Here’s a list of different money saving apps that are thought to be among the best out there. Just select one and begin the journey toward self-control.
Before beginning, a recent study has revealed that 45% of the human population does not have savings. About 20% of the workforce ages 45 to 60 do not have enough for their retirement. One recent stat shows that 50% of millennials exhaust their money, and are in debt at a very young age. Research tells us that too many people are not financially capable in surviving because they do not give priority to saving money.
So, saving is important.
12 Best Budgeting and Money Saving Apps
There are plenty of reasons to save including for a family trip, your child’s birthday, some fancy shoes, an absolute dream car, or other things. It cannot be denied that among the primary reasons why people ought to save is because of the freedom they could have from the saving itself.
Additionally, the sense of security received is tremendously beneficial for emotional health. Who would deny that having money makes life easier? Knowing that you have a sufficient amount of money can relieve stress. Everyone wants to be financially secured, for example, when an emergency comes up.
Technology geniuses have developed mobile applications so that almost any individual can enjoy and master saving money. Even if one of these is bought for $10 or so, the savings over time may be 10x the value spent.
1. Digit
Digit is a paid app that charges subscribers $5 per month, which covers getting the auto-savings feature as well as the ability to pay down credit card debts and automatically establish saving goals. The following are the goals Digit has for their customers.
• Help you reach your goals using the easiest methods. The app will guide you through your financial goals each day and with help, you’ll reach goals faster and find peace along the way.
• Aims to help you save up money for anything. Be confident that saving does not necessarily mean downgrading lifestyle. Be ready for the rainy days, while adding unlimited saving goals such as your trips, food dreams, home renovations, etc.
• Digit will help position your money for the future by suggesting effective ways to invest to maximize the income potential for growth.
With Digit as your personalized money tracker, save for unlimited money goals, divide some savings, and allocate money toward resources desired.
2. Qapital
Qapital is an app that allows you to save effortlessly, spend guilt-free, and stretch your money painlessly. Its monthly premium starts with a 14-day trial followed by a $3 to $12 per month depending on the plan. Qapital is regarded as the new mobile banking and saving solution because of its excellent branding and with their customer service.
Not only are automation and personalized emergency savings possible, with Qapital you can experience their rule to “pay yourself first” by putting a sum of money into your savings. You could also set up automatic transfers from a checking account with the savings manager, so any money goes straight toward savings goals on payday.
3. Peak Money
This one shut down April of 2022, but who knows if it will come back.
If you do not want to pay something for a savings app, Peak Money may be the best option to download. With this, be guided in completing some steps…
• Choose your Peaks. The initial process involves setting up your name and account, the savings goals, the amounts, and the due date.
• Plan your climb. Peak Money is free but you may be given the option to upgrade your subscription and pay on a monthly basis depending on your saving needs, lifestyle, and patterns of living.
• Track your progress. Peak Money allows you to monitor your progress and make necessary adjustments.
• Celebrate and repeat. Reach goals and be motivated in setting a higher ones.
Peak Money is free and is quite a simple money saving app with easy automation. While the app shares similar core functionality with other products, the Peak Money’s unique background and the subtle touches throughout the app make it worth trying.
4. Acorns
If you’re the type of person who has a difficult time saving money or does not comprehend a lot of investing knowledge, Acorns could be the App for you. The target market is young people, college students, and almost any person with little or no income. They could each benefit with installing and subscribing to this app.
It’s an excellent place to begin the saving journey with, because it allows you to automate everything without worrying about transferring money from any bank account on some big deal. It begins with a small investment. The app aims to instill into the minds of the young that saving up is a plan for the future.
Acorns has modernized the old-school practice of saving by rounding up your purchases on linked credit or debit cards, then sweeping the change into a computer-managed investment portfolio. That approach is certainly a useful tool to save more.
In a sense, it forces investing. It also forces the need to come up with a bit of extra change or income from elsewhere. Perhaps work an extra 15 minutes each week or something like that. The growth from spare change alone could mean 10-times the initial value, spread over time and into the future.
Acorns offers three levels of membership.
• Lite is $1 a month. Includes a taxable investment account.
• Personal is $3 a month. Adds on an IRA (individual retirement account) and also a checking account.
• Family is $5 a month. Includes everything in the lower tiers, plus Acorns Early, which lets you open investment accounts for kids.
If one is young, this application is great!
The platform has educational content perfect for kids or young people, or even new investors, as it defines key terms and uses clear language. It publishes things geared for millennials with advice about side gigs, credit card debt, student loans and other financial topics.
5. The 52-Week Money Challenge App
The App title itself explains the overview and the purpose of the app. You start by socking away just $1 in the first week of the year, and then gradually increase your savings by a dollar a week throughout the year. Which means in the second week of your saving, you’ll have to save $2, then $3 in week three, until you’ll eventually give the last $52 savings for the last week. This money challenge app will have you saved $1,378 by the end of the year.
Particular features include tracking your money down, as well as giving out timely reminders to accomplish some set goals along the way. It also tracks progress by giving a visual of how well one is doing. If you’re having trouble saving money, this app is designed as a reminder to help get going in saving cash.
The 52-Week Money Challenge App has the ability to create multiple savings goals. Other features include multilingual languages, and it’s designed to work for every device with any software version without requiring connection to the internet. You may customize and add personal savings goals every week if wanted. So if you want that lovely bag from the mall, install the 52-Week Money Challenge App and start tracking your progress, all for free.
6. HoneyFi
HoneyFi is now known as Honeydue.
HoneyFi is for you and your partner (couples) if you want to see where all the money is going, and helps both individuals team up to see all accounts and transactions, to track the budget, and save for the future.
