Saving money is an important aspect of personal finance, and there are various apps available that can help you stay on track and achieve your savings goals.
Whether you’re saving for a down payment on a house, planning for retirement, or simply building up an emergency fund, these apps can make it easier and more convenient to save money.
Here are some popular apps that can help you save money for a goal:
Goal-setting and tracking apps:
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Qapital:
This app lets you create personalized savings goals and set rules to trigger automatic saving. For example, you can round up the change on every purchase, save when you spend less than your budget, or set aside a fixed amount daily, weekly, or monthly. You can even create shared savings goals with friends or family.
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Digit:
This app analyzes your spending and automatically transfers small amounts of money (usually between $5 and $50) to a savings account each day. You can set a savings goal and Digit will adjust the amount it transfers based on your progress.
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Goodbudget:
This app uses the envelope method of budgeting, which helps you allocate your income to different categories, such as rent, food, and savings. You can set savings goals for each category and track your progress over time.
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YNAB (You Need a Budget):
This app uses a different budgeting method called “zero-based budgeting,” which requires you to assign every dollar of your income a job before the month begins. This can help you make sure you’re saving enough money to reach your goals.
Investment apps:
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Acorns:
This app rounds up your spare change from everyday purchases and invests it in a diversified portfolio of ETFs. You can also set up recurring investments and choose your investment goals.
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Stash:
This app allows you to invest in fractional shares of stocks and ETFs with as little as $1. You can also set up automatic deposits and choose your investment goals.
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Robinhood:
This app allows you to trade stocks, ETFs, options, and cryptocurrency without paying any commissions. However, it’s important to remember that investing carries risks and you could lose money.
Other helpful apps:
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Mint:
This app tracks your spending and income from all of your financial accounts in one place. It can also help you create a budget and track your progress towards your savings goals.
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Personal Capital:
This app provides a comprehensive view of your finances, including your net worth, investments, and retirement savings. It can also help you track your progress towards your financial goals.
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Paribus:
This app helps you get refunds for price drops on online purchases. It can save you money on things you’ve already bought.
FAQs
What are some of the best apps for saving money?
Acorns: This app rounds up your purchases to the nearest dollar and automatically invests the spare change into a diversified portfolio.
– Mint: Mint offers budgeting and expense tracking tools, allowing you to see where your money is going and make informed decisions about saving.
– Stash: Stash allows you to invest in a portfolio of stocks and ETFs, offering a range of investment options for long-term savings.
– YNAB (You Need A Budget): YNAB provides budgeting and expense tracking tools, helping you stay on top of your finances and allocate money towards your goals.
– Chime: Chime offers a savings account with no hidden fees and overdraft protection, making it a convenient option for saving money.
How can I find savings apps that are specific to my goals?
When searching for savings apps, you can consider factors that align with your specific goals. For instance, if you’re saving for a down payment on a house, you may want to look for apps that offer features related to real estate or mortgage calculations. Additionally, you can read reviews and compare features to find the best app for your needs.
Are there any apps that offer cashback rewards for purchases?
Yes, there are savings apps that offer cashback rewards for purchases. These apps partner with retailers to provide you with a percentage of your purchase amount as cashback. Consider using these apps when you shop at participating stores to maximize your savings.
Are there any free savings apps?
Many savings apps offer free versions with limited features. These free versions can be helpful for basic budgeting and expense tracking purposes. However, if you’re looking for more advanced features or investment options, you may have to upgrade to a premium or paid version of the app.
Are there any risks or drawbacks to using savings apps?
While savings apps can streamline the saving process and provide valuable tools, it’s important to be aware of potential risks. Some apps may charge fees or have limitations, so it’s crucial to read reviews, check the terms and conditions, and read reviews before downloading and using an app.