Saving money is something everyone needs to do but most find difficult to actually put into practice. And while there are numerous strategies to better do so, they all have one thing in common: willpower. Without it, none of them work and that rainy day fund is never properly set up.
Born out of the common difficulties that stem from saving money, the Time Key Money Box is a connected jar that allows users to set a financial goal and a length of time. In that period of time, the Time Key cannot be opened, forcing savers to actually save money irregardless of whatever whim might tempt them to open it up. The jar is big enough to hold at 500 two-pound coins, so the rewards are indeed worth the wait, especially since the product’s companion app allows users to set savings reminders to better keep on track. And with just two AA batteries, the Time Key can stay shut for an entire year, perfect for saving for the holidays. Each Time Key is going for $48 and is slated to be delivered May 2017. Its Kickstarter campaign is looking to raise about $56,000 by December 2nd, 2016.
The Time Key Money Box does an admirable job in helping people save money. It’s hands-off approach to the challenge of doing so is welcome, even if it doesn’t actually track the money being inserted, making it so that users are forced to manually update its total. It may be a pretty low-tech solution, but its a low-tech solution for less important goals or to simply teach young ones the value of saving money.