We can all agree that many people just aren’t that good at managing money and/or saving. Whether it be because they don’t know how, feel like they don’t make enough or any other reasons, it can seem especially difficult for a single person who lives on their own. Often times, you don’t have anyone to share financial responsibilities with, so you feel like it will take forever to save. You are alone in being responsible for making all the money and paying all of the bills. The problem is you not only have to allocate money to so many different places, but also that you just don’t know where to start making changes. A financial coach can help guide you on where to make changes in the way you manage your money. Additoinally, you can use these apps to start helping you save along the way.
- Digit – This app tracks your income and spending and it creates a customized savings plan based on your everyday habits. Not many savings accounts earn 1% interest but with Digit, once you approve, it will automatically transfer money into a savings account that does! We encourage you to use the 30-day free trial to give it a try.
- Trim – This app analyzes your cash flow and makes suggestions on what to save or what you should cut back on. For example, it may recommend that you cut back on a subscription that you don’t seem to be using. It may also notice that you’ve been to Starbucks or Sheetz 10 times in a week and suggest cutting back. Another great way that this app helps you is by searching for better deals in the area.
- Mint – With Mint, you can link every account you have. Investments, banking, credit cards and so forth. This allows you to get a full picture in one place. It tracks your budget, the interest you’re earning and paying and much more.
- Qapital – This app rounds up every purchase you make and takes the additional money and puts it in a savings account.
In addition to apps, you may also want to consider Chime Bank. This is a virtual bank as it does not have any brick and mortar locations. Therefore, they do not have the overhead and don’t charge their customers any fees. They also have a cash back rewards option for purchases made with debit cards. For savings, they have an option where 10% of each deposit is automatically deposited into a savings account and where they round up your deposits and put that amount into a savings account. What’s also great about this bank is that anything you deposit, they’ll reward you with 10% of it. So, if you deposit $100, they’ll deposit an extra $10.
If you try any of these options, we would love to hear your experience with them. You can share with us on our Facebook, LinkedIn or Instagram pages!