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Using Spyn

Your Smart Limit is the one number you need to focus on to achieve your financial goals. It is the amount of money you can safely spend.

If you have bill reserve  goals enabled, your Smart Limit is the amount of money you can safely spend knowing that Spyn is saving enough money for your bills.  

If you have savings goals enabled, our Smart Limit is the amount of money you can safely spend knowing that Spyn is saving enough money to meet your savings goals. 

In debit mode, your Smart Limit is based on the money you have in your default checking account. This means your Smart Limit won’t include projected income (upcoming paychecks) until they occur. Because of this, your Smart Limit varies throughout the month.

In credit mode, Spyn uses your line of credit to “smooth” your bills, savings and spending. This means, your Smart Limit is calculated at the beginning of the month and steadily decreases as you spend. In credit mode, your Smart Limit takes into consideration projected income (money not yet deposited into your checking account). If you don’t receive a paycheck when expected, Spyn will alert you and ask if you want to adjust your Smart Limit.

Spyn’s bill reserve feature makes it easy for you to track and manage your bills. Spyn can automatically recognize common bills, like Netflix, and you can also designate any bank transaction as a regularly recurring bill. 

Once Spyn knows what bills to expect, it automatically begins to put money into the bill reserve from each paycheck you receive. For example, if you have an upcoming bill for $75 and have three paychecks, Spyn will deposit $25 from each paycheck into your bill reserve. A similar method is applied for bills paid quarterly and annually. (You van view your Bill Reserve balance from the Balances menu in the app.)

In reality, Spyn transfers slightly more than the expected amount into your bill reserve to cover minor fluctuations in your bills. For example, your cell phone bill may fluctuate each month by a few dollars. Spyn anticipates these fluctuations before calculating your Smart Limit.

Spyn alerts you when:

  • a bill is expected but wasn’t deducted from your account
  • a bill is significantly higher than anticipated
  • an annual bill or subscription is about to renew (so you have an opportunity to cancel it)

Spyn also monitors your bank transactions and helps you identify new bills.  

When you create a savings goal, you specify how much money you’d like to save each month and for how long. For example, “save $100 per month up to $5,000.” Spyn will also alert you if your savings goals would dramatically alter your spending habits or would cause you to be unable to pay your bills.

Spyn adjusts your Smart Limit so you can meet your savings goals. 

Spyn transfers these funds into a separate “bucket” in your checking account. However, you can choose to transfer these funds on a regular basis to a linked savings account.

Padding is the default name we use for your first savings goal. You can rename this goal or use it to begin to build a padding (or cushion) so you have money for unexpected expenses, like a car repair or a visit to urgent care. 

Bill auto-pay is different than bill reserve.

Every time you make a purchase on your Spyn credit card, Spyn initiates an auto-payment from your default bank account via ACH, usually within a few hours of your purchase. Once we receive the payment from your bank, your credit card balance returns to zero. This means you never have to pay a credit card bill, and you won’t get caught off-guard with a large credit card bill at the end of the month.

Depending on bank processes, weekends and holidays, you may not see the withdrawal from your checking account for up to 3 – 5 business days. However, Spyn automatically “deducts” this amount from your Smart Limit (and checking account balance) in the app, so you always know how much you have available in the bank.

There are exceptions. If you have enabled the “Reserve money for upcoming bills” feature, Spyn is smart enough to know when a scheduled ACH pull would compromise your ability to pay a bill (like your rent or mortgage), and we will wait to initiate the ACH pull until enough money is in your account.

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