March 1, 2019

For The Love of Money

The Psychology of Saving

I could be saving more money. I know that. But something happens in my mind when I get my paycheck…You know that feeling you get when you have money after a long time? That sense of relief and freedom. For me, I think I should buy something I need. I realised recently I only had work pants, so I went out and bought jeans. Something always pops up. And, if I hadn't bought all those things, then I’d have money.

If I had set aside $5 every month for the last couple of years, then at least I’d have something now to fall back. I think about it all the time...really, really intently.

But it’s always the same cycle — I get my paycheck and the relief is too much. It means I can pay bills and go live my life.

Patrick Ryan

Is the License to Spend Killing Your Savings? You’re Not Alone. Did you know that the average consumer spends $1,320 (of the total paycheck for a household that earns roughly $63,000 a year) on Amazon? Did you know that the average American family spent over $2,900 in 2016 on entertainment, including going to the movies, seeing sporting events, and buying lottery tickets? Researchers found that more than half of the population increases their spending on paydays by over 25 percent. They also found that 11 percent more prone to go on any shopping trip on paydays, spending more than they would on a shopping day when they don’t get paid. Tips Split your paycheck across multiple accounts to avoid feeling rich with money.  Leave your credit card at home. Use debit cards for recurring expenses. Separate Wants From Needs. Make a list of what you really need and stick to that. Treat yourself but only in moderation.

Saving the Music

People who hear my music typically have a great response to it. I’ve been playing the guitar for 12 years. Guitar used to be my passion but now it’s all about vocals and lyrics.

My plan is to make more music, better music. I can see myself at local performances, maybe even open mic nights. But it’s hard to meet people in the industry and get them to hear new music. Truth is, I’m really good at sales, but marketing myself musically is hard to do.

I have a new job now that pays well. It’s going to be great for my work-life balance. With the free time I’ll have now, I’ll be able to focus more on my music and I can finally start saving. I’ve tried to do music full-time with no other job and that just doesn’t work. Cause you have no money, no gas and in the end, no car which means you definitely can’t do performances.

I’m only 25 and I’m still shaping my life. It’s just been a bad cycle, to pay my bills and go to sleep but I’ll be able to do bigger things now. I even have enough to get a starting-level music video. I want to start doing bigger shows now, meet people who own the venues and get invited. Who knows I might even go back to California one day to perform live.

— Patrick Ryan, Michigan, Ann Harbour

Through stories of our shared struggles and triumphs, we see that we’re all connected. Want to share your story? Email us at stories@earnin.com.

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1Subject to your available earnings, Daily Max and Pay Period Max. EarnIn does not charge interest on Cash Outs.

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1Fees may apply to use Lightning Speed. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see  Earnin.com/TOS for details.

2Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

3Balance Shield cash out is subject to your available earnings and your daily pay period max. Other restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

4Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and are insured by the FDIC up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Other restrictions and/or third party fees may apply. For more information/details visit earnin.com/tos.

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1Restrictions may apply, see earnin.com/privacyandterms for more details. Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/privacyandterms

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1Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details

2Balance Shield cash out is subject to your available earnings, Daily Max and Pay Period Max. Other restrictions and/or third-party fees may apply. For more information visit EarnIn.com/TOS.

3Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information and details, visit EarnIn.com/evolve-bank-and-trust

4Survey conducted in February 2020 with 889 participants

5PwC, 2022 Employee Financial Wellness Survey

6Calculated on the VantageScore 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0. Learn more: https://www.experian.com/assets/consumer-information/product-sheets/vantagescore-3.pdf

5BrightPlan, 2022 Wellness Barometer Survey

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1EarnIn is a financial technology company, not a bank. The Deposit Account, Secured Account, and EarnIn Card are issued by Evolve Bank & Trust, Member FDIC. The EarnIn Card is issued pursuant to a license from Visa USA Inc.

2Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.

3Internal analysis conducted by EarnIn in January 2021, represents total users who Cashed Out at least once from January 1 to December 31, 2020

4This research was conducted online by FTI Consulting’s Digital & Insights team, on behalf of Brigit, MoneyLion & EarnIn. FTI Consulting researched n=4,735 of Brigit, MoneyLion and EarnIn’s Direct to Consumer (D2C) Early Wage Access service consumers between the dates of April 21st, 2021 – May 18th, 2021, and results were weighted in equal proportions to ensure equal representation among the consumers of each participating company. Due to the standard convention of rounding, some totals may not add up to 100%

5Internal survey conducted in February 2020 with 889 participants.

6EarnIn does not charge hidden or mandatory fees for use of its services. Restrictions and/or third party fees may apply. For more info visit earnin.com/TOS

7$4.68 ATM fee = $3.02 ATM + $1.66 bank fee https://www.bankrate.com/banking/checking/checking-account-survey/

8Internal data June 2022- Dec. 2022.

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1Calculated on the VantageScore® 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0. Learn more: https://www.experian.com/assets/consumer-information/product-sheets/vantagescore-3.pdf

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