Statistics reveal that a huge 69% of college students have student loans and need financial support to get through their studies. Additionally, 78% of recent working college graduates are living ineffectively from paycheck to paycheck. With many of the younger generation troubled by their finances, digital app BumpUp poses an efficient way of saving spare change and transforms them into savings.
BumpUp operates under a simple process but brings in incredible results. The digital app securely links to the user’s credit and debit cards and instantly ‘BumpUp’ the spare change from their purchases into their Bump Banking account. The app rounds the transaction to the nearest dollar and automatically adds the remainder to the user’s account, to be used for future transactions.
BumpUp is secured and seamless. It requires no budgeting and no schedule, making the app a convenient savings partner for college students and fresh graduates who are frequently on-the-go. The app is a trusted partner for individuals with dynamic lifestyles looking to strategically save every penny passively as their accounts align with their natural spending habits.
Luke understands the need to make the most out of the younger generation’s finances. With economies quickly changing and the constant rise of prices for essential commodities, the founder addresses the need to achieve financial stability. Consequently, BumpUp also teaches college students to be more financially responsible. “Being a full-time student doesn’t mean you have a full-time hall pass,” said Luke. The app helps them save and pay for their rent, groceries, gas, and many more.
Also, BumpUp allows users to add family members or friends as ‘Bump Backers’—anyone willing to support them with their spare change. With this, they can effortlessly make financial burdens lighter for the app user. For instance, a saver’s parent decides to buy gas at $34.25. Then, because the parent is registered as a ‘Bump Backer,’ the user will automatically get the $.75 spare change added directly to their account.
BumpUp was founded by Luke Woodruff, who experienced the difficulties of struggling financially firsthand. As a student at the University of Colorado at Boulder, he quickly experienced the burdens of managing his allowance to keep his head above the water. With rent, utilities, groceries, school expenses, car payments, and many more knocking on his door every month, Luke found himself occupied by his endless financial woes.
Five years after graduating, Luke found a full-time job. Even after then, he was still struggling to make ends meet with his monthly paycheck. Later on, he realized that there must be countless others out there facing the same circumstances and are in dire need of support. Thus, Luke decided to develop a platform that would make saving easier for people looking for ways to earn money from every transaction effortlessly.
Luke has created a vital tool for anyone who wants to increase savings and better prepare for future financial needs. The financial app will genuinely change the way people spend, save and support with spare change. As the founder said, “Now, with BumpUp, financial support is just an install away.”