Much like eating kale, saving more money is one of those things that everyone knows is great, but actually doing it is a whole different story. Luckily, fintech apps can help us make saving money a breeze (but you’re on your own for kale salad recipes).
Saving is the real MVP
Whether it’s your parents telling you to start putting money away for retirement, or your squad’s goal of backpacking around Southeast Asia after graduation, there are just some things that you can’t fund directly from your monthly paycheck.
That’s where savings comes in like a white knight. If you put aside a bit of money every month, when the time comes to retire or get on a plane you can do it without worrying about how you’re going to fund it. Living the dream, right?
Putting a chunk of money aside every month and not touching it, however, is easier said than done (just ask any person who lives in the real world). Here are some of the most common hurdles to saving your money – and the apps that are solving them.
Not having any money to start
It’s easy to look at your monthly budget, and its collection of bills, and think, “Saving is great, but there’s just no money to put aside.” If “maybe next month” has become your savings slogan, Digit has your back.
It uses an algorithm to pull a few dollars here and there from your account – when you can afford it. Maybe this month, am I right?
Not wanting to start
As motivating as it is to think about your future self enjoying those savings, sometimes that daydream just isn’t enough to actually take the first step and, you know, save money.
So, why not automate the process by tying it to things you do like to do? Qapital is a savings app that works kind of like IFTTT. You get to set up rules that work for you, like “Save $1 every time I go for a run with Nike+,” or “Save $1 every time I go to Starbucks.”
Feeling like saving is a drag
And okay, let’s just get this one out there: Sometimes saving just straight-up isn’t as fun as beers on the patio with your friends. That is a reasonable, sane way to feel about saving.
But what if saving was less “depriving yourself right now” and more “celebrating yourself for being amazing”? Tip Yourself takes the concept of tipping, and applies it to your bank account. You can add a tip – to yourself! – whenever you’re proud of something, like crushing that midterm.
Withdrawing your money early
Looking at a big number sitting in your bank account can be mighty tempting when your friends propose an impromptu road trip, or when you accidentally-on-purpose try on those shoes you’ve been eyeing. One solution? Grab a second bank account.
There are tons of great banking apps from the Big Banks out there, and you can sign up for an account with most of them online – some of them even have killer interest rates on your savings. Out of sight, out of mind is just one way to keep your savings where they belong – in your account, not on your feet.
We’ll be doing a deep dive into these savings strategies, and the apps behind them, over the next few weeks. In the meantime, if you’ve run into a different hurdle with your savings strategy, let us know – there might be an app for that.
Have something to add to this story? Comment below or join the discussion on Facebook.
Header image: Shutterstock