How apps can help you save

June 10, 2020

How apps can help you save

Looking for a way to save more every month but having trouble making it happen? An app could help turn that thought into action. See how apps can help you save in this article.

Banking and savings apps have many handy features that could make it easier to set aside more money or spend less. They could allow you to do the following:

• Make automatic transfers — Transfer money from a checking to savings account on a regular schedule so you don't forget to follow through, and round up amounts transferred to the nearest dollar. Some apps even allow you to transfer money from checking to savings automatically every time you purchase items on an “impulse buy” or “guilty pleasure” list.

• Meet and reinforce healthy spending and saving goals — You might spend and save more consistently by linking an app to your bank account and tracking your spending within specific categories. Or, you can choose to set up multiple savings accounts with specific names and purposes so extra money isn't just sitting in your checking account.

• Lock debit and credit cards — Some apps give you the ability to turn your cards off and on so you can prevent any extra spending you might do on a whim.

• Stash spare change and tax refunds — Automatically move those amounts to a savings account after they are deposited into your checking account.

An app could be a great way to get you started on your savings plan. You could automate saving and make good habits fit into your life seamlessly. Be aware that not all apps are free and some require you to set up a checking or savings account (or both) and get a debit card through their partner bank. For a list of apps that could help you save more, follow the links in the resource list below.

For a list of apps and their pros and cons, check out these resources: