for other purposes such as transferring money abroad, investing or you can save your money effectively.
If you want to save money with Revolut you should definitely try their Vaults. I personally use Vaults often because it’s a useful and nice way to save money for purpose like vacations, gifts, or for our Christmas in July Challenge.
For saving money using Vaults you need to have two things: first, you need to have the Revolut app on your phone, and second, you need to have money on your Revolut account because your Vaults can be filled only with the money that is already added to your Revolut account.
Here is a 5-step guide on creating a savings plan using Revolut Vaults.
Join our Christmas in July Savings Challenge
1. Create a Vault
You can set up a Vault by tapping the 'Vaults' icon. You will see two options - Group Vault and Personal Vault. The only difference between these two is that for Group Vault you need to invite a person that will save together with you. (It can be a good option for couples who want to save together.)
Here you can name your Vault and you can set a picture for your Vault. So you can customize it as you wish.
3. Your Goal
Then, click continue. You will have to choose the currency that you will use. Revolut has many currencies, and I recommend choosing a currency that you will use the Vault for.
For example, for the Christmas in July Challenge I chose CZK because I know I will probably spend the money in the Czech Republic in December. But for my vault “Vacation in Spain” I would choose EUR.
Then, you have to type how much is your goal and your deadline.
4. Spare change
After you will see an option for spare change. It means that from every transaction that you make with your Revolut card, they will round up the spare change and place it in this Vault. For example, if you spend 3.70 EUR, then it will automatically put 30 cents into your Vault. This is optional so it’s up to you if you want to have it or not.
5. Recurring transfer
You will set up an amount of money that will be added to the Vault automatically. You can choose if it’s daily, weekly or monthly. If you choose the option of weekly or monthly you can also choose an exact day. For example every 10th of every month.
And you´re done. Now you can track how you are doing. You can check how many percentages you have already saved, how much you have, when is your deadline, and how many days to go.
If you set up automatic payments then you don’t have to do much (just check you have money on your Revolut account). You can also fund your Vault by using the option “one-time transfer'‘ which means you can add money to your Vault any time when you want.
How do you withdraw money from your vault?
The money in your Vault is separated from your main balance. You can transfer money between your Vault and your main Revolut account at any time. So when you want to withdraw your money, you click on the icon “withdraw,” choose how much, and in a second you will have it on your main Revolut account where you can use it for any type of purchase.
I will use the Revolut Vault for the Christmas in July Challenge and I invite you to participate in that Challenge, too. It’s a fun challenge for everyone! Whether you make $1,000 per month or $10,000 per month, everyone can save and be part of this Challenge. Starting first week in July, start to save 10% of your monthly income that will go towards Christmas presents.
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