Saving is not easy, but there are some great mobile apps that can help us along in the process of savings and budgeting.
Saving money generally takes a long-term commitment to a frugal lifestyle and a good understanding of your own financial situation. You need to learn how to budget and how to manage your money. However, this isn’t always as difficult as it may sound. There are some easy-to-use mobile apps that can help us dish more money out to savings. Here are a few of the best.
Digit
If you are looking to build a budget, or improve on your current budget, then Digit is a great option. The app operates by analyzing your bank account in terms of both your income and your monthly spending habits. It then helps detect where it believes you may be overspending and where you have opportunities to save. This app is perfect for people who aren’t sure of exactly how they should be budgeting.
Qapital
Qapital is the perfect app for people who may need that extra push to get into disciplined savings and budgeting lifestyle. The app requires that you link your bank account, and then will dish out money towards a specific savings goal when you spend it on something else that you think you may have a bad habit of spending money on. This will either help you become more financially disciplined, or help you save more money through your habits.
Acorns
Perhaps the most popular savings app, it is hard to go wrong with the Acorns formula. In a similar way to Qapital, you will link your bank account to Acorns. However, with Acorns, you are only investing change that is rounded up (typically to the nearest dollar). This will be invested in all of your purchases. The amounts are small individually, meaning the user will not feel a drastic financial impact due to the app. However, over time this spare change will add up and you will be shocked at how much you can save.
Varo
Varo is a mobile banking app that is very simple to use, yet offers the user many more options for their savings that a traditional savings account would not. This is due to the lofty compound interest in which Varo pays. In fact, Varo even claims that users can grow their money up to 19 times faster than they would in a traditional savings account.
