Most people know the importance of an emergency fund, but saving money is easier said than done. There are so many temptations, like thinking we have to constantly upgrade our lifestyles and keep up with the latest technology. At some point, though, we have to take control of our spending.
Whether you’re looking to pay off debt, build an emergency fund or save for another purpose, your cell phone bill can put a dent in your savings without you even realizing it. So, f you need help saving, here are three money-saving apps you need to download today.
About a year ago, I discovered Acorns and I’ve had nothing but positive experiences with the app. I use the app to effortlessly save for weekend getaways, but it’s also useful for growing your money with long-term investments, especially if you don’t know where to start.
This app is perfect for anyone with limited investing experience. Simply download Acorns and then link a debit card or credit card to you account. For every purchase you make with a linked card, Acorns rounds up the transaction to the nearest dollar and invests the difference in your chosen portfolios. If you make a purchase for $2.20, Acorns rounds up the purchase to $3.00 and invests $0.80.
Roundups add up quickly, resulting in more savings before you know it. And the best part? You can pause investing and withdraw your money any time. Of course, to benefit the most from the app, you’ll want to leave the money untouched for as long as possible.
Acorns is free, but there’s a $1 fee per month for accounts with less than $5,000. Once your account reaches $5,000, the fee is 0.25 percent per year.
After reviewing your income and expenses, you might think you can’t afford to save money. But in reality, you may have more disposable income than you realize.
This is because many people have a habit of impulsively spending on non-essentials. As a result, they waste money that could have gone toward building their savings accounts. This is how Digit helps.
This money-saving app is amazing because it analyzes your income and spending habits, and then determines a safe amount to transfer into your Digit savings account each day or week.
To use this app, download and link it with your checking account. The concept might seem a bit unnerving because you’re not initiating the transfers, but the app is designed to “never” transfer more than you can afford. The company even has a “no overdraft” guarantee. So in the unlikely event of an overdraft, Digit reimburses the fees.
This is money you can access anytime. If you need to get your hands on cash, send Digit a text message and the company will transfer funds into your personal checking account on the next business day.
The app is free, but there’s a monthly subscription of $2.99 (after your trial period). You can cancel anytime.
Financial experts have long preached the importance of paying ourselves first and preparing for a rainy day. With Chime Banking, paying yourself has never been easier.
After downloading the app and opening a Chime account, you’re able to manage your money from the palm of your hand. You’ll receive a Visa debit card, a spending account and a savings account, which offers multiple ways to automatically save your pennies.
If you select the feature to round up debit card purchases to the nearest dollar, Chime will transfer the difference into your savings account. Or you can activate a feature that lets you save whenever you get paid. If you have paychecks direct deposited into your spending account, the bank automatically transfers 10 percent of your earnings into your savings account.
Chime is free and there are no monthly fees.
Saving money doesn’t have to be a chore, but it might require some planning and a little technological help. Do whatever it takes to make headway. Before you know it, your savings account will grow and you’ll be closer to hitting your financial goals.