Top 3 Apps to Pad Your Savings
Bills paid, savings account padded, low-to-no debt and a surplus in your monthly budget are money goals. Because when you conquer money management you empower yourself to have your money work for you! But the truth is that getting control of your financial situation can sometimes feel like a full-time endeavor. From developing a debt repayment plan and managing your monthly expenses, to deciding how much to save or invest each month, there’s more to mastering your money than direct deposit and debit cards. Before you get overwhelmed, take a deep breath. There’s no reason to let this get the best of you.
When it comes to your money,
technology is your friend.
In fact, we can now complete almost every type of transaction right on our smart phones. From paying bills to requesting a credit limit increase, or even selling off stocks… we now have the gift of convenience at our fingertips. And since you have now mastered creating your own budget, it’s time to focus on saving; and today I want to share my top 3 app picks for no-fuss saving!
TOP 3 Apps to Grow Your Savings
Qapital
I have to admit that I was a bit skeptical about setting up an auto-stash account that was linked directly to my checking account. But this app totally changed how I feel about automatic saving. Don’t be like me, worried about it being unsafe, the money Qapital withdraws from your checking account is placed in a FDIC-insured savings account and you can transfer the money back to your account instantly (if needed).
The real beauty of this app is that you are able to set the ‘rules’ for your account. For example, the “round-up rule” lets you round up any credit or debit card purchase, up to the nearest $1 or $2. The app monitors your purchases, and twice a week it will withdraw the rounded-up amount. It will also ‘pause’ all withdrawals, if your account drops below a certain pre-determined amount (generally $100).
Good Question: Why does it only withdraw funds twice per week?
This is actually to your benefit… so that you don’t have 18 mini withdrawals and deposits of $0.10 – $0.20 per week. Instead they’re bundled into let’s say 2 withdrawals/deposits of $2.75 each (or whatever the total rounded amount would be). Which makes it much easier to keep track of.
You can also tweak the app for various automatic savings ‘rules’; and some of them are quite fun. For example, there’s a 52-week savings plan; or the ability to save a predetermined amount each month that you spend less than your budget and more.
Fun Fact: You can even set up Qapital to save every time you post to social media or crush your fitness goals!!!
Bonus:
Use this link to sign up for Qapital and get $5 (free) after your first successful deposit. If you don’t use this link you won’t receive the bonus… so be sure to copy the link to your mobile browser and then proceed from there.
Digit
Digit functions similarly to Qapital. It links to the checking account of your choice and although it does automatically withdraw funds from your account, the algorithm is a bit different. Once you’ve linked your account, Digit analyzes your spending patterns and withdraws money periodically. No set auto-rounding here. The withdrawn money is deposited in a FDIC-insured savings account
While this app may seem to have a little more complexity, Digit guarantees that your account won’t overdraft and you can withdraw your deposits at any time. Digit also features a form of text banking – where you can text the app and have a virtual conversation, to make money transfers or change account settings.
The catch? You don’t earn interest on your savings. Digit may not cost you anything up front (the app and its usage is free) but the company covers its expenses (and overhead) with the interest earned on the deposits it holds.
Bonus:
Use this link to sign up for Digit and get $5 (free) after your first successful deposit. If you don’t use this link you won’t receive the bonus… so be sure to copy the link to your mobile browser and then proceed from there.
Acorns
Acorns is a little different from the two apps that we’ve previously explored. Acorns is a form of micro-investing. It allows you to break into the stock market with the same small deposit withdrawals that the ‘savings account’ apps use. Acorns simple set-up process, partnered with rounding-up auto deposits (similar to Qapitals), makes this an easy entry into investing for anyone. For just $1 per month, the app simply withdraws the “spare change” from your checking account and invests it in an automatic, diversified portfolio.
Of course, using Acorns, over a savings app like Qapital or Digit, comes with a tradeoff… there’s more volatility and risk in the stock market, but there is also the increased potential for financial reward. This app is especially appealing, if you’ve been curious about the purchasing stocks and want to learn more, with less upfront investment as you would experience with traditional investing.
Bonus:
Use this link to sign up for Acorns and get $5 (free) after your first successful deposit. If you don’t use this link you won’t receive the bonus… so be sure to copy the link to your mobile browser and then proceed from there.
The Old-Fashioned Way
Auto-allocation
If you’re still on the fence about auto-saving your money using one of my top 3 apps… but, you’re ready to start stashing more cash; you can always set up an automatic transfer from your checking account to your savings account (based on your pay period or even monthly). There’s no risk involved and you will keep any interest that you earn.
The downside: Well, it’s definitely not as fun as watching random small withdrawals add up to nice nest-egg. Then there’s also the most obvious concern: You have full access to your money (at all times) and if you’re not well disciplined or things get a little tight, you may find yourself tempted to dip into your savings – Stashing your cash out of sight can be a good thing!
No matter what method you use to start saving additional money, what’s most important is that you simply get something in place to ensure that you are making regular and consistent deposits. If you’ve never used an app to manage your money before, don’t let fear get in the way. Be sure to verify that the account, the app will deposit to, is FDIC-insured and start small; until you get the hang of it and are more comfortable with the process. You’ll be on your way to building a substantial stash in no time!
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These apps sound great! I’ll admit, saving money is not something I’m great at. But these apps make it seem like an easy thing to do!
That’s really what I love about these apps Ashley – they take the work out of it!
Wow!! Such an awesome list filled with great apps for savings!:)
I am ALL for saving money! Thanks for sharing.
I’m glad that you enjoyed the post Latasha!!! Having a way to stash cash without having to think about it (and in a way that doesn’t kill my current budget) has been so beneficial!
To be honest I have never heard of any of these apps. Always so worried about using apps when it comes to money. Will have to check these out closer.
Yes, research is everything! Each of these is FDIC insured. I was skeptical about using apps to handle my money… but now EVERYTHING is digital and mobile, even your local bank!
So, interesting! We use the Mint app to manage our funds but I hadn’t thought of looking into other apps that help with saving/ investing. Good to know.
I used Mint for a long time too… I’ve since found another money management app that I like. These apps help you with auto-saving and investing. Check them out!
What a great resource! This is really interesting and I need to check these out — especially good for self employed people like myself! Thanks for sharing – I’m pinning this!
Yes!!! I’m self-employed too, so I have I have to intentional with how I allocate my income. Thank you for pinning this!
I’ve always been a little concerned about apps involving banking and money. I don’t even use my bank’s app! This post definitely brings up a few things to think about in the future if I change my mind. Thanks for the info!
I know, it’s the new way of doing things… but with all things new, there’s always anxiety. I encourage everyone to do their own independent research. I sure have!
WOW, I have never heard of any of these. This is all such a great idea though. Anything that I can do here is helpful.
I felt the same way when I found about them… any opportunity to safely stash more cash is great for me.
These apps are amazing Tiffany, but Capital sounds just right!
I do hope it works for my country here in Africa too
Thanks for sharing 🙂
I hope it works for you too! I love Qapital. Let me know if you’re able to utilize it.
I like the idea of the first one. I have an automatic withdrawal that goes to saving once a month and my bank has keep the change on my debit card purchases. I might check it out.
Dia! See, you’re already proactive about your savings – kudo’s to you. Maybe one of these could be a little extra stash for you!
I really like these ideas. Every time I think I’m doing good with saving, that little voice tells me to spend it! Ugh, lol! But I will definitely try one of these apps out.
Same here… that’s really why I like automation. Every amount counts.