Everyone likes to save money, even Warren Buffett. Small business owners and consumers alike can all agree that any money saved is a beautiful thing. Every dollar you don’t spend is income that can go to something else you find important.
Some choose to place their excess cash in emergency funds or retirement accounts to pave the way to a more financially secure future. Others prefer to invest their money in the stock market, bonds, and CDs. Wherever you like to stock your spare change away, investing that money into your future is a wise choice.
If you’re looking to maximize the dollar amount you can put into those accounts, then check out these money-saving investing apps. They’re guaranteed to help you save where it counts, which means you’ll have the extra dough you need to do with as you please.
4. Clarity Money
9. You Need A Budget
How We Chose Our Ratings
A lot of articles on the web would love to push a product on you. We don’t agree with that mentality, instead choosing to create a list of products that can deliver real results. Honesty and accuracy are the cornerstones of our articles, because what good is information if you can’t rely on it?
To come up with our ratings, we take a number of things into consideration. First, we look at customer reviews and testimonials. We believe that the real test of any product is how the public perceives it. A company can make whatever claims they would like, but reviews tell the whole story.
Next, we take a look at data surrounding the product. For investing apps, that means functionality, reliability, and the amount of money they can help you store away. The last aspect we look into is brand reputation since significant names earn their place in the industry through high-quality products and a long history of customer satisfaction.
The 10 Best Investing Apps
We’ve gathered ten excellent investing apps for our review, each of which can help you set aside money for the future in a different way. We’ve arranged them starting with what we feel are the best of the best.
Digit looks at your current income and where you spend your money, then calculates where you can save. After giving it the okay, it takes that extra cash and places it into an FDIC account. This is an excellent way to cut back on your spending while saving money for the future.
The app performs its analysis three times each week, which helps users stay on top of their spending. It also offers a one percent savings bonus on the FDIC account, paid out every three months based on the average balance during that time.
You can try Digit for free for 100 days. Afterward, there is a monthly fee of $2.99. With the ability to save far more than three dollars each month, we think the monthly cost might be worth it.
Chime is a banking app, available on IOS and Android, that offers a spending account complete with a debit card. The account is FDIC-insures, which means your funds are safely stored. Like any other online banking app, you can also view your transactions and track your spending.
What makes Chime unique is its automatic savings account. The app gives you a choice to set aside 10% of every paycheck you deposit into your savings, which can add up a lot faster than you think. It also allows you to round up your purchases made on the debit card, placing the spare change into the same account.
Without any overdraft, monthly, ATM or foreign transaction fees, Chime is an excellent way to start saving money today. Users find that it helps from them blowing their hard-earned cash on trivial things, with many surprised at how much they were able to store away in their savings account in just one year.
If you aren’t used to saving money as an investment in your future, then Qapital can help you get started. The app features lessons on goal-setting, the value of incremental deposits, and how much of a difference your spare change can make. It’s also incredibly user-friendly.
Qapital also rounds up your transaction to an even dollar amount, storing the extra change into any linked FDIC account. So, all you have to do is connect a checking account and debit card to get started. The app also allows you to create a savings strategy centered around your choice of lump sum or interval deposits.
4. Clarity Money
Clarity Money looks out for your budget by eliminating wasteful spending. The app is capable of finding and canceling subscriptions you aren’t using anymore, as well as negotiating the cost of some of your bills through the power of AI and machine learning. So, you could potentially save money on utility bills like cable or internet.
As if that isn’t helpful enough, Clarity Money also tracks your spending to help you stay within budget. You can also use it to check your credit score and find credit card recommendations based on your lifestyle and spending choices. Finally, you can store any money the app helps you save into a savings account with Clarity.
Trim is, mostly, a virtual financial assistant. The app synchronizes with all of your accounts, then run an analysis that tells you where you can cut back. Trim also actively works to find you a more affordable bill on your services and utilities.
The app is similar to the Clarity Money, providing a different platform that you might find easier to use. What we like the most: Trim is free to use!
