Nudge towards saving > spending
Earnie relies on “pattern interruption” — a simple yet effective strategy used by marketers everywhere.
We experience this marketing tactic all the time. It's the reason why you click on ads or choose to open an email with an eye-catching subject line.
You’ll often see this on websites that display limited-time offers like flash sales or alerts that an item is almost out of stock. These tactics create a sense of urgency, scarcity and FOMO.
Earnie flips the script to encourage you to spend less on unwanted goods and save your hard-earned money instead.
According to Forbes Magazine, digital marketing experts estimate that most Americans are exposed to around 4,000 to 10,000 ads each day.
Complicated budgeting apps are failing us
We have seen a steady rise in the number of new budgeting apps and tools over the past few years. While many do provide unique insights, they ultimately fail users for a number of reasons.
#1 - They fail to address the underlying financial and psychological behaviors that are often at the root cause of unnecessary spending (eg. escapism, status, sadness, addiction)
#2 - They rely on willpower to curb spending and don’t have clear accountability or connection to the goals we set for ourselves
#3 - They rely on a “rear view” approach to understanding spending habits, which requires near constant attention and the ability to learn from our past (easier said than done)
#4 - They don’t seamlessly integrate into our everyday lives, which means we often discard them after a few unsuccessful months.
#5 - They don’t provide the same instant gratification (and dopamine rush) one gets from making impulsive decisions like online shopping.
