4 money saving apps to help you grow your wealth

No matter what your financial goals are, the right tool has the potential to help you reach them faster. Money saving apps can help you manage your finances even more efficiently.

However, with so many money-saving apps to choose from, it can sometimes be difficult to find the right solution for your needs.

Keep in mind that the best money-saving apps for you may not be right for everyone. Therefore, when considering different financial technologies, it is wise to evaluate the costs, features and how the various applications align with your goals before making your final selections.

Here are four money-saving apps you might want to consider.

acorns

Acorns is an app designed to help put you on autopilot. Once you’ve set up your account, you can link your credit cards to the app as well, and Acorns rounds your purchases up to the next dollar. From there, Acorns can save or invest your spare change on your behalf.

The Acorns app offers users several different options to simplify the process of saving money. You can automate savings goals for a (in a Mighty Oak Bank High Yield Savings Account), investment accounts, and retirement accounts based on your personal preferences or as advised by a robo-advisor.

Cost

Monthly fees for Acorns vary depending on the membership level you choose:

• Acorns Personal: $3 a month

• Acorns Personal Plus: $5 a month

• Acorns Premium: $9 a month

All three plans include the Round-Ups® exchange feature. However, the lowest-priced plan—the Acorns Personal plan—doesn’t include a high-yield savings account option to help you grow your emergency fund. Also, if you’re interested in investing or , you’ll want to consider the Acorns Premium option.

Best for…

Acorns may be best for new investors and savers who appreciate an automated saving process and access to a .

Qapital

Qapital is another personal finance app that can help users save small amounts of money and automate the process. Plus, with Qaptial, you can set the rules when it comes to saving money for your automatic savings and investment goals – and there are 15 options available.

For example, you can direct the app to round up transactions and deposit money into a specific savings or investment account whenever you use your debit or credit card. There is also a “Guilty Pleasure” rule; For example, every time you enjoy takeaway, you could direct the app to give up a certain amount of savings in response.

Qapital also offers users several other useful personal finance tools. The app includes , a debt tracker and the option to .

Cost

Qapital offers three different membership levels:

• Basic: $3 a month

• Completely: $6 a month

• Premier: $12 per month

All three membership options include unlimited savings goals and the option to share goals with a partner. Complete and Premier members have access to a Visa® debit card and an automatic investment account. Qapital Premier offers access to all features, including custom challenges (called Money Missions) to help users save more.

Best for…

Qapital may be best for people who respond well to visual goals and an automated saving process. The personal finance app could also work well for those who need a tracker to help pay off debt – individually or with a partner.

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Rocket money

Rocket Money is another money saving app you may want to consider. It offers a wide range of features, including budgeting tools, net worth tracking, subscription management, bill negotiation, smart savings accounts, and credit monitoring (among others). You can also link your bank and investment accounts to automate your savings goals.

Unlike other money saving apps, Rocket Money offers users a free version and a premium version to choose from. Of course, the premium version of the app offers more features. But the fact that a free version is available is more than what many competitors have to offer.

Cost

Rocket Money offers users two different subscription options.

If you choose to become a Rocket Money Premium member, the service starts with a 7-day free trial. After that, membership is $6-$12 per month, depending on the price you choose when you sign up.

Rocket Money also offers a bill negotiation service. Fees for this service are 35%-60% of the amount Rocket Money saves (first year savings only). Again, choose the percentage to pay the company within this range.

Best for…

You might want to consider Rocket Money if you’re looking for a subscription management tool or bill negotiation service to save money on your monthly budget. People who could benefit from the free version of the app may also want to consider this service.

Good budget

Goodbudget is a money-saving app that puts a digital spin on traditional . You can use this personal finance app to create a budget and set savings goals, dividing your income into different categories or “envelopes” each month based on how you want to spend and save the money you earn. This type of strategy is called zero-based budgeting, and Goodbudget gives you the digital tools to make it easier to stick to it.

It’s important to note that Goodbudget doesn’t include auto-saving features like other money-saving apps. But if you upgrade to the premium version of the app, you can take advantage of unlimited budget categories and share your budget with multiple users.

Cost

If you are interested in using GoodBudget to manage your money, there are two subscription options available:

Free accounts come with up to 20 budget categories (aka digital envelopes). Meanwhile, premium users can set up unlimited envelopes and share the budget with a partner or group.

Best for…

Goodbudget may be suitable for envelope budgeting fans and people who want a digital tool to track a zero-based budget. Partners and families who want a tool to help them budget together may also want to consider the app.

Tips for choosing the best money saving app for you

With so many options available, it can be difficult to choose a money-saving app to help you manage your finances. Below are some tips to help you sort through the available options and select the best money saving app for your situation.

• Identify your financial goals. Before you start reviewing applications, it’s a good idea to understand the financial goals you’re trying to achieve. If your priority is paying off debt, for example, you should start by looking for digital tools to help you accomplish this task. However, if you’re debt-free and have a well-established emergency fund, you may be ready for more advanced money-saving tools that automate investments and retirement savings.

• Review features and fees. Then you can start looking at the features and costs that different apps have to offer. Keep in mind that you may want to sign up for more than one money-saving app to meet different financial goals. Just make sure you don’t put a strain on your budget by committing to more monthly fees than you can afford.

Conclusion

Money saving apps have the ability to simplify difficult or tedious financial tasks. And if it helps you save money or stay on track with important financial goals, it could be worth the cost of any associated membership fees.

However, before you sign up for this type of service, it’s important to do your research. You should make sure to compare your options and choose a digital tool that you think will benefit you, especially if there is a fee involved. It’s also important to frequently evaluate the value of any service that charges a recurring monthly fee to ensure it continues to be worth the cost.