March 6, 2020

Types of Saving Apps that You Can Use

We do everything with apps these days. From managing our schedules, talking to friends or even getting our work done, apps are a part of our everyday lives.

So, why not save money with an app, too? Many types of apps are available online for saving money, from store loyalty apps to personal finance apps. Let’s see how you can start using technology to save money today.

Can You Save Money With an App?

Apps can save you money in multiple ways. They can remind you to stick to your budget, find coupons and even transfer money automatically to your savings account.

Many people have multiple apps to improve their financial life, even if they do not realize that is what they are doing at the time — after all, a coupon app may just seem like a sensible thing to do vs. being considered a budgeting tool!

Here is a brief overview of the best types of apps you can use to save money.

  • Store loyalty apps — Starbucks has a great store loyalty app that tracks your purchases and rewards you when you meet a certain threshold. Many restaurants and retail stores have similar loyalty and points systems.  If you are going to spend money anyway, then get rewarded for your spending and save money along the way.
  • Coupon apps — Everyone wants to save money on the things that they need. Coupon apps like Honey can automatically look up coupons for you when you purchase items, making sure you always get the best deal.
  • Personal finance apps — Need to learn more about personal finance? Yes, there is an app for that! Personal finance apps give you insights on how to manage your individual finances, from tips to short educational seminars.
  • Spending apps — Want to start spending towards your debt? Apps like SpenDebt make it possible to start paying off your debt while you make other purchases, by the power of micro payments.  Every time you spend money, an additional amount is deducted from your banking account automatically and then goes toward paying down your debt.
  • Saving / Investing apps — Many savings-based apps will transfer money automatically to your savings account or will round up your transactions and enable you to invest your extra cash, like Acorn. You do not need to think about your savings account in order to save!
  • Independent apps — Some apps are made by banks or other creditors, while other apps are fully independent. Some apps will help you with your budgeting, like Mint, while others will give you tips and information. You can look up financial apps based on your needs, such as paying down debt or saving for retirement.
  • Banking apps — Most banks design their apps to reduce your spending and increase your savings. They may send you deals and coupons in your area or might encourage you to come in and talk with a financial advisor about your spending.

Most apps are available on the web and/or on your mobile device. One benefit of having a mobile app is that you can receive notifications to help you keep a track of your spending, or help you to avoid overspending. Whether it is mobile or web based, the goal is to use it in order to meet your financial goals.

Many types of apps are out there, depending on how you want to save money, and what you want to do with that money once saved., i.e. vacation, early retirement, investing in stock. Apps are a great way of helping you achieve your financial goals, alongside best practices and tips to save more and spend better.

How Does an App Differ from a Savings Account?

An app can transfer money directly from a checking account to a savings account, so you never have to “see” the money and be tempted to spend it. Automation is often key to better money management!

Many financial savings apps will tie directly into your savings account. Some will deposit money into your savings account for you, while others will just let you know whether you are saving enough. Some even have a savings account attached; there are apps for financial institutions that may create a savings account for you.

In fact, banks are offering hybrid checking and savings accounts more and more, which operate like each other depending on your financial needs.

An app can be tied to a savings account, operate independently, or manage and maintain your savings account through your financial institution. It really depends on the app.

It Is Time to Save (pun intended!)

Apps evolve daily, and personal financial ones, in particular, are adding more features to help you manage your income, pay off debt, save or invest money, among many other things.

If you are interested in managing your money, consider downloading a mix of debt management and payment, coupon, or personal finance applications.

 

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