What is Krugoal all about
Krugoal helps you in saving money or just for planning your expenses with your friends. It is as easy as setting up a group goal or a solo goal, link any rule and start saving
How can I create a group goal
You can select from pre-loaded goal cards like “Learn something” or just create your own goal.
Same way you can also create solo goals.
What is this virtual wallet or saving virtually mean?
We, as humans, make so many promises to our friends or to ourselves. But words are of no value if we do not have “Skin in the game”. So, one up on those whatsapp words and create a real goal on Krugoal. When you do that, the virtual wallet shows you how much money you could have saved if you had automated real money transfers (which is just a click away)
How can I start saving for REAL?
You are just one click away from starting to save real money. Go on to your profile and sign a mandate to authorize auto debit of money from your original bank account
What is this mandate?
Though the word itself is quite scary, a mandate is a very simple process. It helps you in regularly saving your money without which you need a manual process (which we all know will always be procrastinated :) )
Mandates are authorized by NPCI (National Payments corporation of India) the very own body which owns UPI. So it is very safe and secure
Why do I need to sign a mandate? It looks scary
Ya, on the first looks it looks scary. But, it just takes a leap of faith to overcome the internal procrastinator in each of us.
Signing a mandate helps you in auto debiting your bank account according to the rules set by you. You'd know this better if you have used any of the mutual fund apps or stock broking apps.
Currently, the maximum that can be auto debited from your original bank account is set to be Rs.10,000.
Where does my money go and sit?
A.) Your money is very safe with one of our partner banks, where Krugoal has an account with. Once you reach your target savings, you can transfer money to your bank account and spend guilt free (it is just a whatsapp click away)
B.)Also we are working hard to get a wallet/ a separate bank account for you so that you can be 100% confident instead of 99% :)
Why should I trust you with my money?
This is a very interesting question. We are in the game of trust and we will do anything that'll help gain your valuable trust.
Initially, it is not even professional for us to ask your 100% trust, but believe us we will be there for you at every second even if a small mishap occurs.
Because without trust there is nothing
What all group goals can I create?
Any goal that comes up on your mind. Let's say you want to buy that subscription you have been long awaiting. Create a group goals and invite your friends or
you just want to save along with your flatmates whenever you spend something, go on and try that. It is as simple and fun
What are these Krucoins?
Krucoins help you in accumulating equity shares in the company. As you are one of the early adopters, we love to gift you some part of the company. Whenever you do any activity like referring someone, creating a goal, saving money - you’ll be awarded few krucoins
Also using these krucoins, you can be eligible for certain rewards like Amazon gift cards
Is that equity share for real?
Yes, it is for real. We would not make any claims that we canot honor. Again, trust is the game we are in!
Based on your Krucoins accumulation you'll be eligible for certain portion of equity. But currently we are limiting the equity share that we can give to 2% (overall). This will be distributed among the first 1 million Krucoin holders subject to a minimum threshold (to be decided soon)
How about the saving rules?
We all intrinsically live by algorithms day in day out. So, why not for our savings. Keeping that in mind, we introduced saving algorithms/ rules that help you in saving effortlessly and mindlessly. Currently there are rules like Round-up rule, Daily/ weekly/ monthly saving rules and Add-up rule. (More coming up soon). The basic agenda is to link savings with your daily activities and make the process of saving money as simple as possible
Ok, how do I start saving?
A.) Just sign up on Krugoal, start creating a goal and just authorize a mandate to auto-debit your bank account according to the rule set by you.
B.) If you think that that is too much of an ask, create a goal and start saving virtually. This could help you in getting a hang of the product and shows you how much you could have saved in real. Then once you have enough confidence and motivation, you could start saving for real