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Fintech super app Mooch hits record 300,000 followers in Q3 2022: Report

By: Get News
The budgeting app is on a mission to manage people’s budgets and make them rewarding.

Financial tech (Fintech) budgeting app Mooch hit 300,000 followers on social media giant TikTok in the third quarter of 2022, a record for the 1-year-old startup. The app uses envelope budgeting to automatically set aside money for bills and savings goals, and users earn cash back as goals are met.

Founded in 2020 by Kevin Jiang and Richard Velasquez, Mooch is revolutionizing people’s relationships with their finances through automatic budgeting. The goal is to help users budget better by making it automatic, pay people’s bills on time, and build their savings.

Inflation in the United States is growing at its fastest annual pace in four decades. Approximately 64 percent of households are living paycheck to paycheck, and more than half can’t cover a $1,000 emergency expense with savings. In such a tight financial economy, sound budgeting is more important than ever. 

Budgeting is essential to creating financial stability, controlling spending, and saving more money. By visualizing where money is spent, people can identify areas where they can cut back. If their monthly income is more than their monthly expenses, they just found money to apply to savings. However, budgeting takes discipline, so Mooch automates the process by transferring money for bills and savings into envelopes to help users stick with it.

It only takes about two minutes to get started with Mooch, and there are three main features to help users meet their goals. First, bills are put on autopilot — cash for each month’s expenses is taken out of the user’s paycheck and divided into budget envelopes for rent, loans, groceries, or other categories. Then, money is moved back into the user’s primary bank account to pay bills when they’re due.

Next, the app automatically moves cash from the paycheck into a savings envelope. Finally, users get paid to budget — each time an envelope is filled, the user receives a bonus reward. 

Custom guides make budgeting a breeze

Mooch also provides several guides to help users take more control of their finances. For instance, a Mini Budget Sheet allows people to cut overspending by visualizing what they spend each month. Users simply enter their income, bills, other spending, and savings, and the template generates a spending limit.

In addition, a Debt Pay Off Guide calculates how one can pay off loans faster, get a head start on financial goals, and get peace of mind. The worksheet template outlines how long it will take to pay off current debt. 

Users enter the amount owed, interest rate, and monthly payment for a credit card or other debt, then scroll down the worksheet until a negative balance is shown. Each row equals a month, and users can adjust the monthly payment to pay the debt down more aggressively.

Another popular guide is the Housing Cost Calculator, which shows how much a person can afford to pay for their home based on their salary. Users enter the home price, down payment, and loan interest rate, and the calculator estimates how much money they need to save to pay for upfront costs and monthly expenses. 

Conclusion

Mooch takes the work out of budgeting to help users build healthy money habits, get out of debt, and start saving for their future. In addition, automated user guides remove guesswork to make financial planning easy.

Media Contact
Company Name: Mooch
Email: Send Email
Country: United States
Website: https://www.amoochlife.com/

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