9/10/2020
The Best Apps for Saving Money | Saagar Gupta | Professional Overview
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The Best Apps for Saving Money by Saagar Gupta | Jul 29, 2020 | Finance, Investing
There are plenty of ways to save money, especially nowadays with all of our modern technology. Some people, however, are still drawn closely to the old-school methods. They may feel safe keeping cash in envelopes or feel comfortable going in-person to a brick-andmortar bank to make deposits. Despite the lack of practicality, there are other great incentives to use mobile apps to save money. Apps can make saving frictionless and automatic by allowing people to make transactions in an instant from nearly anywhere. In many cases, they also o er great e ciencies above and beyond what traditional banking institutions can o er. One classic app that most people know about is Acorns. Acorns operates on the theory that with patience, big, bountiful trees can grow from tiny acorns. People can open a micro-investing account with as little as $5 and continue that minimum each time. The micro portfolio is invested in various securities and meticulously monitored. In addition to the lenient $5 increments, Acorns is also able to do round-ups into your investment account if you use your linked debit or credit cards. Standard investment accounts and IRAs are also available through Acorns. Acorns accounts are insured up to $500,000 and the fee is $1 per month for users. https://saagargupta.net/the-best-apps-for-saving-money/
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9/10/2020
The Best Apps for Saving Money | Saagar Gupta | Professional Overview
Digit is also a great application for saving money. Users input their goals for savings, such as a dream vacation, a speci c purchase, or even an emergency fund. Digit analyzes the income and expenses by examining bank accounts and then uses the money to create a liveable budget and the amounts to save in order to help users reach their goals. It will never, however, lead to overdrafts for the account holder. Automating the saving process makes it easy for users of this app to get ahead because they have an extra set of eyes on their savings. Digit is free for the rst month, with a $5 fee thereafter. Varo is a versatile, online savings account. It pays about 19 times as much as the average savings account in the United States. Best of all, there are no account minimums and no monthly fees. People can open an account with Varo for as little as one cent and can opt-in for perks like early paycheck direct deposit. This is a great, accessible way for even lowincome people to start earning great compound interest on their savings. Twine is an app that’s designed to help couples save. This app o ers various options such as a joint, interest-earning account, or an investment account, to name a few. To use Twine, each party must open an account and then link it to their personal account. They also select how much they’ll contribute. Fees vary based on the decisions account holders make, however, the savings account option is free. This blog/website is only made available for educational purposes. It is designed to give visitors general information and a general understanding of select nancial topics. It is not intended to provide speci c nancial or investment advice. None of these apps are vetted or recommended by Saagar Gupta, they are just examples of a wide variety of online apps for informational purposes. Conduct your own due diligence or consult a licensed nancial advisor/broker before making any and all nancial/investment decisions.
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