New year, new me—that’s how the saying goes, right? Whether you’re hoping to increase your daily steps or solidify a morning routine this coming year, we can all benefit from increasing our savings using budgeting apps. But if you have a difficult time saving, you aren’t alone. According to the Federal Reserve Bank of New York, total American household debt increased to 17.29 trillion in the third quarter of 2023.

Thankfully, there are plenty of budgeting apps available today that can make saving money a bit easier. To help you get your finances aligned with your New Year resolutions, we put together our list of the top 5 budgeting apps you can begin using today.

Our Top Five Budgeting Apps:

1. Acorns
2. Oportun
3. YNAB
4. Rocket Money
5. HoneyDue

1. Acorns

How it works: Regarded as one of the first round-up apps, Acorns first launched in 2014. Although classified as a savings app and not a direct budgeting app, Acorns is highly useful for wealth management.

The app’s concept is simple: connect your debit or credit card to your account, and Acorns will invest your spare change by rounding up purchases to the nearest dollar. So, for example, if you purchase a burger combo for $6.20, Acorns will round it up to $7 and transfer the extra $0.80 to your Acorns account. 

While there are risks in investing, Acorns allows you to choose between different investment portfolios with varying risk levels. Acting as both a budgeting app and an introduction to investing, Acorns can help you save money while potentially helping you make more. 

Great for: new investors and saving money.

Price: $3 – $5 depending on your plan. 

2. Oportun (Formally Digit)

As easy as it can be to transfer money between your accounts, remembering to do so is a feat in itself. Taking a set-it-and-forget-it approach, Oportun is a budgeting app that makes money-saving decisions for you. Like other budgeting apps on our list, Oportun analyzes your income and spending habits to determine how much money you can save monthly. Once determined, the app will then periodically transfer money from your checking account into your Oportun account. 

What sets this app apart from other apps is its overdraft protection. The app will pause withdrawals if it determines you cannot spare any extra money for the month. If you fall below a pre-determined threshold, you can also tell the app to move funds from your Oportun account to your checking account. Additionally, the app also offers personal loans to give you a helping hand when you need it most.

Great for: those that identify as spenders and not savers.

Price: free for 30 days, then $5 a month.

3. YNAB (You Need a Budget) 

Following a future-based budgeting method, YNAB (You Need a Budget) is a budgeting app that will put every dollar you earn to work. Focusing on planning ahead rather than tracking past transactions, YNAB’s goal is to help its users become more intentional with their money in the long run. 

After you receive your paycheck, you tell the app how much of your pay should go to various categories, such as debt payments, savings, and expenses. With the ability to connect multiple accounts like your checking account, savings, and credit cards, YNAB makes it easy to be hands-on with your overall financial status. 

Great for: meeting financial goals and developing habits.

Price: $14.99 a month or $99 annually after a 34-day free trial. College students are eligible for one free year.

4. Rocket Money 

If you’re like us, chances are you have multiple streaming services tied to your bank accounts. While sign-ups can be a memorable experience, forgetting to cancel subscriptions can be costly. Rocket Money takes the confusing list of transactions on your bank statements and breaks down where your money is going. By compiling monthly subscription expenses, you can quickly catch any dated subscriptions you may have forgotten about. 

On top of subscription monitoring, Rocket Money also provides additional features such as credit monitoring, budgeting services, and bill-payment negotiation. With multiple services to choose from, Rocket Money is a valuable resource for those searching for a robust budgeting app. 

Great for: subscription monitoring and overall finance management. 

Price: free version available with premium versions ranging from $3-$12/month

5. Honeydue

Need to budget your finances with a partner? Try Honeydue. Honeydue is designed for couples to keep track of their joint accounts within one convenient app. After joining, both partners can link their bank accounts, credit cards, loans, and even investments. And don’t worry, you can also adjust what the other partner sees and has access to. One feature that we really enjoy from Honeydue is the shared expense calendar, which makes it simple to receive bill notifications for upcoming payments.

