People say that money does not grow on trees and it’s true. Earning money is not easy, and unfortunately, most of us do not even realize this. We are facing financial issues daily in our life, whether it’s in the shape of paying utility bills, mortgage, loan debt, or medical bills. To overcome these issues and to cater for rainy days, we need to understand the importance of saving and different methods used to achieve or saving goals.
You can save a lot by using different methods and strategies, including tracking spending, paying off debt through the snowball method, envelope budget system, setting saving targets, and trying a no-spending week or a month. Besides the strategies mentioned above, money tools can help you in making considerable savings in your budget. If you intend to make smarter financial decisions, you should probably start learning about how to use the Motley Fool. Some of the most modern money tools are listed below:
It’s a money management app that tracks income and expenses. It also allows you to set and monitor the budget basing on the user’s information. MoneyWiz also can schedule payments and generate reports.
It’s an investment app that lets you automatically invest spare change from debit and credit card purchases. Acrons invest is the only micro-investing account that allows you to invest spare change. It is easy to use, and people have already spent over $1 billion in it. They have a well-diversified team backed up by world-class investors, board members, and advisors.
‘Simple’ is a mobile-first banking app. It offers a free checking account, debit card, high-quality budgeting tools, and savings subaccounts. It uses a roundup rule to save money. It rounds up debit transaction to the nearest dollar and puts that difference in your savings. ‘Simple’ also rounds up to the next whole dollar of the amount you spend to make purchases.
Qapital rounds up spending to following dollar amount and move the same to your insured goal account. Moreover, you can also contribute a lump sum amount to your fund regularly. Qapital actively tracks and supports your spending habits to help you save. They do, however, charge you for the services they provide.
Mint brings together all of your accounts/bills so that you can manage them well. You can put your expenses into categories, create a budget, check your credit score, get reminders for bill payments, and even receive customized tips for lowering fees and saving money based on how you spend.
Digit calculates your savings based on your income and expense patterns. It transfers that amount from your checking into an FDIC-insured Digit account. It is a simple to use app that makes two to three savings transfers per week. It has a 30-day free trial period and will cost $5 per month after that.