No matter what financial goals you set, the right tool can help you reach them faster. Money saving apps can help you manage your finances and save money more effectively.
However, with so many money-saving apps available, it can sometimes be difficult to find the right solution for your needs.
Keep in mind that the best money-saving apps for you may not be right for everyone, so when considering different financial technologies, it’s wise to evaluate costs, features, and how different apps fit with your goals before making a final selection.
Here are four money-saving apps you may want to consider.
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Acorns
Acorns is an app designed to help you put saving and investing on autopilot. Once you’ve set up your account, you can link credit and debit cards to the app and have Acorns round up your purchases to the nearest dollar. From there, Acorns can save or invest your spare change on your behalf.
The Acorns app offers users several options to simplify the savings process. You can automate savings goals for an emergency fund (in a high-yield savings account from Mighty Oak Bank), investment accounts, and retirement accounts based on your personal preferences or according to the advice of a robo-advisor.
Cost
Monthly fees for Acorns vary depending on the membership level you choose:
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Acorns Personal: $3 per month
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Acorns Personal Plus: $5 per month
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Acorns Premium: $9 per month
All three plans include the Round-Ups® feature for spare change. However, the cheapest plan – Acorns Personal – does not include an option for a high-yield savings account to help you grow your nest egg. Additionally, if you’re interested in investing or bank account options for kids, consider the Acorns Premium option.
Best for …
Acorns may be best suited for new investors and savers who value an automated savings process and access to a robo-advisor.
Quicken Simplifi
Quicken Simplifi is a money management app that lets you view all of your financial data, monitor cash flow, and link bank accounts in one easy-to-understand dashboard. Once you’ve imported data like your bank account and billing information, you can track your income and net worth, monitor your savings amounts and goals, and keep track of your bills.
Simplifi is great for personalization, using your data to create spending plans and financial reports that you can share with a partner or financial advisor to help you stay on track with your goals.
Cost
A subscription costs $3.99 per month and is billed annually.
There is no free version, but Quicken offers a 30-day risk-free trial of the Simplifi web app for Microsoft Windows, as well as promotional discounts throughout the year.
Best for …
Simplifi may be the best solution for budget beginners trying to stick to spending limits or keep track of their monthly expenses. It’s also great for anyone who wants to view and analyze their financial data and use it as a starting point for setting goals and monitoring progress.
Hot tip: Yahoo Finance readers can try Simplifi free for 90 days. Act now!
Capital
Qapital is another personal finance app that can help users save small amounts of money and automate the process. Plus, Qaptial lets you set the rules when it comes to saving money for your automatic savings and investment goals – and there are 15 options available.
For example, you can tell the app to round up transactions and put money into a specific savings or investment account when you use your debit or credit card. There’s also a “guilty pleasure” rule; for example, every time you treat yourself to takeout, you can tell the app to set aside a certain amount of savings in response.
Qapital also offers its users several other useful tools for their personal finances. The app includes budgeting features, a debt tracker, and the ability to manage money jointly with a partner.
Cost
Qapital offers three different membership levels:
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Basic: $3 per month
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Complete: $6 per month
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Premier: $12 per month
All three membership options include unlimited savings goals and the ability to share goals with a partner. Complete and Premier members also have access to a Visa® debit card and an automated investment account. Qapital Premier offers access to all features, including personalized challenges (called Money Missions) to help users save more.
Best for …
Qapital may be best for people who respond well to visual goals and an automated savings process. The personal finance app could also be a good fit for those who need a budgeting tool or tracker to help them get out of debt – alone or with a partner.
Read more: How much money should I have saved by the time I’m 40?
Rocket money
Rocket Money is another money-saving app you may want to consider. It offers a wide range of features including budgeting tools, asset tracking, subscription management, bill negotiation, smart savings accounts, and loan monitoring (among others). You can also link your bank and investment accounts to automate savings goals.
Unlike some other money saving apps, Rocket Money offers its users the choice between a free and a premium version. Of course, the premium version of the app offers more features. But the fact that a free version is available at all is more than what many competitors have to offer.
Cost
Rocket Money offers users two different membership options.
If you choose a Rocket Money Premium membership, the service starts with a 7-day free trial, after which the membership costs $6 to $12 per month based on the price you choose when signing up.
Rocket Money also offers a bill negotiation service. The fees for this service are 35-60% of the amount Rocket Money saves you (first year savings only). Again, you choose the percentage you want to pay the company within this range.
Best for …
If you’re looking for a subscription management tool or bill negotiation service to help you lower your monthly budget, consider Rocket Money. Even people who could benefit from the free version of the app should consider this service.
Good budget
Goodbudget is a money-saving app that puts a digital twist on the traditional envelope budgeting strategy. This personal finance app lets you create a budget and set savings goals by dividing your income each month into different categories, or “envelopes,” based on how you plan to spend and save the money you earn. This type of strategy is called a zero-based budget, and Goodbudget gives you the digital tools to make it easier for you to stick to it.
It’s important to note that Goodbudget doesn’t include automatic savings features like some other money saving apps, but if you upgrade to the premium version of the app, you can enjoy unlimited budget categories and share your budget with multiple users.
Cost
If you want to use GoodBudget to manage your money, there are two membership options available:
Free accounts offer up to 20 budget categories (also known as digital envelopes), while Premium users can set up unlimited envelopes and share the budget with a partner or group.
Best for …
Goodbudget may be a good choice for fans of envelope budgeting and people looking for a digital tool to track a zero-based budget. Partners and families looking for a tool to help them budget together should also consider the app.
Tips for choosing the best money saving app for you
With so many options available, it can be difficult to choose a money saving app to help you manage your finances. Below are some tips to help you sort through the available options and choose the best money saving app for your situation.
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Identify your financial goals. Before you start reviewing apps, be clear about the financial goals you want to achieve. For example, if your priority is to get out of debt, you might want to start by looking for digital tools that can help you do that. But if you’re already debt-free and have a well-invested emergency fund, you might be ready for more advanced money-saving tools that automate investing and retirement planning instead.
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Check features and fees. Next, you can review the features and costs of the different apps. Keep in mind that you may want to sign up for more than one money-saving app to achieve different financial goals. Just be careful not to strain your budget by paying more in monthly fees than you can afford.
Conclusion
Money-saving apps can simplify difficult or tedious financial tasks. And if they help you save money or stay on top of important financial goals, they may be worth the associated membership fees.
Before you sign up for such a service, however, you should do your research. You should compare options and choose a digital tool that you believe will benefit you – especially if it is paid. You should also regularly evaluate the value of a service that charges a monthly fee to make sure it is still worth the cost.
