No matter where you start, the top money-saving applications may help you save money. All you need for these simple money applications is a smartphone and a bank account. Each software has a distinct aesthetic and set of money-saving techniques. But at their heart, they’re intended to motivate you to start saving regularly without giving it too much thought.
Review the terms and conditions before using these money-saving applications since you will have to give them access to your bank information (unless, of course, it’s also your bank). Make sure your bank account has a balance cushion that is more than a few dollars as well. Avoid taking the chance of an unintentional overdraft.
Best money saving apps
- Digit: The best for maximising financial choices
- Qapital: Those who are inspired by images should use this.
- Best for a game-like experience is the long game.
- Best for simple saves, chimes
- Best for young folks looking for an alternative to banking at the moment
- Best for new investors is Acorns
- Mint: The ideal choice for beginners in finance
- Best for individuals with debt, Qoins
The automatic savings software Digit tracks every transaction that occurs in and out of your bank account. The money is then periodically transferred from checking to savings in quantities determined by the system’s algorithms to be secure.
For people who appreciate outsourcing choices and consider themselves spenders rather than savers, Digit is a smart solution.
Following a free 30-day trial, Digit members must pay $5 per month. You may use the app to set up savings goals, pay off credit card debt, and utilise the auto-savings option for that price. Every three months, Digit will offer you a 0.1 percent yearly savings incentive; this benefit might help you pay your subscription cost in part.
Digit won’t withdraw any funds if it deems that you are unable to save any money until you are in a more secure situation. Digit will repay up to two occurrences of overdrafts if they happen by mistake. Additionally, overdraft protection is an option.
It will take one to three business days for the money to be sent back into your bank account. You may spend 99 cents to have the money transferred back into your bank account within 30 minutes if you want the money straight now.
Since your funds are kept in FDIC-insured institutions, you are covered up to $250,000 in case of loss.
- Outsourcing financial choices is best.
- Free for 30 days; after that, $5 per month.
With a unique twist, Qapital also wants to make saving modest sums of money simple by allowing users to create savings rules. You might, for instance, configure a guilty pleasure rule to have the app deduct money from your savings each time you order takeout. Qapital can round up your change at the register and add it to your savings, similar to certain investing applications. For instance, if you use a debit card to pay for a $4.50 coffee, the app would transfer 50 cents from your checking account to your savings. To make the roundups larger, you may also establish a rule.
The software is frequently praised for its visually oriented goals-based methodology. You may add pictures to your objectives, turning the portal into a virtual vision board for your finances.
You may choose from several methods to utilise the app: You can apply for a Qapital debit card or link an existing checking account. For your longer-term objectives, you may also utilise Qapital to place investments in an ETF portfolio. The things you receive are determined on the plan you purchase.
- Ideal for: those who are inspired by seeing their goals in their minds.
- Cost: There are several tiers of plans, with the entry-level plan costing $3 per month. A free trial of 30 days is available.
3. Long Game
Long Game aims to encourage consumers to save some of the money they spend on lottery tickets. Users of the app have the opportunity to earn more funds by saving money. Prize-linked savings is what it is called, and the more you save, the more opportunities you have to play games and earn more money. You are not gambling with your principal, which is the money you have put into Long Game, and the account is FDIC-insured. Additionally, the app offers 0.1% interest on your balance.
On the app, you can also create a rule to save money on payday.
You might want to give this app a try if you enjoy the rush of a lottery and want saving to be enjoyable.
- Most suitable for: A gaming experience.
- No charge.
Since its debut in 2014, the digital-only company Chime has attracted millions of consumers. It provides bank accounts with a variety of automatic saving capabilities.
You may set up a rule for Chime to transfer a certain amount of your salary into savings if you direct deposit to your Chime account. To increase savings, there is also a round-up option available.
Since Chime isn’t officially a bank, it doesn’t store your bank deposits like other challenger banks do. Your deposits are held by its partner, The Bancorp Bank. Additionally, interest will be paid on your savings.
- The people who want their bank app to store their spare coins would benefit most from it.
- The banking app is free.
Another more recent digital brand, Current, provides a number of financial wellness tools via a mobile banking app. Customers may create savings objectives, or “pods,” to have money automatically placed away for their desired purpose, such as a vacation or a rainy day fund. Additionally, you may transfer money right into your savings pod.
- Best for: Young individuals looking for an alternative to banking.
- Basic checking account without fees.
You might choose to invest if you already have some emergency funds and want to take a chance. One of the most well-known applications for investing spare change is called Acorns.
Acorns will round up your purchases to the next dollar and put the leftover change into a diverse investment portfolio depending on your goals once you’ve linked a debit or credit card to the fintech app. A recurrent transfer into Acorns can also be set up.
- The best investors are beginners.
- Cost: Acorns Invest has a monthly minimum of $1.
Your accounts are organised and kept track of centrally by Mint. All of your numerous bank and credit card accounts, as well as any loans and investments you may have, may be connected.
With Mint’s application, you may view a comprehensive financial image, giving you a better understanding of how to manage your funds. Additionally, you may set up specific reminders so that you never forget to pay a payment and keep an eye on any subscriptions you may have. Even if one of your regular subscriptions increases in price, you can get a notification.
You may monitor and manage your total expenditure and debt with the option to build personalised budgets. It is also cost-free and receives funding from partners instead.
- Best for: People who are new to finance.
- No charge.
According to Qoins, its clients have paid off their debts two to seven years sooner, saving an average of $3,200 in interest. When you join up with Qoins, you choose a financial goal so you will know precisely how much money to set aside each month. After that, Qoins assists you in making monthly little transfers that contribute to your overall debt. Since you are not moving big sums of money every time you make a deposit, the smaller transactions have less of an impact on your regular banking.
Qoins is excellent for assisting you in increasing your savings, even if you do not have any debt. You may easily raise your credit score and pay off loans more quickly with its assistance.
- Best for: People who owe money.
- Price: $2.99–4.99 a month.
Are money saving apps safe?
Fintech businesses secure your data using a variety of security procedures. Each company’s level of app security is different. Review the terms and conditions to determine whether you are OK with how the business is treating your financial data.
Why you should use a money saving app
These applications might assist you in changing your behaviour patterns if you frequently spend before saving. They’re also a fantastic choice if you’re only now beginning to accumulate funds. These applications constantly transfer tiny sums of money into your savings, making the chore easier, as opposed to asking for a large single payment like some traditional savings accounts do.
When you have some savings, you might want to think about transferring your funds to a high-yield savings account. Even if yields have decreased due to the present economic climate, there are still certain banks where you may keep your funds and still earn a better rate. Although internet banks often provide depositors a better return, you won’t get wealthy. You may also think about putting your money in a certificate of deposit if you won’t need access to it for a while.