We all have to agree that saving money is challenging, especially during these unfortunate pandemics.
However, the pandemic has taught many the importance of having some savings somewhere. In addition, Covid 19 has led to multiple job losses and company closures, showing the importance of saving money.
No matter how little your income is, consider saving something for the future if full of uncertainties.
Importance of saving money
Before we move to the apps that can help you save money, I would like to show you the importance of saving money.
- Savings help you to overcome financial constraints during uncertain times of pandemics. Those who had no savings and have lost their jobs during the pandemic can tell you what it means to be out of a job without savings.
- To invest, you need to save first. There is no way you can invest without money- let no one deceive you. Large investment ideas start from saving money.
- Saving money helps you to achieve financial independence. For example, you don’t want to be calling your relatives every time you need something in the mall or pay your college fees.
- You have less stress. Having money comes with some peace. You can not be starving or lack school fees for your children and still have peace of mind.
Now, here are the top 5 apps that can help you see money fast
Having started back in 2015, Digit falls under the best-automated saving apps. The Digit app analyses your checking account while monitoring what goes out and what goes in. Afterward, it automatically saves the best suitable amount.
If Digit finds that you will not have anything to save, it cannot hold all your money; the automation process stops.
If you are a spendthrift, I’m sure Digit can help you out in saving. However, you have to subscribe for $5 per month and get the automatic savings app to use Digit.
Digit pays a 0.1% interest after every three months. And that means that your money will be somewhere safe while earning some extra cost.
Digit saves your money with FDIC-insured banks, and it has high encryption methods, so your money is safe in Digit.
The Qapital app helps you to save your money wisely. It has a Payday Divvy feature that allows you to distinguish between your spending and saving. Qapital has also designed some money missions challenges that help you develop a positive attitude towards investment and saving.
Apart from saving money, you can also invest money in the Qapital app, which has prebuilt portfolios for timing the amount you invest.
However, to use the Qapital app, you will have to pay a fee for using the debit card. In addition, you will also pay fees ranging from $3, $6, or $12 for using the app
Despite an American bank owning the Simple app, it continues to offer checking accounts accompanied with money-saving tools. To use Simple, you will have to have a bank account paired with a debit card, just like any other bank.
If you buy something using your Simple debit card, it will automatically transfer the change into a protected savings account.
The simple app has also added a feature such that consumers can automatically choose to move to the savings account from the checking account.
The good thing about the Simple app is that you don’t need to pay monthly fees to use the app.
Current is another app that you can save money faster and conveniently. Consumers can set up saving goals on this application, and the app will automatically move money to the savings account until it reaches the target amount.
It’s also possible for a consumer to move money to their savings account at any time. In addition, the current app gives a free checking account to its consumers.
5. The Stash App
Stash is yet another app that can help you to manage and save your money wisely. The Stash app allows you to save, bank invest, and also learn about your money. In addition, the stash app also offers micro-investments which are an excellent startup for beginners.
To open an investment account on Stash, you will need $5. However, you will pay a monthly fee of $1 for basic features, $3 for retirement plans, and $9 for children’s investment accounts, plus a debit card.
Saving is the best path towards gaining financial freedom. Try it out from today onwards.