New year, new me—that’s how the saying goes, right? Whether you’re hoping to read more books, increase your daily steps, or solidify a morning routine this coming year, chances are that you could also benefit from increasing your savings. While we all understand the importance of saving, clicking that “transfer funds” button is often easier said than done.
According to a 2019 Federal Reserve report, 4 out of 10 Americans wouldn’t be able to cover an unexpected $400 expense using their savings. If you have a difficult time saving, you aren’t alone. Lucky for you, plenty of money-saving apps are available today that can make the process as simple as a login. We’ve put together our list of the top 5 money-saving apps you can download today to get your finances in line with your New Year’s resolutions.
Our Top Five Money-Saving Apps
- Mint
- Acorns
- Digit
- Qoins
- Truebill
1. Mint
How it works: Mint is a budgeting app that connects to all of your financial accounts to give you a detailed overview of your spending. After linking your accounts, the budget app categorizes your transactions into groups like “entertainment” to simplify tracking your spending. Mint offers a variety of default categories, but users can easily create their own to meet their personal needs. As we mentioned before, budgeting helps you create a tight spending plan to see how much money you’ll save by cutting back in non-essential areas.
After analyzing your spending, Mint will recommend budgets to help you improve your financial standing based on the goals you set within the app. With its additional features, Mint even sends you payment reminders to keep you from falling behind on bills.
Great for: detailed financial overview and budget monitoring.
Price: free with no premium versions available.
2. Acorns
How it works: Regarded as one of the first round-up apps, Acorns first launched in 2014. 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 account.
While there are risks in investing, Acorns allows you to choose between different investment portfolios with varying risk levels. Acting as both a money-saving app and an introduction to investing, Acorns can help you save money while potentially helping you make more.
Great for: new investors and money-saving.
Price: $3 – $5 depending on plan.
3. Digit
How it works: 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, Digit is a money-saving app that will make money-saving decisions for you. After linking your banking accounts, Digit 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 to your Digit account.
What sets this money-saving app apart from other apps is its overdraft protection. The app will pause withdrawals if Digit 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 Digit account to your checking account.
Great for: automating money-saving decisions.
Price: free for 30 days, then $5 a month.
4. Qoins
It’s hard to develop money-saving practices with ongoing debts holding you down. Utilizing Qoins, you can automatically set aside money for your debt payments and savings. After linking your accounts, Qoins will round up purchases to the next whole dollar and transfer the extra funds into your Qoins account. Then, the app will make debt payments for you once a month using your Qoins funds.
Although Qoins primarily focuses on student debt and credit card payments, you are not restricted to the type of debt accounts you can add. If you prefer to set aside money weekly, Qoins also has multiple transfer methods to choose from.
Great for: debt payments and recent graduates.
Price: $2.99 – $4.99 a month depending on plan.
5. Truebill
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. Truebill takes the confusing list of transactions on your bank statements and breaks down where your money is going. By compiling your monthly subscription expenses, you’ll quickly catch any dated subscriptions you forgot about.
On top of subscription monitoring, Truebill also provides additional features such as credit monitoring, budgeting services, and bill-payment negotiation. With multiple services to choose from, the app is a valuable resource for those searching for a robust money-saving app.
Great for: housekeeping your subscriptions and new savers.
Price: free with premium versions starting at $3 a month.
How AIS Can Help You Save Money
Whether you’re a veteran at money-saving practices or just getting started, comparing insurance rates can help save you big. At AIS, we specialize in finding you savings by comparing coverage rates across our network of insurance providers. Our team of specialists will work with you to find the plan that perfectly fits your needs and wallet. Give us a call at (888)-963-4247 today to start saving for tomorrow.
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.