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It's simple 'apponomics': Cash is no longer king

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Turbocharging your savings rate

Many consumers put off socking away any money—and many of us don't do it at all. The International Monetary Fund found that only 52 percent of Americans saved any of their income in 2010. SavedPlus, a Silicon Valley start-up, hopes to turn that situation around with a free mobile app that lets users who provide their credit card numbers to automatically send a set percentage of the daily amount they spend with merchants to a preselected account at a bank or IRA every time they make a purchase. They can also tuck away a small amount every day toward bills like a monthly car payment.

The app was conceived by co-founders Nikita Brodskiy, CEO, and Paul Sorokin, president, who met at Stanford Graduate School of Business, after they researched why consumers weren't saving more—and discovered that the prospect of tucking away large amounts at one time was daunting. So far, SavedPlus which launched in May, has logged $2.5 million in transactions by letting users "save little and often," according to Brodskiy. It can be used with any bank account and is available in iPhone and Android versions. The founders hope that for those who are put off by commitment to save, say, $300 at one time, this may be an answer to procrastination. "If you save, say $5 or $10, you will reach higher results by the end of the month," said Brodskiy.

Adam Jeffery | CNBC