The UK is back in lockdown as of last week, and that means that the population is back in PJs, with nowhere to go. So, what better time to save for those Chanel perfumes and Louboutin heels you’ve been dreaming about?
Of course, budget is always an issue, and there are several that apps can aid you with your finances. However, UK-based fintech startup Cashmere is more specific in its approach to help you save money for a more responsible, luxurious lifestyle.
Cashmere was founded by Urenna Okonkwo to helping women who love fashion save up towards purchasing their dream luxury item while making financially-responsible decisions. It allows the user to set a target amount to be saved each month. With the amount saved at a certain time, it will show users the items they can buy through the platform.
Users can create integrated MangoPay digital wallets to Cashmere as “virtual piggy banks” to deposit money there each month. After which, they can then spend it guilt-free without the need to pay off huge credit card bills. This is a much more sustainable way to shop than going into debt. Saving up this way not only gives you time to decide whether that purse or those earrings is something you genuinely want; it also saves you from going into debt, which is an easy pit to fall into.
For instance, if I choose to save 50 pounds a month (the app’s minimum monthly deposit), I’d be able to purchase these Louboutin Pumps after a year of saving. If only I’d known about Cashmere during the first lockdown.
Support with financial literacy
Although Cashmere was initially a savings app, it has grown into a platform that has other content aimed at equipping women with better financial habits to build the lifestyle they want. Just last year, the platform conducted a series of workshops introducing women to smart investing, money management, and even property purchase and ownership.
Okonkwo, who herself comes from the finance industry, ultimately hopes to make Cashmere the “number 1 digital financial planner for millennials helping them save up for the goods and experiences they care about”. She was recently included in UK’s “top 32 leaders set to take 2021 by storm” and is hoping to internationally launch the app soon. Currently, the platform is available to UK users only.
YouTube: How to shop guilt-free for luxury items – Urenna Okonkwo @Cashmeretheapp The Simon Tefula Show #11