Apps That Build Your Savings


Saving money can be a tough task, and to increase your savings effectively you must be focused, determined and willing to make some spending sacrifices. However, saving money in today’s digital age is easier than ever. The growing market of banking and investing applications — both mobile and desktop — allow consumers to pick and choose how they want to save money. These five apps are among some of the best options for those struggling to put money away.

Spendee

One of the most difficult aspects of saving money is determining how you spend your money in the first place. According to Megan Leonhardt of Time, Spendee allows you to track how much you spend each month and what you spend that money on. This lets you examine just how much you are spending on necessities like food and rent as well as how much you are splurging. The standard version of the Spendee app is free, but you can upgrade to the app’s Premium version for $1.99 per month. The premium app gives you access to multiple wallets, budgets and synchronization with your bank accounts. While it’s not required to connect the app to your bank accounts, you will have to input all information manually if you decide not to.

Mint

The official personal investment app for the financial organization Intuit is Mint, according to Carlos Vega of Digital Trends. The biggest benefit the app provides is in-depth information about your overall financial health. If you want to start saving money, an important first step is to understand your current standing. Not only will Mint allow you to see at the current state of your finances, but it will also provide you with a preview of future bills and regularly scheduled transactions. Mint also creates a thorough portfolio for each of its users and that information will help you determine the best ways for you to start saving money, whether it’s through a 401(k), an IRA or other means.

Acorns

Acorns works by rounding up purchases to the next dollar, withdrawing the difference from your bank account with each financial transaction you make. For example, if you pay $4.75 for a sandwich, Acorns will withdraw the additional 25 cents and place it into a savings account. The app gives you more ways to invest that money in an assortment of stock options. Additionally, you can choose to invest in a variety of ways ranging from conservatively to aggressively. Robert Barba of Bankrate points out that the average Acorns user saves around $921 a year.

Qapital

Similarly to the Acorns app, Qapital also rounds up purchases to the next dollar in order to save its users more money. However, Adam Clark Estes of Gizmodo points out that Qapital offers additional features that you can take advantage of. For example, you can customize which purchases Qapital does and does not withdraw money from. Those customized options can be tailored to certain stores, certain times of the month or certain amounts of money spent. If you are setting out to establish savings goals alongside a friend, you can even share data about the amount of money you have saved with them. Doing so creates some healthy savings “competition” between you and your peers.

Digit

According Gizmodo’s Estes, Digit began as a text message-based service. Today it has grown into one of the largest money apps in the world. Digit connects directly to your savings or checking account and looks for ways to help you save money based on your spending habits. It will also take a small amount of money from your account and place it into an FDIC-insured Digit account. The idea of an app having access to your account isn’t for everybody; however, the majority of Digit’s users are more than comfortable with the amount of their income withdrawn every paycheck, especially if that means that money is saved for future use.

By utilizing these five financial apps, you will begin to see your savings blossom over time, setting you on the path toward a strong financial future.

 

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