Best saving app to keep money in your wallet

Money-saving apps are technology’s answer to America’s common problem of having enough cash. Saving 20% ​​of every paycheck is a good rule of thumb, but it’s actually a lofty goal for many Americans. Money saving apps help people save more in a variety of ways, from psychological motivation to automated investments to better budgeting. When it’s time to look for new ways to help you save money, these nine apps might point you in the right direction.

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What is a money-saving app?

Money saving apps take advantage of your smartphone’s features to help you save money easily. It’s up to you how much power you hand over to your money-saving app. These apps range from helping with retirement investments, to securing funds on a tight budget, to saving for specific short-term or long-term goals. Overall, their purpose is to help you organize and/or improve your financial situation.

Best Savings App for Retirees

If you love technology, money-saving apps are one of the easiest ways to save for retirement.

1. Acorn

Acorns is a savings and investment app that automates the entire process for its users. Acorns currently offers four levels of accounts (investment, early, late, and spend) that you can access depending on your chosen subscription level. The most basic “investment” level rounds up purchases made from a linked account, debit card, or credit card to the nearest dollar and invests that extra amount. , Acorns Early, an investment account for children. Acorns Later, an IRA account. Acorns Spend is a checking account with a debit card.

cost

• Investment, later, including level of spending, $3 for individuals

• $5 for families including investment, early, late and spending levels

Strong Points:

• Round-up purchases make investing easier

• IRA and checking account available

• Robo-advice Portfolio

Cons

optimum

Acorns is perfect for beginner savings who want an automated savings account managed by a robo-advisor.

App download location:

2. Personal capital

Personal Capital is one of the most comprehensive financial apps available. Users can link their bank accounts, credit cards, and investment accounts to see their complete financial status in one place. This app helps you analyze your investment performance, cash flow, net worth and other financial metrics. You can hire a Personal Capital expert to manage your portfolio for a fee.

cost

Strong Points

Cons

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The free version of the Personal Capital App is suitable for investors who want to monitor their personal financial accounts, analyze their net worth, cash flow and investment fees.

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3. Stash

The Stash app aims to combine banking, saving, investing and learning into one experience. Start investing in select individual stocks and ETFs, including fractional shares, for as little as $5. The app also offers commission-free bank accounts and debit cards that give you stock when you shop. Growth and Stash+ subscription levels offer enhanced features like retirement account access, metal debit cards, and double stock rewards.

cost

• Beginner: $1/month

• Growth: $3/month

• Stash+: $9/month

Strong Points

• Fractional shares can be purchased

• User-friendly all-in-one interface

• Plenty of educational content

Cons

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Stash is suitable for novice investors who want a sleek, all-in-one app that streamlines the investment process and allows them to buy fractional shares.

App download location:

The best saving app for tight budgets

Saving money can seem impossible when you’re on a tight budget, but savings apps are one proven way to save money.

4. Digit

Digit analyzes your actual income and expenses to determine how much you can save each day. Based on your current balance, upcoming income, expenses, and recent expenses, Digit automatically transfers a safe amount to his FDIC-insured interest-bearing savings account. This will help you stay within your budget.

cost

6 months free, then $5/month

Strong Points

Cons

Best for:

Digit is perfect for customers who want a comfortable amount of automatic savings drawn directly from their checking account.

App download location:

5. Good Budget

To be successful in saving, you need a budget. Goodbudget is one of the best budgeting apps available, but it takes budgeting a step further by transforming your traditional budgeting system into a digital one. The app works by creating digital envelopes for all your spending, including your savings goals, and allowing you to prepay a specified amount into each envelope rather than withdrawing from your bank lump sum balance. Budgets are synced between mobile and web devices, which helps co-users. If you spend too much in one category, your balance for that area will be $0 until it resets next month. An upgraded Plus account allows unlimited envelopes, 5 devices, and 7 years of history.

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Strong Points

Cons:

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Goodbudget is perfect for those who prefer to track expenses by category, but prefer digital records to traditional records.

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6. Empower

The Empower app has an auto-saving feature that monitors the money going in and out of your checking account, with the goal of putting extra cash into savings when you can afford it. Signing up for Empower gives you access to your Empower debit card. This allows you to receive cash advances up to $250. It has no fees or interest and does not affect your credit. The app will refund your cash advance on your next direct deposit. Plus, earn up to 10% cashback on purchases made with your Empower card and 0.01% APY on your deposit balance.

cost

Strong Points

Cons

Best for:

People who want to be able to automatically save money without worrying about going over budget, or who need cash from time to time.

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Best saving apps for setting specific savings goals

If you want to motivate yourself to save by setting specific goals, these apps are for you.

7. Capital

Qapital is a customizable app that allows you to create savings goals and rules for how and when automatic transfers are sent to your savings account. Save for goals like a rainy day fund, your next vacation, or a home down payment. The app works by rounding up your purchases and depositing the additional amount into your savings account. Qapital also has three tiers of membership. With Qapital, you can invest in pre-built portfolios, access debit cards, split large deposits, and take on financial challenges called Money Missions to make your money more efficient. You can learn how to use it effectively.

cost

• Qapital Basic, $3/month

• Qapital Complete, $6 per month

• Qapital Premier for $12/month

Strong Points

Cons

Best for:

Users who want a variety of options to reach their savings goals in a fun and easy way and don’t mind paying more than $3/month.

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8. Peak

Peak was voted one of the best money apps by multiple sources for the features it offers, including the ability to set a savings goal, ‘Peak’, by choosing a name, amount and due date. Once you set your peak, you can choose to save using your scheduled savings amount or using a round-up. You can also easily track your progress and make adjustments on the fly.

cost

Strong Points

• free option

• automatic savings

Cons

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People who want to save money without thinking.

App download location:

9. Smarty Pig

SmartyPig is one of the best applications for setting and saving specific goals. Think of it as an online piggy bank. All you have to do is decide how much and how often you want to contribute towards your savings goal and SmartyPig will do the rest with its automation features. Plus, you can earn up to 3.10% APY on your balance.

cost

Strong Points

• No fees to join, save or withdraw

• Offers savings rates that are more competitive than other apps

Cons

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Anyone looking for a simple and free solution to help them reach their savings goals.

App download location:

Best apps to help you save money

All nine apps above offer effective ways to help you save and invest, and each has its strengths and weaknesses. The best apps for you are the ones you use consistently. Test drive all our apps to see which ones are the most user-friendly, intuitive and helpful for your personal financial needs. It will be the app that helps you save the most money.

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John Csiszar contributed reporting for this article.

This article originally appeared on GOBankingRates.com: Best Savings Apps to Keep Money in Your Wallet