Maybe it could be useful for the vacation you’ve been dreaming of, down payment for a living space, or some kind of emergency fund. You and your partner’s role involves just choosing a contribution rule. Then the HoneyFi app will do the rest. The amount of money saved is FDIC-insured and earns a 0.5% saving bonus.
There are costs the couple has to pay when subscribing to this app. Though it’s free for the initial 30 days, this payment may mean $59.99 per year for the couple (that’s just $5/month per couple). Inclusions will be an unlimited account for you and your partner, savings goals with the 0.5% savings bonus, customizable budgeting and bill tracking, pending notifications and analytics, and the ability to control which accounts are actually shared.
HoneyFi is among the top best budgeting apps to help couples with everyday and long-term finances. A couple can see all the bank accounts, credit cards, bills and investments in one place. Recently, HoneyFi has been named as one of Time’s top apps to help savings and Entrepreneur’s top money saving apps. HoneyFi makes it easier for couples to work together.
7. Twine
Another couples-based app is Twine. The growing trend among young couples with regards to maintaining a separate bank account while being able to save something for a joint goal can be implemented through Twine.
This is a new app which gives both partners free tools, interest-paying savings, and automated investing with a competitive fee. While it’s known how Twine uniquely allows individuals to save for joint goals, there are higher interest rates to be found elsewhere online. This app is only available for iOS users.
Twine is a low-cost app to use, but it isn’t free. For the savings account, there are no regular costs or fees. The account is managed by a popular third-party processor called Apex that may charge fees for less-common activities such as wire transfers, paper statements and overdrafts.
Twine makes sense for a lot of individuals. With free automated savings and low-cost managed portfolios, it works well for both individuals and couples looking to boost their savings and investments without thinking too much.
The rates may not be the very best, but they’re decent and competitive. If you’re in the market for a new saving or investment app to help reach your goals, Twine could be a great choice.
8. Empower
Empower is an online banking and budgeting app available for Android and iOS users. Not only can it assist in organizing finances and implementing a budget, but also with moving money into savings. It may be workable if you’ve been unable to create any budget yourself or to save money on a regular basis.
To many people who go with Empower, their favorite feature of the app is that it offers an AutoSave feature that monitors money coming into and going out of the checking account and will automatically set aside excess cash into savings. Those savings are FDIC insured up to $250,000 and can earn interest on with no minimums when you open an account.
The ability of Empower to intelligently accumulate excess money into your AutoSave account is really smart. The app comes with Human Coaches who are available for one-on-one guidance for any of your financial questions.
The first 14 days with Empower are free. However, there is a subscription fee of $8 per month for access to the full suite of money management features that are offered on the platform after the initial 14 days.
9. iMoneyLover
iMoneyLover is a simple piggy bank app and does not require any bank account information for setup. The app offers a customizable savings goal creator. Set your goal’s name, amount to save, currency name (for saving other than USA dollars), and the time frame for when you want the goal accomplished. You can activate daily notifications to remind you to “feed the pig”, and when you complete your goal, simply reset the data and begin a new one.
This app has been commended for its simpleness. The fun part is you are metaphorically feeding your pig until he is full for the day. This encourages users to get motivated in saving and come back the next day, so that the pig does not die or stay negative in some sense.
The con of iMoneylover is that it’s only available for iOS users. Although free, an advertisement bar appears at the bottom of the app. Also, you cannot have multiple goals or multiple pigs to feed but this will only allow the holding of one goal that’s active and visible until after it’s been reached.
10. Money Box
Money Box is for iOS users and is a step up virtual piggy bank. You can track goals throughout your lifetime, sort by due date or alphabetically, and even add your own pictures (or stock icons) to help visualize each goal.
Like other electronic piggy banks, you’re responsible for creating the separate savings account to fund some goals. Finally, you’re able to set how often to save for this goal – daily, weekly, bi-weekly, or monthly.
11. Savings Goal
Savings Goal is a free and super easy application, if you want to plan and manage your savings. This allows someone to create unlimited goals, add an image for every goal, set the goal target, and also see the daily, weekly, or monthly savings needed, while finally tracking savings and goals with the app itself.
If you are saving for something specific like a house deposit, a new car, some holiday, household bills or something else, this can work out.
One feature in using this app includes automatically calculating the amount you need to save per month or per week to reach your goal by some set target date. Aside from this, it calculates the amount of money you have reached every week or month, depending on your preferred set up. It also produces a savings schedule showing when to add your savings more efficiently, in order to reach your taget.
Graphics for any savings will also be displayed. The visuals will let one see at a glance how much has been saved as a proportion of the full target, also how close one is to the target, and finally whether one is behind or ahead of schedule.
12. Thriv
Thriv is another free digital piggy bank and savings planner for Android and iOS platforms. Its goal is to simply help an individual be motivated to keep saving money, on track for the things really wanted in the future.
This is like other saving apps which allow you to perform all the goals and get things together positively. It also calculates how much to save based on your deadline entered and saving schedule of preference.
Links can also be added in the app if you want to buy from certain online stores or keep some reference concerning your goals. Additionally, look for the overall savings progress on a smooth chart reflecting how well cash is being managed.
Conclusion
Whatever savings service you choose among the best budgeting apps, the most important progress is to have an amount you want to reach, while staying focused on getting to that point. Further goals can be reached after the initial one.
This stated, saving money can help you in the event of a financial emergency and can provide the great sense of having some amount of financial freedom. If you save some money, draw from the cash put away instead of taking on bad debt. Be a penny-pinching person and remember that “a penny saved is a penny earned”.
Leave a Reply