Tired of struggling to save? Explore the Bitnob App to help you save money consistently and develop healthy saving habits using the DCA strategy.
In today’s economy and high inflation rate, saving has become a hassle. Many people face the challenge of saving money but saving money is important for financial independence. Setting money aside regularly isn’t always easy, but certain savings apps make it very convenient.
The good news is that saving money consistently is achievable with the right tools and strategies. One powerful tool that can significantly aid your savings journey is a well-chosen mobile app - The Bitnob App. This app offers a variety of features designed to help you track your spending, set financial goals, and develop healthy saving habits.
In this article, we’ll explore Bitnob as the best app to help you save money confidently, explaining the app's features, benefits, and how you can tailor it just for you.
Bitnob: The Best App to Save Money
You might already know that Bitnob is the best money transfer app that helps you send and receive money within African countries and globally. However, what you might not know is that the Bitnob app is also the best app for saving money. On the Bitnob App, you can save in your USD wallet or use the popular feature known as Dollar Cost Averaging. Let’s delve into it.
Saving in Your USD Wallet
USD Wallet is a dollar wallet that is used to save funds from your local currency to a more stable and stronger currency. You can also use it to send USD to anyone anywhere in the world as long as they have a Bitnob app. In addition, the USD Wallet is used to fund your Bitcoin savings plan automatically, based on how you set up your savings plan for DCA (Dollar-Cost Averaging). There are many benefits of saving in your USD wallet and some of them are as follows:
Currency Stability
The US dollar is generally considered a stable currency, with predictable exchange rates compared to your traditional currency. This provides a sense of security and reduces the risk of financial losses due to currency fluctuations.
Hedge Over Inflation
Considering the high inflation rates currently happening in several countries, saving in USD can help preserve the value of your savings over time. As the domestic currency depreciates, your USD savings will become more valuable.
Ease of Payments
Saving in USD can make it easier to make international transactions and these may include paying for flights, clothes, subscriptions, reservations, etc.
Emergency Fund
Having a portion of your savings in USD can serve as a valuable emergency fund, providing a safety net in case of unexpected expenses or financial difficulties.
Saving With Dollar Cost Averaging
Dollar Cost Averaging popularly called (DCA) is an investment strategy that proposes periodic and timely acquisitions of a given amount of Bitcoin. In simple terms, this means buying $10 worth of BTC on either a daily, weekly, or monthly basis, irrespective of the current market price.
This strategy prevents you from investing all your money in one lump sump - commonly referred to as Lump Sum investing. DCA comes in handy when market prices drop as you can purchase more stock or a higher amount of Bitcoin, thus putting you ahead of the pack when prices rise. When planning to calculate the dollar cost average, it’s important to think long-term and not just about the present.
Benefits of Dollar Cost Averaging
Reduces the Chances of Volatility
Bitcoin is volatile and the best way to stay on top of it is by investing a fixed amount at regular intervals. With this, you're buying more shares when the price is low and fewer shares when the price is high. This can help smooth out the impact of market volatility.
Helps With discipline and Consistency
Saving using the DCA strategy encourages discipline and consistent investing, which can be beneficial in the long run. Remember that you always have to think long-term. This can help you avoid making impulsive decisions based on fear or greed.
Psychological Benefits
Constant timing of the market fluctuations can cause heart palpitations and you do not need that. DCA can help reduce the psychological stress associated with market fluctuations when all you need to do is set up your intervals and go to bed.
How to Start DCA on the Bitnob App
To start the DCA savings strategy on the Bitnob App, you need to download the app and fund your USD account. The funds in your USD account will be used to purchase bitcoin through the Bitnob app at regular intervals.
Once your Bitnob account has been successfully created and funded, you can begin your Bitcoin DCA journey by following the easy steps listed below;
- Tap on “more” in the quick links section and then tap on “Savings”
- Tap on “Create Savings Plan” and Select “Bitcoin Savings”. Then, give your plan a name.
- Select an amount that you’ll be saving. You can start with as little as $1.
- Set your savings frequency. You can choose to save every day, once a week, or once a month.
- Set a lock period for your savings. It could be 3 months, 6 months, or a year.
- Pick a start date for your savings. Then select a funding source, which is your USD wallet. Then, select Start Plan, and you're all set!
Want to Start Saving on Bitnob?
You can start small especially if you can’t afford to pull big strings yet. This means that a frequency of daily $1 to buy bitcoin can go a long way. As mentioned above, you need to think long-term and not just present. As opposed to normal investments, the value of bitcoin typically appreciates over time. If you hold onto Bitcoin for a long time, you could ultimately make a significant amount of money due to its value and rarity.
Ready to start your savings journey and take it seriously? Download the Bitnob app and activate your account to get started.