Why use the old school method of saving money when you can use money-saving apps? Certain apps can help with debt relief and reach your financial goals with the ease of a swipe. Let’s face it—it’s hard to save money! And with 2018 in full swing, it may be your New Year’s resolution to finally put away money for that new house, wipe your credit card debt clean, or even go on that trip to Europe.
With the easy-to-use features and automatic saving functions on budgeting apps, you won’t have to stress. So, whether you have too many options or nowhere to start, here are five money-saving apps that can help with debts.
Money-Saving Apps for the New Year
This user-friendly app helps you stay motivated by using real-life goals to save money. It let’s you set rules for your savings, like rounding spare change to the nearest dollar and moving it into your savings. All you have to do is connect an existing checking account to the app.
It also rewards you every time you spend less than your budget. Qapital transfers that unused money straight into your account. Another great feature is that Qapital will set aside a certain percentage of your income every time you receive payment from a client.
There are no fees for using Qapital, and Qapital accounts are FDIC-insured.
This isn’t just a budgeting app, but an alternative to traditional banking. You’ll have to open a Chime savings and checking accounts and get a Chime debit card. However, using Chime is free and has no monthly fees, overdraft fees or foreign transaction fees.
You can round every purchase you make with your Chime card up to the nearest dollar and move the difference over to the Chime savings account. You can also automatically deposit 10% of every paycheck to your savings—a great way for getting rid of debt. Some bills and purchases may also be eligible for cash-back rewards.
Acorns is an investing platform where money will be invested in a portfolio based on your income and goals. You’ll then make a return on the investment.
Each Acorns portfolio is composed of exchange-traded funds, with options that range from conservative to aggressive. You’ll pay one dollar a month if your balance is under $5,000 and a fee of 0.25% for anything above that. College students can use the service for free up to four years.
If you make purchases using a card linked to your Acorns account with one of the company’s partners, those companies give back a percentage of the purchase to your Acorns savings account. The downside is that your savings may fluctuate depending on whether there’s a dip in the markets where you’ve allocated your money.
4. Good Budget
This money-saving app is based on the envelope system of budgeting. This is a method in which you use cash for different categories of your budget, and then keep that cash tucked away in envelopes. But there’s no need for envelopes in this case, because everything’s virtual.
Start by placing a certain amount of money for each expense that you have, such as groceries, transportation, eating out, eliminating debt, etc. Good Budget syncs your household budget between you and your spouse. This way each of you will know who spent what and where it went. This money-saving app is available on Androids and iPhones.
Unsplurge is a social money-saving app that works on the principle of delayed gratification. You save now so you can spend on your goal later, like purchasing a new car or going on that tropical vacation. You can share your progress with a social network of friends and family that act as motivators!
Even though these money-saving apps are great at helping you budget, the first step towards how to be debt free starts with committing to saving. Getting into the habit of putting aside money and accumulating savings will help you manage your income and expenses. And with information available at your fingertips, tracking your finances has never been easier!