Frequently Asked Questions
Savvy Dollar is a web and mobile application that allows you to set, track, and manage your personal financial goals. It's a dedicated tool to help you create a clear plan for your savings aspirations—like building an emergency fund or saving for a home deposit—and to strategically pay off your debts, such as personal loans or a mortgage.
Savvy Dollar's unique advantage lies in its advanced calculation engine. Unlike basic tracking apps, it accurately projects the future value of your savings and investments by taking the compounding effect of interest into account. This gives you a precise understanding of when you will reach your goals. For debt, it provides optimized repayment strategies to help you get out of debt faster and save money on interest.
The platform is designed to handle a wide range of important financial goals. For savings, you can set up plans for: Building an emergency fund, Saving for a home deposit, Saving for a large purchase (like a car or vacation), Investing for a child's future, Building your retirement wealth, For debt, you can create goals for: Paying off all your debts using optimized methods, Paying off your home mortgage early
Savvy Dollar offers more than just tracking your payments. It provides you with optimized repayment strategies, such as the "Debt Snowball" (paying off smallest debts first for psychological wins) and the "Debt Avalanche" (tackling high-interest debts first to save the most money). The application does the calculations for you, showing you the most efficient path to becoming debt-free based on your specific financial situation.
No, it's designed to be straightforward and motivational. The process is simple: you connect your accounts, define your goals using the guided templates, and let the application provide the insights and tracking. The intuitive dashboards and clear progress bars are designed to make your financial journey easy to visualize and keep you motivated as you celebrate every milestone achieved.