My favorite way of describing Goals is comparing it to its antithesis: credit cards. Buying things on a credit card requires no thought or planning up front–you can swipe to your heart’s content. The planning part usually comes well after the money is already gone. This sort of reverse financial planning can be tricky, especially when it turns out you’ve spent more than you’ll earn before the payment is due. This, of course, is how credit card companies make their money–by charging you interest if you carry a balance. The items you purchase end up costing you more.
We wanted to turn that idea on its head. Credit cards can be discouraging. That’s why, in order to inspire and facilitate saving, we wanted to make something encouraging, something effortless and automatic. The tool should do the hard work for you and make saving so fun and easy you can’t help but do it. And of course, you’ll actually earn a bit in interest through our bank partner, too. Encouragement is why we built Goals to set aside money daily, as opposed to monthly, or per-paycheck. By saving gradually, you feel the financial pinch a lot less, and the success of saving a lot more.
Essentially, with Goals, Simple has taken much of the appeal of Mint, and applied it to an actionable state within the walls of its own service. Rather than developing impotent goals external to your bank account, Simple may now execute such goals in a typically attractive, delightful, and intelligent fashion.
For those still unconvinced by Simple, I would highly suggest reading through Mr. Collins’ posting in its entirety. Outlining this functionality — regardless of how basic it may seem — betrays the intense care the Simple staff hold for the prosperity and viability of their company. As a consumer, the transparency such rhetoric provides is of the utmost assurance, and further emphasizes the engorging rift between Simple and its traditional competitors.
Apologies for so frequently harping on about the service on each of my outlets, but I’m just stunned by how pleasant and affable the Simple experience is.