If saving money feels overwhelming, there are several methods to assist you in getting started. There is an increasing number of apps available that can do international wire transfers, track your expenses, and assist you in saving money, regardless of your starting point. Only a checking account and a smartphone are required to use these simple-to-use apps. Each app has its personality and ideas for saving money. However, they are mostly intended to motivate you to get into the habit of saving without overthinking it, at a time when millions of people have little, if any, savings.
1. Acorns
If you already have some emergency funds and are willing to take a risk, you might consider investing. Acorns is popular software that invests your spare coins. Once you connect your debit or credit card to the fintech app, Acorns will round up your purchases to the nearest dollar and invest the difference in a diversified investment portfolio tailored to your goals. Additionally, you can set up a recurring transfer to Acorns.
2. Chime
Since its inception, the digital-only company Chime has amassed millions of customers. It offers bank accounts with a variety of automatic savings capabilities. You can set up an automated transfer of your spare change to a savings account. Additionally, a round-up option is provided to maximize savings. Chime, like other challenger banks, does not keep your bank deposits; in fact, it is not a bank at all. Your deposits are held by its partner, The Bancorp Bank. Additionally, you will earn interest on your savings.
3. Long Game
Long Game aims to reinvest a portion of the money individuals spend on lottery tickets. Users that save money on the app are entered to win more money. This is referred to as “prize-linked savings,” and the more you save, the more opportunities you have to play games with a chance to win additional cash. Do not be concerned because the account is FDIC-insured, and you are not gambling with your principal or the money you have deposited. Protracted Battle. Additionally, the app offers a 0.1 percent discount on your balance. Additionally, you can create a rule on the app to save money on payday. If you enjoy the thrill of the lottery and want to make saving more enjoyable, you might want to give this app a try.
4. Qapital
Qapital similarly attempts to assist users in saving modest sums of money effortlessly, but with a twist: it allows users to create savings rules. For example, you could create a guilty pleasure rule that automatically deposits money into your savings account whenever you purchase takeout or “other goodies you’re attempting to avoid.” As is the case with several financial apps, Qapital can round up your purchases and apply the change to your savings.
Additionally, you can specify a rule to increase the size of the roundups. The app is frequently complimented for its aesthetic, goal-oriented design. You can associate images with your goals, effectively using the gateway as a digital vision board for your money. To access the app, you have several options: You can either connect an existing checking account or apply for a Qapital debit card. Additionally, you can use Qapital to invest in an ETF portfolio for your longer-term goals. Which products you receive are determined by the plan you choose.
5. Dobot
Dobot is another straightforward alternative that simplifies the process of saving money regularly. Once a checking account is linked, Dobot will automatically transfer small amounts from it to your savings account every few days. It’s an excellent tool for anyone searching for a simple method to begin saving for the things that matter most. One significant distinction is Dobot’s owner, Fifth Third Bank. While you can use Dobot with another bank’s checking account, your savings deposits will be held at Fifth Third.
6. Honeygain
Honeygain is a passive income app, that will pay you money in exchange for your excess internet bandwidth. With this app, you can easily earn some extra money for doing next to nothing. All you have to do to start earning is to download the app and register. After that, the app can run in the background of your computer or mobile device. This app is also a great tool for saving money, since you can leave it on and forget about it while Honeygain works unobtrusively, then cash out later on when you need to pull some of your savings.
The app’s standout features include its low price — it’s completely free — and the option to link photographs to your goals, which you may name. The graphics are intended to help you recall why you’re foregoing immediate gratification when purchasing in favor of saving. Additionally, the app will send you messages to keep you updated on your progress and give money-saving recommendations. Additionally, you can save with friends and others on the app and keep track of one another’s progress. If the service results in an overdraft, the app claims to cover the associated fees. However, you will not earn interest on your Dobot account.
