The Best Finance Apps for When You Want to Save Money

Saving is hard! Most of us have probably thought this at least once in our lives. More frustratingly is when you do save up a nice sum of money, and then an emergency depletes all of your savings. You’re back to square one and feel demotivated on top of that. Fortunately, there are hundreds of great finance apps that you can use to save money more easily without forgetting to make a transfer or struggling to determine how much to add to your savings account. They take the difficulty out of saving; you’ll no longer find it challenging.

a woman using a smartphone

How to Make Use of the Best Finance Apps

Apps aren’t useful if you download them and never use them again after a month. They only take up unnecessary space on your phone. A finance app will only help you save money if you consistently utilize it. To find a money saving app that you’ll use, first think about what you plan on using it for and what’s important in an app for you. You know that you plan on using it for saving money, but do you have a specific goal like an upcoming vacation? Or do you just know that saving is something you should be doing?

We recommend that you define saving goals before downloading one of these apps so that you have something to work toward and can feel the sense of accomplishment when you reach your savings goal for something important to you. According to a study conducted by Dr. Gail Matthews, people are more likely to succeed when they write down specific goals

After you have your financial goals written down, write what features you want in a finance app. Do you want to find one with a community? Perhaps you would like something with gamification. Or do you need a simplistic app that doesn’t take much effort? This will help you narrow down your options, so you only download the best finance apps most likely to help you save money and stick to it.

5 of the Best Finance Apps to Try When You Want to Save Money

dollar bills rolls

1. Mint

Mint, available on both iOS and Android, is one of the best finance apps that analyzes your spending. It is good for giving you a big picture perspective on your finances too. It features bill reminders, budgeting tools, and credit score tracking to help you manage your spending wisely.

To use Mint, you must give the app read access to your bank accounts. This concerns and deters some people, but it’s safe to use. Mint is only granted the ability to read the accounts; it is incapable of moving money from them. If your Mint account was hacked, your money would be safe.

2. Qapital

This money saving app operates based on an IFTTT (If This Then That) principle. You set up rules for yourself to save money. When one of the rules is triggered, the app automatically saves money for you. For example, you can set up Qapital to round up the cost of coffee when you order at Starbucks and send the extra change to your savings account. Others have also used this app to send leftover money in an area of the budget to their savings accounts at the end of the month.

This helps you resist the urge to spend money you have leftover after covering essential expenses. Qapital was originally only available on iOS but can now be used on Android too.

3. Acorns

Acorns is a micro-investing app that rounds up your purchases and invests the spare change into a diversified portfolio. Investing money is just as important as saving, and Acorns helps people who are new to investing get their feet wet. Many people have the misconception that you need large amounts of money to start investing, but there are many ways to get started with just a little bit of money.

The Acorns app is just one example of your options in micro-investing. Acorns is free to download, but once you start investing with the app, it costs $1 per month for accounts that are $5,000 and under. Accounts over $5,000 are charged an annual 0.25% fee.

Different from the typical money saving app, Digit sends you a text message each day informing you of your checking account balance. Based on an analysis of your spending habits, Digit will also automatically transfer money you have to spare into your savings account every 2-3 days. The amount it can transfer to your savings varies from $0.05 to $150. You can also have Digit text you each day how much your balance changed within the past two days.

The app provides a feature that will let you know why your balance changed. It will list all of your debits from the previous day. Digit is an excellent app for monitoring your checking account on a daily basis without having to sign in, something that deters most people from doing daily financial check-ins.

Bottom Line

Using the right finance app can help you save money. The simple act of monitoring your spending and checking account balance will help you save money. You will be more conscious of spending money. However, you shouldn’t stop there, or you won’t save as much as you possibly could. It’s important to intentionally save money. One of the best finance apps listed above is a good way to stick with saving money. Acorns not only helps you save money but grow your money too. What was once $5 could turn into $10.

Try one of these finance apps, and let us know how you like it. Did it help you save money? How much money did you save after a certain period? What are the best finance apps in your opinion? Feel free to share your experiences in the comments.

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