Vermillion is here to help you save more - by encouraging you to track your saving!

Tracking is simple. When money comes into your life - a paycheck, your friend pays you back, $20 in your birthday card - record it as income in your Budget.

When you set money aside - in your retirement fund, savings account, or a jar buried in the backyard - record it as savings in your Budget.

Your savings rate is the amount of your income that you set aside for savings. For example let's say you save that $20 from your birthday card. You would...

1. First, create an entry for $20 as income. Thanks, Grandma!

2. Next, allocate the amount you'd like to set aside as Savings. In this case, you're saving the full $20.

...and that's a 100% savings rate!

Learn more about how to set up your Vermillion Budget here!

Unless you live under a bridge, saving 100% of your income is pretty unrealistic. In fact, the average American household saves about 6.2%. With a little focus and detemrination, you'll be saving more in no time!

Your home page will show your savings rate and your savings total for the month. You'll also see a personalized goal in the upper righthand panel that's tailored to your income.

This goal is based on your friends' savings rates. The friend with the closest rate just above yours will become the new person to beat!

Your new goal is based on your income and their savings rate -- reach the goal and you'll pass your friend! If your friend logs more savings, the goal may go up. In this friendly competition, everybody wins!

No. Approved friends will only see your savings rate for the current month, rounded to two decimal places. They will not see any of the dollar amounts that you enter.

Not at all! Although we're hoping to allow account syncing for our Pro members one day, we've seen better awareness and financial fitness from those who record each entry themselves. When the computer records everything for you, there' s no incentive to look at your budget balance, making it easier to overspend.

Your savings rate will be calculated from the Budget, but you don't need to fill out a complete budget to compete.

We take an updated approach to tried-and-true budgeting methods to help you align your spending to your values and save more for what matters. For those who thrive on competition, we also allow you to share your savings rate with your friends for added accountability.

Vermillion is FREE! We make money on ads and affiliate partnerships -- which we offer only when we truly endorse the product or service and believe it will help our users.

We also plan to offer a Pro subscription that comes with early access to extra features. A portion of our Pro subscription proceeds will go toward nonprofits dedicated to improving the financial wellness of others.

No, inviting someone simply emails them a link through which they can make their own account.