Financial planning and figuring out how to save money can be challenging. There is cutting back on expenses, setting goals, and not to mention fixing your budget. Now before your mind wanders off and you start thinking that this is another article trying to convince you to open a saving account, spoiler alert: it is not.
While saving money is important, many of us struggle to do it. Not because we are bad at budgeting, but because we think too much of it. Saving money is not about dividing your income and spending only half of it. It is rather about minor savings that you can easily do every day. Intrigued? Read on to discover how Jordanian Startup ChangeCom can change your life.
What is ChangeCom?
Established in 2018 by Jordanian civic engineer and innovator Yazan Al-Kurdi, ChangeCom is the first Middle Eastern platform to offer personal finance management solutions. The concept of this startup came to Al-Kurdi three years ago when he realized that several people struggle to meet their saving goals. “The word ‘saving’ is perceived to be hefty and scary. In truth, saving goals do not require drastic changes in your financial plan, small changes are enough,” he said.
The name of the startup carries a double reference. On one hand, it is about the aforementioned small changes, and on the other, it implies to the change you receive when you pay more money than something costs. Whereby the latter highlights how the startup works.
How Does ChangeCom Application Work?
In 2021, ChangeCom is set to launch the application’s pilot version in the Middle East. You will create a free account, enter information such as income and saving expectations, link your bank account, and lastly select your plan.
“Currently there are six different plans at a user’s disposal,” Al-Kurdi revealed. “Once relevant information is entered about both income and saving goals, we’ll advise users on the plan that best suits their needs.” The concept of the application is straightforward: for every purchase you make and depending on your plan, a small portion of your money will be set aside. After your micro-savings have been added together, you will be able to buy services directly via the application. “We offer gym memberships, health insurances, and several other discounted services on our platform. We’re also proud to be introducing a section dedicated to NGO donations!".
No path is met without its challenges. For Al-Kurdi, his biggest challenge was his lack of knowledge about the startup ecosystem and business in general. When he started on his own, it was at first challenging for him to figure out what to do and how to raise funds. “However, I was lucky. One of my friends is part of the startup ecosystem, she offered me valuable guidance when I needed it,” Al-Kurdi said. “And also, where I am today is greatly attributed to persistence. I believe that you won’t be able to reach your goals without it."
The Tank’s Incubation
“We are thankful to The Tank, which is behind everything my team and I have learnt about growing our startup,” Al-Kurdi said, recalling what they learned during incubation period. “Business development, financial and legal regulations, building strategies… It helped turn ChangeCom from a mere idea to a concrete startup".
The incubator has also helped the startup participate in several competitions and win many of them such as the ABI Hub First Fintech competition in Jordan and the first Cohort of EEDP program by the World Bank. They were also CBJ residents in their sandbox program.
Aiming to make ChangeCom a global solution that will help shape the future of fintech in the world, Al-Kurdi could not part without a final message to young entrepreneurs. “A 9-5 job never made legends. If you have an idea, go for it. No matter how frightened you may feel, do not let yourself wonder what might have happened had you decided to make it happen".