The act of saving is a daunting task for many people. While we now use our apps for various purposes such as social networking or buying goods online, we can also use them to automate the process of saving. Some of these money saving apps have different features like goal setting or investment options that facilitate a better saving experience.
We discuss some useful apps that help us save more, spend less and tune up our budget with little or no effort.
The Qapital app is one of the best applications around when it comes to setting goals for saving purpose. You are in total control and set your own rules when automating savings. Some of the options the app offers you is to round up the spare change of your recent spending to the nearest dollar and save it in an insured account from the Federal Deposit Insurance Corporation.
Another option is to save a certain sum of money on a regular basis automatically as specified on the app. The requirement for funding various goals on the app is to have an external checking account linked to Qapital. Using the application is free, with a 0.10 percent interest on the Qapital low savings account. Additionally, you are entitled to a debit card after a free sign up plus withdrawal takes two days.
A simple to use savings app, Digit automatically calculates what you can save based on your income and spending patterns. The amount from the calculation is kept in a Federal Deposit Insurance Corporation Digit account. In a week, it saves two or three times, and you earn up to 1 percent savings bonus paid ever three months based on the balance in your Digit account.
There is an option to set the Digit app from automatically saving below a designated amount in your account, and while the app has a free 100 days trial, it costs USD 2.99 a month to use the application after the 100 days.
How to save money using apps in 2018
This a free mobile bank that offers the feature of automatic savings. Opening an account with them makes you qualified for a checking account and debit card as well as an optional savings account. Where there are no traditional physical banks, Chime comes in handy with several features such a no monthly, overdraft or foreign transaction fees.
The application works by rounding up every of your purchase to the nearest dollar and automatically saves the difference into the Chime savings account or you can decide to be keeping 10 percent of your paycheck into the account. Although it has a low-interest rate of 0.01 percent, you might be eligible for cash-back rewards for certain bills or purchases.
Unlike the above-listed savings account, this is an investment application. Acorn works by rounding up all your purchases made through the linked card to the nearest dollar and automatically saves the difference in an Acorn account; to be invested. Based on your income and specified goals, you will be entitled to returns from your investment. There is a portfolio for each account with an option to trade your fund in higher percentage bonds or stocks.
A downside to using this application is a reduction in your savings if there is a dip in the market as well as the time it takes in processing when you want to cash out your savings. However, users of Acorn get benefits such as a certain percentage back, when they make purchases from their partners like Airbnb and Blue Apron.
This application works differently. It helps us sell our unwanted gift cards for cash and also provide a means of buying gift cards at a lesser price. If you have a gift card lying around, instead of using it to buy what you don’t need, why not sell it for cash. The raise app also allows you to use their marketplace to search for and obtain a gift card at discounted prices up to 12 percent. This will let you save more while spending less.
These are some of the best money saving apps in 2018 that will help you achieve your financial goals. If you use others not mentioned here, share it with us in the comment section.