It seems that Australians are living beyond their means – it has become increasingly common to buy what you want now and worry about the cost down the track.
According to comparison website, Finder, the average Australian credit card balance is $3,258. As a nation, we spend almost $27.5 billion on credit card purchases each month.
“People are extending themselves when purchasing items and getting themselves into financial trouble,” says Sipora co-founder Jonathan Despinidic (JD). “It’s a massive concern.”
It’s no secret that the option of buying now, paying later, fuels the instant gratification culture among millennials, leading to debt that many struggle to repay. It’s what prompted JD to launch Sipora – a new, innovative app that is helping consumers curb debt by encouraging them to save easily and spend without any guilt. It ultimately helps you turn pocket change into savings for that special purchase.
“We’re educating the younger generation about good financial management,” says JD. “Some customers refer to us as ‘before pay’. We’re helping prevent impulse buys.”
Sipora is the first non-banking round-up shopping app designed and developed in Australia. It’s free to download and allows customers to shop around, save spare change and make purchases all within one app. The impressive app rounds up these everyday purchases to the nearest $1 and stores them in the Sipora bank account.
While your savings are accumulating, you’re able to browse (‘window shop’) around 300 retailers including Sephora, Lululemon, Tigerlily and Bing Lee and add items to your wishlist. Once you have accrued enough money in your ‘wallet’, you can then purchase that item.
According to JD, the app is 100 per cent secure for consumers. “Sipora is built with banking level security that connects to a user’s bank account and tracks everyday purchases,” he says.
Better yet, every customer who connects their bank account receives $10 towards their first Sipora purchase.
“There will be more retailers soon,” says JD. “We’re always building new products and technology for customers to spend their spare change.”
This article is sponsored by Sipora, the first ‘round-up’ app that’s designed to help you save and buy what you want! Whether it’s clothing, cookware or electronics that you love, we help you easily save your spare change and purchase your wish list items using the funds from your Sipora account. Best of all, you get access to our comprehensive network of retail stores and receive exclusive offers and free shipping too! Find out more here.