Technology’s solution to the common American problem of not having enough money is money saving apps. While 20% is the gold standard of thumb, it’s still a high goal for many Americans. Money-saving apps can help you save more in many ways. These include psychological motivation, automatic investing, better budgeting, and even automatic investing. These nine apps may help you to find new ways to save money when the time is right.
What are Money Saving Apps and How Do They Work?
Money-saving apps make it easy to save money by using the power of your phone. It is up to the user to decide how much power they want to give to their money-saving app. These apps can help you save for the future, invest for retirement, or set aside money for emergencies. Their purpose is to organize and/or improve financial situations.
Put your money to work
The Best Money Saving Apps For Retirement
A money-saving app is a great way to save for retirement if you love technology.
1. Acorns
Acorns automates the whole process of saving and investing. Acorns offers s four account levels — Invest (early), Later, Later, and Spend) — which can all be accessed depending on the subscription tier that you choose. The most basic level, “Invest”, rounds up purchases from linked accounts, debit cards or credit cards to the nearest dollar and then invests that additional amount. Acorns Early is an investment account for children; Acorns Later is an IRA account; Acorns Spend is a checking account that accepts a debit card.
Cost
- $3 Personal, which includes Invest, Later, and Spend levels
- $5 Family, which includes Invest, Early and Later, as well as Spend levels
Pros:
- Investing is easy with rounded-up purchases
- Checking and IRA accounts are available
- Portfolio Robo-advised
Cons
- If you have little balances, this can be a costly option
- You can’t choose all your investments
Best for
Acorns is the best option for people who are new to saving and want an automated savings account managed via a robot-adviser.
How to Download the App
Put your money to work
2. Personal Capital
Personal Capital is one the best financial apps. To view their entire financial picture, users can link their bank accounts and credit cards to Personal Capital. This app can help you analyze your investments, cash flow, and other financial metrics. Personal Capital can manage your portfolio on your behalf for a nominal fee.
Cost
- App available for free
- Personal investment management rates range from 0.49% to 0.899% of assets
Pros
- Comprehensive review of your entire financial picture
- Basic version free
Cons
- Management fees are comparable to high
- You might have to manually enter some accounts
Best for
Investors who want to analyze their cash flow, net worth and investment fees can use the Personal Capital app for free.
How to Download the App
3. Stash
The Stash app is designed to bring together banking, savings, investing, and learning in one place. You can invest as low as $5 and get access to a selection of stocks and ETFs. This includes fractional shares. You can also get a free debit card and a bank account that will reward you with stock for every dollar you spend. The Stash+ and Growth subscriptions offer more features, such as access to retirement accounts, a metal debitcard and stock rewards.
Put your money to work
Cost
- Beginner: $1 per month
- Growth: $3 per month
- Stash+: $9 per month
Pros
- Can fractional shares be purchased?
- User-friendly, all-in-one interface
- Many educational resources available
Cons
- High costs can lead to high prices
Best for
Stash is a great choice for beginners who want an easy-to-use app that simplifies the investment process and allows them to buy fractional shares.
How to Download the App
The Best Money-Saving Apps For A Tight Budget
It may seem impossible to save money when you are on a tight budget. However, a savings app can be a great way to save.
4. Digit
Digit analyses your income and expenses to determine how much you can save each day. Digit will calculate your current balance, future income, expenses, and recent spending. This will allow you to keep within your budget.
Cost
For six months, $5 per month
Pros
- Automated savings
- Overdraft prevention
Cons
- Annual percentage yield of 0.10%, paid quarterly at 0.025%
- There is no free version
Ideal for:
Customers who are looking for a secure amount of savings that is automatically withdrawn from their checking accounts through Digit are best suited for it.
How to Download the App
5. Goodbudget
A budget is essential to being able save effectively. A good budget is one of many budgeting apps that you can use. However, it goes beyond the standard envelope system to digitally transform your budget. You can create digital envelopes to track all your expenses and save money. Each envelope is numbered so you can put the appropriate amount in it up front. It syncs your budget between web and mobile devices. This can be useful for both individuals and couples. Spending too much in one area will result in a $0 balance until the next month. Upgraded Plus accounts allow unlimited envelopes, five devices, and seven years of history.
Cost
- Version free
- Plus Version: $8 per month or $70 annually
Pros
- Budgeting is easy without the need for physical envelopes
- Basic version free
Cons:
- You can’t connect to a financial institution to track spending automatically
Best for
Goodbudget is the best option for people who prefer to track their expenses by category, but prefer digital record-keeping to traditional.
How to Download the App
6. Empower
Empower has an automatic savings feature. This keeps track of the money coming into and out of your checking account. The goal is to put any extra cash in savings as soon as you can. Empower gives you access the Empower debit card. This will give you cash advances up to $250 that are free, interest-free, and do not impact your credit. When you make your next direct deposit, the app will pay the cash advance back. You’ll also be eligible to earn as much as 10% cashback on purchases made using your Empower card, and 0.01% APY for money that you deposit.
Cost
- $8 per month
Pros
- Intelligent automation for savings
- Cash advance and payday advances available early
Cons
- No free version available
Ideal for:
People who want to save money automatically and not worry about running out of budget, and may also need cash advances now and again.
How to Download the App
- App Store
- Google Play is not available
The Best Money-Saving Apps to Set Specific Savings Goals
These apps are best if you want to set specific goals that will motivate you to save.
7. Qapital
Qapital, a customizable app, allows you to set savings goals and establish rules that control when and how much money is transferred to your savings account. You can save for things like a rainy-day fund, a vacation, or a downpayment on a house. It works by adding up your purchases and depositing any extra money into your savings account. Qapital offers three levels of membership. Qapital allows you to invest in pre-built portfolios and access a debit account. You can also divvy up large deposits and engage in Money Missions which help you learn how to better use your money.
Cost
- Qapital Basic, $3 per month
- Qapital Complete, $6 per month
- Qapital Premier $12 per month
Pros
- Save easily with customizable parameters
- 30-day trial for free
Cons
- Fees
Ideal for:
Users who are looking for a variety in saving options and don’t mind paying minimum $3 per month.
How to Download the App
8. Peak
Multiple sources have rated Peak as one of the top money apps. They love the fact that you can set up “peaks”, which are your savings goals. You can choose a name, amount, and due date. Once you have set up your peaks you can choose to save using round-ups or scheduled savings. You can also track your progress and adjust as needed.
Cost
- Version free
- Premium Version: $5 Monthly or $50 Annually
Pros
- Optional free
- Automated savings
Cons
- Annual return of 0.5%
Best for
People who are able to save money without even thinking about it.
How to Download the App
- Google Play is not available
- App Store
9. SmartyPig
SmartyPig can be used to set up and save for specific goals. It’s your online piggy bank. SmartyPig’s automation feature will automatically determine how much and how frequently you want to contribute to your savings goals. You can also earn up to 3.00% APY on your account balance.
Cost
- There are no fees
Pros
- There are no fees to join, save, or withdraw
- Apps offer a higher rate of savings than other apps
Cons
- Only for savings; no retirement and investment goals.
Best for
People who are looking for a quick and easy way to save money.
How to Download the App
The Best Apps to Help You Save Money
Each of the nine apps above offers effective ways to save or invest your money. You will only choose the app for saving money that you use regularly. You can test drive each app to find the one that is most intuitive, user-friendly and beneficial for your financial needs. This will save you the most money by best money saving app.