Spare change is often overlooked. But BumpUp, an innovative online savings platform, proves that every penny can go a long way as they strategically accumulate over time. On a mission to change the way people value their spare change, the digital app introduces a seamless and dynamic approach to saving for basic needs.
BumpUp is a growing community, mostly of college students and recent graduates. The app securely links credit and debit cards and allows users to save or “BumpUp” their spare change to the nearest dollar. The spare change immediately accumulates into their secured Bump Banking account, which later on could be used to address urgent financial needs such as rent, groceries, gas, and many other necessary commodities.
BumpUp is created to help countless individuals struggling with their finances. Statistics show that an astounding 69% of college students are drowning in student loans and are in dire need of financial support. Simultaneously, fresh graduates often face the struggle of living from paycheck to paycheck. Many of them often fail to make ends meet for various reasons, including the lack of financial wisdom or the lack of opportunities to earn a more stable income.
The founder, Luke Woodruff, understands how difficult it is to struggle financially. When he was attending the University of Colorado at Boulder, he went through immeasurable hardships and barely kept his head above the water as he lacked the resources to meet all needs. Later on, even after landing a full-time job after graduation, things were still not as smooth as he expected them to be. Upon thinking about how the same problem could be affecting other people, Luke persevered to develop a platform that would change how they can boost their personal savings and satisfy financial needs.
Today, BumpUp is helping many individuals increase their savings effortlessly and passively. According to the founder, the app functions with no budgeting and no scheduling needed. “It’s all automatic and aligns with natural spending habits,” said Luke. BumpUp savers get to save their space change directly. The process may be simple, yet it paves the way for many millennials to make the most out of every cent saved.
Additionally, BumpUp allows savers to receive spare change and round-ups from direct family members or friends who would be willing to lend a supporting hand. “Once a ‘Bump Backer’ is linked to a ‘Bump Saver’ account, you will begin to save with the power of change,” Luke said. Say, for example, a saver’s mom, dad or both decide to connect their accounts to a user’s BumpUp account, they will directly receive their spare change from any transaction. A family member could buy coffee at $4.10, and the user will directly save the $.90 to their account.
“We are helping resolve the largest financial crisis of the millennial generation,” said the founder. Financial security is one of the best ways to boost one’s confidence, and BumpUp fills the gap for anyone who aims to save as much as possible through a hassle-free platform. The app is perfect for those who need immediate savings results, seen and conveniently accessed in real-time through their phones.
While many students and newly graduated workers struggle, the digital financial app presents a feasible and reliable solution to help them save for immediate needs. To echo the founder’s words, “Now, with BumpUp, financial support is just an install away.”
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