You probably know how important savings are, but we sometimes forget to give them the attention it deserves. Although you might sometimes contribute, it’s more probable that your inconsistent and infrequent saving efforts have left you in a slump. That’s why some people choose to borrow from lenders or banks. The best location to obtain a small personal loan that may be used to cover an unexpected need is from one of these financial institutions.
We can thankfully remove human responsibility from the equation thanks to technology. Money-saving apps are a quick, dependable, and risk-free solution to increase your money saved.
This article will discuss the importance of automating your savings and the 12 automatic savings app that can help you.
Importance of automating your savings
By automating your savings, you can be confident that you won’t forget to put money into your savings account. It’s comparable to deciding to start saving for emergencies.
By automating your savings, you might add another monthly expense to your savings deposits. This can assist you in setting priorities for your savings contributions, lowering the temptation to spend those cash carelessly. It’s simpler to “pay yourself first” when that paycheck arrives if you automate your savings.
Top 12 automatic savings apps
Here are 13 automatic savings apps to help you save more.
Cost: free 30-day trial; $5 a month
Digit is a savings software that automatically tracks transactions into and out of your checking account. The money is then periodically transferred from checking to savings in quantities determined by the system’s algorithms to be secure. For people who appreciate outsourcing choices and consider themselves spenders rather than savers, Digit is a smart solution.
Following a free 30-day trial, Digit members must pay $5 per month. You may use the app to set up savings goals, pay off credit card debt, and utilise the auto-savings option for that price. Every three months, Digit will offer you a 0.1 per cent yearly savings incentive; this benefit might help you pay your subscription cost in part.
Digit won’t withdraw any funds if it deems that you are unable to save any money until you are in a more secure situation. Digit will repay up to two occurrences of overdrafts if they happen by mistake. Additionally, overdraft protection is an option.
It will take one to three business days for the money to be sent back into your bank account. You may spend 99 cents to have the money transferred back into your bank account within 30 minutes if you want the money straight now.
Cost: free 30-day trial; basic plan with extra tiers starts at $3 per month
With a unique twist, Qapital also wants to make saving modest sums of money simply by allowing users to create savings rules. You might, for instance, configure a guilty pleasure rule to have the app deduct money from your savings each time you order takeout. Qapital can round up your change at the register and add it to your savings, similar to certain investing applications. For instance, if you use a debit card to pay for a $4.50 coffee, the app would transfer 50 cents from your checking account to your savings. To make the roundups larger, you may also establish a rule.
The software is frequently praised for its visually-oriented goals-based methodology. You may add pictures to your objectives, turning the portal into a virtual vision board for your finances.
You may sign up for a Qapital debit card or link an existing checking account to utilise the app, among other possibilities. For your longer-term objectives, you may also utilise Qapital to place investments in an ETF portfolio. The things you receive are determined by the plan you purchase.
Cost: the membership might cost anywhere from $1 to $5 each month
You might choose to invest if you already have some emergency funds and want to take a chance. One of the most well-known applications for investing spare change is called Acorns.
Acorns will round up your purchases to the next dollar and put the leftover change into an investment account depending on your financial goals once you’ve linked a debit or credit card to the fintech app. You can also set up a recurrent transfer into Acorns.
Your accounts are organised and kept track of centrally by Mint. All of your numerous bank and credit card accounts, as well as any loans and investments you may have, may be connected.
With Mint’s application, you may view a comprehensive financial image, giving you a better understanding of how to manage your funds. Additionally, you may set up specific reminders so that you never forget to pay a payment and keep an eye on any subscriptions you may have. Even if one of your regular subscriptions increases in price, you can get a notification.
You may monitor and manage your total expenditure and debt with the option to build personalised budgets. It is also cost-free and receives funding from partners instead.
Since its debut in 2014, the digital-only company Chime has attracted millions of consumers. It provides bank accounts with a variety of automatic saving capabilities.
You may set up a rule for Chime to transfer a small amount of money into savings if you direct deposit to your Chime account. To increase savings, there is also a round-up option available.
Since Chime isn’t officially a bank, it doesn’t store your bank deposits like other challenger banks do.
- Empower Finance
Cost: free 14-day trial; $8 per month
Empower will be quite helpful for anyone searching for a comprehensive application to handle their own money. With the help of this software, you can easily build a comprehensive picture of your money and see a transparent roadmap of where they are headed. Empower Finance establishes a connection with your bank account and retrieves data on your subscriptions, debts, loans, revenue, and credits.
Empower develops a “picture” of your financial situation based on this data. The software then creates spending budgets for you depending on the kind of expenses you make using the accounts connected to it.
This programme also aids in budgeting for any loans and bills you might be having trouble paying off. With the help of this software, you can effortlessly keep tabs on your spending and add money to your savings account.
