Save money by avoiding bank fees and support
the creation of part time student employment from your savings.
TipsE has been created to enlighten students about the power and influence they can have when they learn to carefully manage their money. To illustrate this lesson – in a small scale way we combine the benefits of our virtual wallet and a pre-ordering food service to help them save by avoiding banking and transaction fees and create income earning opportunities for students to deliver food on campus.
The virtual wallet is a mechanism to help students save money by avoiding bank fees that they are charged when using ATMs or POS terminals. The wallet has no transaction fees hence there are no deductions to a student’s available balance. Whereas banks can charge R4 + 1.15% – R6.70 for a cash withdrawal at an ATM. Instead of paying off fees a student can use the money to tip another student to deliver food for him/her.
Students can also use TipsE to share a bill, send and receive money between friends locally and abroad, track expenditure and budget, and access student discount deals.
Money is an essential tool to support one’s health. Arguably, the financial services currently on offer do not promote or support our collective well being if they charge us to access and use our own funds even to purchase essential items such as food. Their charges decrease the amount available in our accounts to be able to support ourselves – the fees might seem small in value but they accumulate to a large value with frequency and time and are big enough to support financial co-operations. Our financial woes are not problems that can be solved by financial institutions. They are problems we have to provide solutions to, ourselves.
As TipsE, we are using crowd-funding to spread our idea and connect to people who share the same dream of being able to not worry about transaction fees that could have you in arrears if you spend your hard earned money. It is difficult to earn an honest living. TipsE believes it is unfair to have to pay for access to money you have worked hard for because it inconveniences you in supporting yourself – which is the main reason you work for it.
Who will benefit?
All students who use TipsE benefit. Namely, the student who wants to earn extra cash, can do so on campus during his/her normal commute between lectures, and the busy student who wishes to avoid waiting in long ATM and food queues, while rushing to the next class. Most importantly, all students will be more enlightened as to the power and influence they can have if they learn to manage their money better. TipsE has a vision to help students across the country empower themselves through the experience of a savvy money management app like ours and the accumulation of savings and tips.
Milestone 1 – R10 00
The Tipping Point – If we reach this, our project is A-go!
● Technology costs (web hosting for a year, application registration fees)
● Delivery uniform – cool branded shirts that promote other social initiatives i.e Upstarts attached to the TipsE brand.
● Delivery and packaging material costs.
● Marketing at and near UCT
● R10 free sign-up voucher for our first 100 users to sign-up.
● R10 free reference voucher for first 100 users who referred 3 friends who signed-up.
Milestone 2 – R25 000
● expansion to other tertiary institutions and campuses in Cape Town.
● Repeat of the above on a bigger scale.
● Hire student campus managers.
Milestone 3 – R50 000
● Office space for the organization.
● technology costs (more customized server hosting to deal with the bigger internet traffic levels)
● Decentralized customer support call centre.
● Hire students to work on and accept other tech related projects for students and South Africa at large.
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