Technology is making it easier to spend money – it seems like every downloadable app on an iPhone or Android comes with built in ads designed to entice users to subscribe to a premium version of something or spend on a limited time sale. Access to online marketplaces and one-click ordering on Amazon are reasons people may spend more of their income on discretion rather than stashing it away. Thankfully, there are a few mobile apps (available on both iPhone and Android stores) that make saving money easier than ever. Here are two excellent personal finance tools you should have in your toolbox (and they’re FREE):
- Digit – Digit is a mobile app that serves as a savings account that links to your checking account of choice to determine your past spending history. From identifying your spending patterns, it identifies dollar amounts that you won’t notice being transferred from your checking to a new Digit savings account. After a few weeks of using it, you can communicate with Digit to save more or less aggressively after seeing how your accounts look. Within the app there is a messaging tool allowing you to use commands such as ‘Withdraw’ to transfer money out of your Digit account and back into your checking account, or commands to save more or less. You’ll be surprised how quickly it adds up!
- Acorns – Acorns is another mobile app that discretely saves your money and deposits it into an index fund on a regular basis. You start by linking all credit and/or debit cards you’d like to use for investing purposes – the tool works by rounding up every transaction from each linked card to the nearest dollar and taking the round-up amount and dropping it into the index fund on a weekly basis. You can also choose to accelerate your investments by adding a weekly transfer from your checking account. The app lets you view your fund performance instantaneously and the money you’ve lost/gained over a time period. Withdrawals are also easy and take a limited amount of time in the event you need to take money out of your account.
About The Author:
Keith Dahms is a financial professional offering business financing solutions to United States companies across a variety of industry verticals. Keith works with clients to restructure debt, consolidate current financing, and acquire new financing for cash flow and business expansion. He is the Senior Financial Specialist at Capital RBL Inc.