Empower Money is a fantastic application for users who are just starting in finance management since the functions are basic, simple to use, and intuitive. Because of this, they work well for new users; but, those who are accustomed to tracking their money may think Empower is too basic.
Cost: $2.99 – $4.99 per month
According to Qoins, its clients have paid off their debts two to seven years sooner, saving an average of $3,200 in interest. When you join up with Qoins, you choose a financial goal so you will know precisely how much money to set aside each month. After that, Qoins assists you in making monthly little transfers that contribute to your overall debt. Since you are not moving big sums of money every time you make a deposit, the smaller transactions have less of an impact on your regular banking.
Qoins is excellent for assisting you in increasing your savings, even if you do not have any debt. You may easily raise your credit score and pay off loans more quickly with its assistance.
Cost: $3 per month
Stash micro-invests your funds, similar to Acorns. Shares in fractions can be purchased for less money than whole shares.
Stash aims to assist you in developing sound investing practices. Their app is based on this principle. It offers a diverse range of investment opportunities, including 150 individual equities and 60 ETFs.
Users may access a retirement account, a bank account, and a brokerage account for $3 per month. All of the aforementioned, as well as two minor custody accounts, a metal debit card, a complex rewards programme, and a study report, are included for $9 each month. Stash has no investment minimums and no minimal account balances even if it has monthly fees.
This software is among your greatest choices if you want to start investing. Stash reduces the entrance barrier and offers educational resources so you can obtain the assistance you need while learning about investing.
- Clarity Money
Marcus by Goldman Sachs offers a free money management software called Clarity Money.
Understanding your spending patterns and finding places where you may cut back are the key objectives of Clarity Money. The tool aids with budget creation, cost tracking, bill organisation, and credit score monitoring.
Additionally, you have the choice to sign up for a Marcus Online Savings Account via the app. Marcus provides an extremely attractive interest rate to help you increase your savings. To save easily, you may set up automatic deposits.
- Rocket Money
Cost: free; $3 – $12 for premium
Consider using Rocket Money if you’re seeking a simple solution to reduce your expenses. given that the business was started in 2016. Through the app, customers can cancel undesirable subscriptions, negotiate recurring payments with service providers, and get refunds on some costs, saving them hundreds of dollars per year on average. You can link your bank accounts, track your expenditure, and automate saves using the app.
It costs nothing to download and utilise Rocket Money. After their knowledgeable team works to lower prices on your behalf, the firm earns money by collecting a share of your savings. Rocket Money gets a 40% share of the money you save. You won’t pay anything if it can’t cut your costs, so there is no risk in joining up.
- Long Game
Long Game aims to encourage consumers to save some of the money they spend on lottery tickets. Users of the app have the opportunity to earn more funds by saving money. Prize-linked savings is what it is called, and the more you save, the more opportunities you have to play games and earn more money. You are not gambling with your principal, which is the money you have put into Long Game, and the account is FDIC-insured. Additionally, the app offers 0.1% interest on your balance.
On the app, you can also create a rule to save money on payday.
You might want to give this app a try if you enjoy the rush of a lottery and want saving to be enjoyable.
Cost: free 30-day trial; $3.99 per month
Quicken, a maker of financial management software, has developed a new feature called Simplifi. Simplifi is intended to be, well, simpler, but the Quicken app offers consumers a significant degree of control over their financial planning. The app’s stunning, dynamic layout gives you a quick overview of your overall financial situation. You may link your bank accounts, credit card accounts, loans, and investments to keep track of how far you’ve come towards your financial objectives.
To receive a complete view of your money in one location, you may connect with more than 14,000 financial institutions using Simplifi. Additionally, it automatically groups your costs into categories so you can track your spending with ease. This will assist you in finding any wasteful costs, such as unused subscriptions. From there, you may create individual spending caps for each category to assist you to avoid going over budget. The software will also allow you to set and monitor your financial objectives.
The Bottom Line
If you’ve never budgeted before, you may look forwards to learning how to handle your money straightforwardly. If you’re drowning in debt, the proper financial product may be able to help you improve your cash flow and have more control over where your money goes. And there is an app that can assist you in better managing personal finances, regardless of your budgeting method.
Reduce your choices to a select number that best suits your requirements if you want to succeed. Choose whether you want your budget to be automated or manual, rigid or flexible, shared or private. The devices you’ll use to access the service and the amount of time you have to spend on setup and continuing use should be decided. Try out a few of your choices after that. You could prefer one interface over another or find some features to be very useful.
You will be well on your way to a healthier and wealthier future after you have decided on your best budgeting tool.
Marjorie Hajim is the SEO Manager for Friendly Finance. Friendly Finance is a leading loan matching service in Australia specialising in consumer finance. She loves growing businesses with a focus on their online presence and is passionate about organic growth and all things digital. Click here to know more about Friendly Finance loans.