Topic - Savings Tools
Published by| 12/16/22
Many of us have a lot of expenses, ranging from house bills to phone bills, grocery bills, insurance bills and miscellaneous expenses. Staying organized and up to date with all of your regular expenses can be quite the task. It is important for everyone to have some sort of budgeting structure to build and maintain financial stability. A budget is not only beneficial on a day-to-day basis either; it's also beneficial to have a budget structure long term. In this article, we are going to go over some of the top recommended and easy-to-use budgeting apps you must have, starting with Truebill.
With the majority of platforms adopting a subscription-based format in recent years, it is hard to know exactly which ones you are currently subscribed to. Truebill tackles this problem by finding recurring payments, which makes it easy to cancel them. On average, Truebill saves its users around $720 annually, or $60 dollars per month. Truebill does take 40% of the money it saves you, but if it can't lower your bill it's completely free. You can also use its Smart Savings feature to open a savings account and then automatically add to it by analyzing your account and finding the best times to allocate money to your savings.
Simplifi (By Quicken)
Simplifi's goal is directly aligned with its name: creating an easy, user-friendly way to take control of your finances and establish a budget. Simplifi links to over 14 thousand financial institutions, including credit card accounts, banking institutions, investment brokers, loans and more. It allows you to get a full picture of where your finances are allocated and gives you the option to establish budgets based on different finance goals. Simplifi gives its users access to a wealth of analytics and insights, such as income and outflow projections. Simplifi by Quicken is an affordable subscription-based service with monthly and annual payment options. The monthly option is $5.99, and the one-time bill is $47.99 annually, an average of just $3.99 per month.
Digit is another automated savings platform with a few more bells and whistles. On average, it saves its users over $2000 annually and rewards you with a 0.5% bonus on your savings every 90 days. As far as budgeting goes, Digit uses machine learning to determine how much money you need for bills and what is safe for spending. Instead of budgeting this money all at once, it breaks your budgeting up into smaller amounts over the course of the month to ensure you have a little breathing room. It's as simple as making the deposit, checking inflows and outflows and then determining what is left for you to spend. For investors, there are also guided ETF investment options that are based on your risk tolerance. Digit also has a debit card, with fee free access to 55k+ Allpoint ATMs. The Digit Debit card will never spend what is set aside for your bills, and it is FDIC certified up to 250k. When you sign up with digit, you get a 30-day free trial. After that, it's only $5 a month for a tool that helps you save, bank, budget and invest.
Mvelopes is an old savings and budgeting concept reimagined. Instead of leaving your cash in an envelope and allowing it to consistently lose value due to inflation, you can have a digital envelope that links to your banking institution accounts and credit card companies so you don't have to give up rewards like cash back benefits, all while getting paid interest on your money. There are three plan options, Basic, Premier and Plus, which vary in price and features based on your specific needs.
If you just want to organize your finances in a digital envelope, the Basic $5.97 monthly plan is right up your alley. Looking to get a custom debt strategy from Mvelopes? The Premier plan, which costs $9.97 monthly, might be more your speed. The Premier plan also gives you access to an educational portal that has learning resources on a variety of topics, including financial awareness, eliminating debt and how to get ahead. Even better, it comes with a 30-day free trial. Finally, the Plus plan includes a quarterly meeting with a finance trainer, so you can get face-to-face, 1-on-1 assistance. It costs $19.97 monthly.
Pocket guard was selected as one of the top money apps for college students for 2022. With one of the simplest and user-friendly interfaces, you won't have to spend much time to get a good understanding of your finances. You can categorize your savings accounts using hashtags, allowing you to instantly add a transaction to a specific hashtag. Pocketguard also provides you with ways to lower your bills and even helps you negotiate for lower rates. You can get a full picture view of your spending by linking to banking institutions, credit cards, investment accounts and active loans. Pocketguard will also inform you of the amount you can spend safely considering your upcoming bills and overhead. You can see all of your accounts in one place and how close you are to reaching your financial goals.
In this article we have gone over 5 apps that can help you learn about budgeting, start a budget and reach your budgeting goals. All 5 of these apps are great, and each has unique features and benefits. It's about finding the right app for your financial needs. For more information, click on any of the titles listed below.