Mint is all about smart money management. The app is designed to help you stay on top of your bills, avoiding costly late fees while helping you develop a budget that maximizes your savings. The goal of this programs is to help you stock money away in your savings, emergency fund, and retirement fun while covering your other financial obligations all at the same time.
The app also offers credit score monitoring, but with a twist. It helps you better understand the rates you should receive on loans for things like a new car or mortgage. Mint is a popular choice for anyone looking to invest in their future and is backed by countless positive customer reviews.
Acorns is a true investing app, designed to take your spare change and use it to purchase stocks. After linking a debit or credit card, you can have the app roundup each of your purchases and place into an automated account that invests everything for you.
Users can choose to invest in either conservative or aggressive funds ranging from popular options like Airbnb to Blue Apron. The app requires a monthly fee of $1 for accounts under $5000 and 0.25% each year on balances over that amount. College students can use the app for up to four years at no cost.
If you want to make the most of your credit cards and their perks, then Wallaby might be your best option. It combines an app complete with wearable compatibility, browser extension, and website to help you use your cards wisely. That includes maximizing your rewards and recommendations based on your spending style.
By making pairings like airline point rewards with travel purchases, your spending habits can quickly turn into either free services or cash rewards. When paired with a card that offers cash back, you can create a small nest egg to deposit into an account just by making the same purchases you always do.
9. You Need a Budget
Budgeting doesn’t come easily to everyone, which is why many find it useful when technology can do it for them. With an easy to use interface, You Need a Budget can help you prioritize your expenses and make managing your income easier.
The app will teach you how to set aside cash for retirement, emergencies, and help you live within your means without relying on a credit card. You Need a Budget works with both Windows and Mac but is also compatible with Apple Watch and Amazon’s Alexa.
HoneyFi is designed for couples who want to make the most of their finances. The app allows users to create a household budget, keep track of transactions, and share account information with one another. This might be best for newlyweds or couples moving in together for the first time, especially if you don’t want to argue about finances or savings.
That’s a lot of apps to choose from, which can make it a little difficult to pick out which ones will work best for your individual needs. We’ve put together this buyer’s guide to help you decide which ones will work in your favor.
The first thing you need to do is identify your long-term and short-term goals. Are you saving towards retirement, or are you just creating a monthly budget? Do you plan to invest your savings, or would you rather build a nest egg for emergencies?
Once you identify the goals you want to achieve, you can quickly narrow down the features that different apps offer and decide which can help turn those goals into reality. In most cases, you might even need to use multiple apps to help you with your financial planning.
When setting your short-term goals, consider how much money you’d like to save each month. Add up how much you want to invest in each of your accounts to find this number. That includes retirement, savings, and any investments you’d like to make.
For your long-term goal, think about the total amount you would like those accounts to have in 5, 10, or 15 years. Starting with the long-term goal can help you better define what your short-term goals should be. Don’t stretch yourself too thin, though. Pick a monthly contribution you can easily stick to.
Several of the apps on our list are free, but the same can’t be said for every app out there. Based on your budget, you might want to choose an option that doesn’t come with a monthly fee. Premium features don’t necessarily come with a premium price in this market.
On the other hand, you might enjoy the features that a paid app offers. Only pay for one if you feel you absolutely need to or can’t find another alternative to what you’re looking for. Remember, the point is to save money!
Speaking of features, some apps offer a little more than others. You can save space on your devices by using one app that combines your accounts and creates a budget instead of using one for each feature. What you choose will ultimately depend on your goals, but it never hurts to see which apps have features that can work in tandem with one another.
Most apps function on both Android/Windows and IOS/Apple these days, but there are still limitations. If the app you want isn’t available for your device, chances are that you can find an alternative with strikingly similar features. Always remember to read the fine print, though.
There’s no point in signing up for one of these apps if you aren’t going to use it. Complicated user interfaces can cause anyone to stray away from using a piece of software. So, make sure you can hop onto the app and navigate its features with ease.