9 Best Money Saving Apps for Saving

Money Saving Apps

Money saving Apps are technology’s solution to common American problems like not having enough money. While 20% is the ideal goal, it’s not realistic for most Americans. Money-saving apps can help you save more in many ways. These include psychological motivation, automatic investing, better budgeting, and even automatic investing. These nine apps may help you to save money when the time comes.

What are Money-Saving Apps?

Money saving apps make use of the power of your phone to help you save money. It is up to the user to decide how much power they want to give to their money-saving app. Money saving apps can help you save for your retirement, or put aside funds on a tight budget. Their purpose is to improve and organize your financial situation.

9 Best Money-Saving Apps

A money-saving app is a great way to save for retirement if you love technology.

1. Acorns

Acorns is a savings and investment app that automates the entire process for users. Acorns offer s four account levels — Invest (early), Later, Later, and Spend) — which can all be accessed depending on the subscription tier that you choose. The most basic level, “Invest”, rounds up purchases from linked accounts, debit cards, or credit cards to the nearest dollar and then invests that additional amount. Acorns Early is an investment account for children; Acorns Later is an IRA account; Acorns Spend is a checking account that accepts a debit card.

Cost

  • $3 Personal, which includes Invest, Later, and Spend levels
  • $5 Family, which includes Invest, Early, and Later, as well as Spend levels

Pros

  • Investing is easy with rounded-up purchases
  • IRA and checking accounts are available
  • Portfolio Robo-advised

Cons

  • If you have small amounts invested, this can be a costly option
  • You can’t choose all your investments

Also read: Top 10 Money Management Apps For Android

2. Personal Capital

Personal Capital offers one of the most complete financial apps. Users have the option to link their bank accounts, investment accounts, and credit card accounts. This allows them to view their entire financial picture from one location. This app will allow you to analyze your investment performance and your cash flow. net worth and other financial metrics. You can hire experts at Personal Capital can manage your portfolio for a fee.

Cost

  • Free App
  • Personal investment management rates range from 0.49% to 0.899% of assets

Pros

  • A comprehensive review of your entire financial picture
  • Basic version free

Cons

  • Management fees are comparable to high
  • You might have to manually enter some accounts

3. Stash

The Stash app is designed to bring together banking, savings, investing, and learning in one experience. You can invest as low as $5 to start investing in individual stocks or ETFs. This includes fractional shares. You can also get a free bank account or a debit card that rewards you with stock for every dollar you spend. The Stash+ and Growth subscriptions offer more features, including access to retirement accounts, a metal debit card, and stock rewards.

Cost

  • Beginner: $1 per month
  • Growth: $3 per month
  • Stash+: $9 per month

Pros

  • Can fractional shares be purchased?
  • User-friendly, all-in-one interface
  • Many educational resources are available

Cons

  • High costs can lead to high prices

4. Digit

Digit analyses your income and expenses to determine how much you can save each day. Based upon your current balance, income and expenses, and your recent spending, Digit will automatically transfer a safe amount into an FDIC insured interest-bearing savings account which will help you keep within your budget.

Cost

  • Free for six months and after $5 per month

Pros

  • Automated savings
  • Overdraft Prevention

Cons

  • The annual percentage yield of 0.10%, paid quarterly at 0.025%
  • There is no free version

5. Goodbudget

A budget is essential to be able to save effectively. Goodbudget is a great budgeting app. However, it takes budgeting one step further by making the traditional envelope system digital. You can create digital envelopes to track all your expenses and save money. Each envelope is numbered so you can put the appropriate amount in it upfront. It syncs your budget between web and mobile devices. This can be useful for both individuals and couples. Spending too much in one area will result in a $0 balance until the next month. Upgraded Plus accounts allow unlimited envelopes, five devices, and seven years of history.

Cost

  • Version free
  • Plus Version: $8 per month or $70 annually

Pros

  • Budgeting is easy without the need for physical envelopes
  • Basic version free

Cons

  • You can’t connect to a financial institution to track spending automatically

6. Empower

Empower has an automatic savings feature. This keeps track of the money coming into and out of your checking account. The goal is to put any extra money in savings as soon as you can. Empower gives you access to the Empower debit card. This will give you cash advances up to $250 that are free, interest-free, and do not impact your credit. When you make your next direct deposit, the app will pay you back the cash advance. You’ll also be eligible to earn as much as 10% cash back on purchases made using your Empower card, and a 0.01% interest on money that you deposit.

Cost

  • $8 per month

Pros

  • Intelligent automation for savings
  • Cash advances and payday advances are available early

Cons

  • No free version

7. Qapital

Qapital is a customizable app that allows you to set savings goals and establish rules that control when and how much money is transferred to your savings account. You can save for things like a rainy-day fund, a vacation, or a downpayment on a house. It works by adding up your purchases and depositing any extra money into your savings account. Qapital offers three levels of membership. Qapital allows you to invest in pre-built portfolios and access a debit account. You can also divvy up large deposits and engage in Money Missions which help you learn how to better use your money.

Cost

  • Qapital Basic, $3 per month
  • Qapital Complete, $6 per month
  • Qapital Premier $12 per month

Pros

  • Save easily with customizable parameters
  • 30-day trial for free

Cons

  • Fees

Also read: Top 10 Financial Calculator Apps

8. Peak

Multiple sources have rated Peak as one of the top money apps. They love the fact that you can set up “peaks” which are your savings goals. You can choose a name, an amount, and a due date. Once you have set up your peaks you can choose to save money by setting up scheduled savings amounts or rounding up. You can also track your progress and adjust as needed.

Cost

  • Free version
  • Premium Version: $5 Monthly or $50 Annually

Pros

  • Optional free
  • Automated savings

Cons

  • Annual return of 0.5%

9. SmartyPig

SmartyPig can be used to set up and manage to save for specific goals because it’s all that the app does. It’s your online piggy bank. SmartyPig’s automation feature will automatically determine how much and how frequently you want to contribute to your savings goals. You can also earn up to 3.00% APY on your account balance.

Cost

There are no fees

Pros

  • There are no fees to join, save, or withdraw
  • Apps offer a higher rate of savings than other apps

Cons

  • Only for savings; no retirement and investment goals.

Conclusion — Best Money Saving Apps

All of the nine money saving apps mentioned above offer efficient ways to help you save or invest your money. Each has its strengths and weaknesses. You will only choose the app that you use regularly. You can test drive each app to find the one that is most intuitive, user-friendly, and beneficial for your financial needs. This will save you the most money.

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