Saving money is not easy. We are bombarded by advertisements all day long telling us what to buy.
It always seems like the more money we make, the more we spend. It’s easy to get into heavier spending habits when you earn more, whether you really need the things you’re buying or not.
Luckily, there are a few digital helpers that can nudge us in the right direction and help us save some of what we make for our future. Here are 3 of our favorites.
Mint is one of the most robust financial apps out there, and also one of the most popular. It’s also free.
This money saving app will connect to all your bank accounts, credit cards and loans, and pretty much anything else linked to your finances.
It will remind you when bills are due, let you set financial goals, and even will tell you your net worth. It helps you see how much you are spending each month and in which areas. This allows you to adjust your spending over time so you put something aside in savings account.
Digit makes saving money really easy…and that’s what many of us need to actually do it! Digit does not require any work from you other than giving it access to your checking account.
After that the app automatically calculates a small amount of money to transfer from your bank account to your Digit account. Your Digit account is essentially a savings account. You don’t have to lift a finger and you start accruing savings.
You can always transfer the money back from your Digit account to your checking account if you need it and the company has a no overdraft guarantee so using Digit won’t cost you unnecessary bank fees.
As anyone who keeps a change jar knows, even pennies and quarters add up!
As with Mint above you need to connect Level with your primary financial accounts, such as your checking account and main credit cards. Level will then do most of the work for you.
Level works to figure out which of your expenses are essentials and which are not. Essentials are items like your mortgage and utilities. The app also takes into account your savings goals and sets that money aside for you. The money that is left over after your essentials are paid and your savings secured can be spent on non-essentials (Level calls this your “spendable”.)
Once set up Level will track your spendable daily, weekly and monthly and let you know how much more you have available to spend. If there isn’t enough money in your account to sustain your current spending pattern, the app will alert you.
These apps are designed to help you kick-start your savings but they are only a start. To really take control of your financial future you need to talk to a qualified financial planner and insurance agent. John B Wright can help you put in place the insurance you need to secure your financial future. Contact us here to get started.
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