Whether you are a common consumer or a small business owner, then saving money is always a priority. This means that you have to save more money in order to put into the priority needs to create more value to what you already have.
The additional money you can save from purchases and other expenses can also be put into the emergency funds or for retirement funds, which will ensure a better living in the future. This is a critical part of enjoying better financial freedom and also more opportunity to grow in your professional or business life.
However, the problem here is that this decision can be very challenging when you are trying to make any changes to your spending habits and finding ways to save money. However, unlike the olden times of keeping an expense diary, now there are many apps available which are designed to help customers to take quick decisions to save money in personal and professional finances. Further, we will discuss a few of such applications which help the customers to manage their finances better.
Top money saving apps to try
Chime is an app for iOS and Android, which is meant for mobile banking. The app features a debit card and spending account that is FDIC-insured through which you can deposit funds and see the transactions by keeping track of your spending on the go.
Chime also features a savings account that will let the users start their own savings by setting it automatically, i.e., like putting 10% of their paycheck into their Chime deposit. You can also round up on your purchases and then have the difference amount transferred to the savings by using the Chime debit card.
This way, the app helps to save money and also maintain it in a savings account, so you are not tempted to spend it on any unwanted things. There is also no foreign transaction fee, overdraft fees, or monthly minimum account balance, etc.
Digit is an app which can do the thinking and planning on your behalf to save money for you. It may also go a step ahead by doing a better job to take the savings effort off your head. This application will keep a check on your income and expenses. It also helps to calculate how much you can save and also help to set aside to put into the Digit account.
Digit goes through your finances and does the analysis two or three times a week and gives you a heads up on your savings. You may generate a Free transunion report at PFA, and the app also enables the users to earn a percentage of their savings bonus, which is paid out once in three months. What you get in returns is calculated based on your average daily balance in the Digit account over the three-month assessment period. In fact, after its 100-day free trial, there is a monthly service fee for Digital users.
Qapital is ideal money saving the app, which combines a learning component also to the concept of saving money. The app offers some handy lessons for user’s goal setting by adding value to even the smallest penny, which goes towards achieving the larger goal set. Each of the purchase made is an uneven amount, which is rounded up by Qapital to the closest dollar. This savings is put into an FDIC-insured account at Qapital.
You need to connect your checking account with the app, and the rest of the task will be taken care of by Qapital. You can also automate your saving strategies with the help of this app. This can be added up to a lump sum amount at set intervals. Qapital account holders also earn a certain small amount as interest on their savings, and there is also no user for free the app.
4. Clarity Money
Clarity Money is meant to clarify wise spending by avoiding wasteful spending. This is a free up, which helps users save their money by canceling the unwanted subscriptions which you don’t use anymore or may not be useful. The app also suggests ways to negotiate over your bills and thereby lower your rates.
This financial app tracks where your expenses go, and once a budget is set, it will help you to stay well within it. Adding to it, the app also recommends you the best credit cards which may fit your lifestyle and purchasing habits. This input and training will help you learn smartly using the credit. Moreover, you can also create a savings account in order to keep all the money you saved otherwise.
This app also leverages the power of small savings by rounding up all your purchases using credit or debit cards which you link to Acorns. This small difference is going into the Acorns investment account. The providers put your savings into exchange-traded funds, which can give you some generous benefits.
You have the choice of putting your money into aggressive funds or conservative funds based on your comfort. College students can start an Acorns account free and use it for up to four years. Others need to pay user fee if their account is of under $5,000 or a percentage fee for the account balance above that. Acorns are partnered with the major brands like Blue Apron and Airbnb, etc., and these companies also give back a certain percentage of the user purchases and place it into the savings account on Acorns.
Mint is an app, which helps you to stay on top of your payments. Alongside ensuring that you are never late in paying off the bills, it will also help to save money on these. You never have to pay any late fee or penalties which such an assistant. Mint is an ideal money-saving application, which can aid in developing a certain budget based on your requirements and allocate certain money into savings or emergency fund. You may also choose a retirement fund alongside covering your obligations.
The app also features a free credit score in order to monitor how your savings do and also teaches you regular spending habits. Following it will help you gain a better credit and also opportunities to get better loan rates if you are aiming at a mortgage or vehicle loans. It can also offer you the best credit card limits and interest rates.
Whichever app you use, you need to keep yourself loyal to the best practices in order to ensure that you generate savings and also your savings are managed the best possible way for future benefits.
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