Start Growing Wealth With Automatic Savings Apps
You already know that I’m a huge fan of using technology to make your finances simpler.
You should always start with setting up automatic bill pay and automatic investing through your paycheck. And in addition to that, one of the best strategies to build long-term wealth is to make saving a habit.
Whether you’re saving for your next vacation or saving to build a nest egg, these are the best automatic savings apps that will help you reach those savings goals fast – and effortlessly!
Acorns
If you’re just getting started on your savings journey, Acorns is one of the best and easiest automatic savings apps out there.
Acorns works by monitoring your bank account and rounding up to the nearest dollar on each of your purchases. Then, it automatically saves the “spare change” for you.
This is a great way to build saving into your everyday life. Acorns is especially great for those on a tight budget because it works off your existing spending habits. Plus, Acorns doesn’t have any minimum deposit to get started. You’ll be surprised how much those few cents start to add up!
Qapital
Qapital is an online savings bank that offers automatic savings in more ways than one. Similar to Acorns, you link your debit or credit card to your Qapital account so that your saving is linked to your spending.
In addition to rounding up to the nearest dollar on your purchases, you can set up other savings “rules” for Qapital to follow. A few examples include:
- The Guilty Pleasure Rule – Do you a vice you love to spend money on, like takeout or fancy cocktails? You can set up a rule that each time you spend on one of those guilty pleasures, a fixed amount also gets saved. So you can indulge and build wealth at the same time!
- The Set and Forget Rule – With this rule, you can decide to transfer a fixed amount of money to your savings on a regular basis. I recommend weekly transfers, but you can choose timeframes like daily or monthly too.
- The Spend Less Rule – This rule rewards you when you achieve your budgeting goals! You can set a cap on how much you want to spend on a particular budget category, like clothing or restaurants. When you stay under that budgeted amount, Qapital will automatically save the difference.
Chime
Chime is another online savings bank with a goal to make saving even easier. One reason to love Chime is that they have almost no fees. Chime customers can set up automatic savings in two different ways.
The first is through purchase roundups. And the second is by using Chime to set up automatic savings transfers whenever you get paid. Saving a percentage of each paycheck is one of the easiest ways to grow wealth, no matter what your ultimate savings goals are.
And while these strategies aren’t unique to Chime, the Chime rewards program definitely is! Chime will match up to 10% of your savings each year, up to $500. This is a great way to instantly boost your savings – and reward you for building great habits!
The best part of all this automation is you can set up your Chime automatic savings rules, forget it, and still get that awesome reward.
Empower
Empower is a relatively new app that just came onto the market in late 2018. It’s a technology-focused online bank that makes saving super rewarding.
First of all, their savings accounts earn a whopping 2.00% APY. That’s one of the highest rates on the market, and way higher than any traditional bank offers. Along with automatic savings options, Empower’s app also gives you budgeting tools. This will help you track your spending, saving, and budgeting goals all in one place.
One thing to love about Empower in addition to it being one of the top automatic savings app is their unique technology. Empower uses advanced algorithms to help you track spending and find opportunities for extra savings.
For example, Empower can suggest eliminating subscriptions or find bills that you may be able to negotiate. It can also help you come up with a plan to optimize debt payoff.
Empower integrates the best aspects of all the other leading financial apps out there, and I’m eager to give it a try for myself in 2019.
Tip Yourself
Not all automatic savings apps have to be serious. Tip Yourself is a free savings app that works like a digital tip jar. You link your checking account and move amounts over to your Tip Jar.
While this is probably the least automated of all the apps on this list, it’s definitely the most fun. Tip Jar helps you save while rewarding you for positive behaviors.
For example, you can tip yourself for any time you work out, or meet a deadline, or whatever works for you. I love that it turns saving into a game. I recommend using Tip Yourself in addition to one (or more!) of the automatic savings apps listed above. After all, a little extra saving is only going to help you build wealth faster!
No matter what automatic savings tool you use, the best strategy is to start saving as much as you can as early as possible. Making savings a habit will only increase your ability to stay on track.
Plus, having healthy savings built up will help you cover unexpected expenses or emergencies that might otherwise set you back.
So what are you waiting for? Get saving now for a more prosperous 2019 and beyond!