Want to know the best part? The full version of the app is free to use! Although the app doesn’t come with a full host of features like some of the other apps on our list, it does provide an easy way for partners to review their shared assets in one place.

Great for: couples and asset management.

Cost: free.

Find Savings by Comparing Car Insurance Quotes

Whether you’re a veteran at budgeting apps or just getting started, there are plenty of other ways to save throughout the year, such as comparing auto insurance quotes. At AIS, we specialize in finding you the best value available by comparing coverage rates across our network of insurance partners. Our team of specialists will work with you to find the plan that fits your needs. Give us a call at 888-772-4247 today to start saving for tomorrow. 

The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.

Collision car insurance pays to replace or repair damage on a policyholder’s vehicle following an accident with another car or object. Unlike liability insurance, collision coverage isn’t required by law in any state. However, lenders typically require collision insurance when leasing or financing a vehicle.

Since you don’t need the coverage, drivers must decide whether to pay the extra premium for collision car insurance. Although it makes sense to do so in most cases, there are a few situations when paying for the additional coverage just isn’t worth it.

Why is Collision Coverage Important to Have? 

Collision coverage will pay to repair or replace your vehicle (up to its actual cash value and minus your deductible) if it is damaged from the following:

• An accident with another car (including if your vehicle is stationary), regardless of fault.
• A collision with a stationary object, such as a light pole, fence, or barrier
• A single-vehicle accident, such as a rollover
• An accident with an uninsured driver

Collision car insurance is worth having for many drivers as it provides financial protection against repairing or replacing a vehicle out of pocket following an accident. Remember, state-required liability insurance only applies to damage you cause to another person or their property. Collision insurance is entirely optional unless you are financing or leasing a vehicle.

Is Collision Car Insurance Worth It for Me? 

If you own your vehicle long enough, there will come a time when you ask yourself if continuing to pay for collision coverage (and a potential deductible) is worth the cost. If you drive a new car, collision car insurance is almost always worth it unless you can easily afford to replace or repair it after an accident. For older vehicles, however, you’ll need to crunch the numbers.

For example, let’s say you have an older vehicle worth approximately $2,500 and carry collision coverage for $500 a year with a $1,000 deductible. If you end up needing to file a claim this year, it will cost you a total of $1,500 out of pocket (the cost of coverage + your deductible). Since your car’s value is $2,500, your insurer will only pay up to $1,500 for repair or replacement costs ($2,500 value – $1,000 deductible). In this case, you may be better off saving the premium towards repairs or replacement costs yourself rather than purchasing collision coverage. 

However, let’s say that your vehicle is worth $10,000 instead of $2,500. With these numbers, your insurer will pay up to $9,000 ($10,000 value – $1,000 deductible) for repair or replacement costs. Since you’ll receive a greater payout, it’s likely worth paying the additional premium for the added coverage.

How Much Does Collision Car Insurance Cost? 

According to the Insurance Information Institute, the average cost of collision car insurance is around $300 per year. However, insurance providers rely on multiple factors to determine premiums, so the amount you pay for the coverage can vary heavily. Here are just a few factors that determine the cost of coverage:

• Your vehicle’s make and model: expensive cars are expensive to repair or replace, increasing collision coverage costs.
• Your driving record: if you have a long history of accidents, moving violations, and claims, insurers may consider you a risky driver.
• Your location: because traffic and driver data vary significantly depending on your location, some drivers may pay more for coverage in one ZIP code than another.
• Your deductible: collision coverage is subject to a deductible, which is the amount you pay out of pocket for a claim before your insurer covers the rest (up to your policy’s limits). Generally, a high deductible will result in a lower premium and vice versa.

Still Not Sure? Speak With an Insurance Specialist 

Car insurance can sometimes feel overwhelming due to the many coverages available. However, it doesn’t have to be. If you’re unsure of the coverages you need, AIS can help. Our team of specialists will guide you through all the options available from our network of insurance partners to find a combination that works for you. Give us a call today at (888) 772-4247 to speak with a specialist, or start a new quote online.

The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.