This is a sponsored post
If you’ve been around here for a while you’ll know that my ethos around money is based on the Dave Ramsey Baby Steps and things like the cash envelope system and Sinking Funds, it works amazingly and it is helping people to get out of debt and manage their money better every day.
Some people find the idea of using an actual pen and paper for writing a budget or actual envelopes for sorting their cash a bit antiquated, I get it, we literally do everything from our phones nowadays. Luckily there is a new app available called HyperJar that combines all those handy budgeting tools in one place!
What is HyperJar
HyperJar is the world’s smartest payments and planning account. It’s basically a digital version of the cash envelope budgeting system that makes it easier to plan, share and spend your money.
How does it work?
HyperJar is an app (available on iPhone and Andriod) that you download to your phone a card that will arrive a few days after you register. You transfer money from your bank into you HyperJar account, the account number and sort code are shown in the accounts section fo the app, then you can open multiple ‘Jars’ and use each like a mini account. You can spend directly from any of your jars by linking it to your card, as shown in the video below.
What are Group Jars?
Group Jars are one of the genius features that really make this app useful for how we live and budget today. A lot of our money management and spending is done with other people – things like a group meal, a trip with friends or everyone chipping in for a birthday present. Group Jars essentially work as a pop-up joint account and take the hassle away of things like awkward bill splitting or forgotten IOUs. If you are the Jar owner then you can set permissions for other jar members like who can pay in, spend from and see the Jar. You can also leave notes for each other so you know where money has come from/been used for.
How do Partner Jars work?
HyperJar has joined up with a whole host of handy merchant partners to create exclusive offers and rewards for their users. If you create a jar with one of their partners (which includes brands such as Lidl and Shell!) they will send you offers AND if you lock in your money and commit to spending it with that partner you’ll get an amazing 4.8% Annual Growth Rate on the money you’ve paid into that jar which is calculated and added daily.
Is the HyperJar card a Credit card?
The HyperJar card is a prepaid Mastercard. This means you have to load the money on to the card first (so when you’re budgeting you can just transfer across your food/petrol/date night money directly to the card so it is available to spend). It’s not like a debit or credit card so you can’t go overdrawn or borrow money you don’t have, it is only using the money you put on to the card.
Is there a catch/fee/spammy ads?
Nope, HyperJar is free and always will be! They charge merchants a monthly fee for being on app and take a small percentage of the transactions made with them, the costs of the app are covered by the merchants, not by the user.
HyperJar doesn’t do debt. They will never pitch you a loan/overdraft/debt product.
Is my money safe?
Yes, your money is totally safe with HyperJar. You can freezer your card instantly from the app, if you lose your card then the customer service team can be reached via the app and they will temporarily lock your account until you are sorted. They use bank-grade 256-bit encryption to keep your data and your money safe and also work with e-money specialist PFS to protect and manage your money. (Learn more here)
What I think of HyperJar
This app is like a dream come true for me, I wish I’d invented it myself! I love the fact that it simplifies my budgeting even more. At the moment I budget what I’m planning to spend each month on, for example, the groceries but I still have to update my budget each time I spend from our joint account. With Hyper Jar I can send that grocery money across to my card at the beginning of the month and know that that line of my budget is done and dusted. I also am a big fan of the fact that they are partnered with Lidl as I do at least one of my main shops for the month there and now I’ll be getting offers and rewards for doing so!