Digit: “You can be confident that you’ll hit your savings goals with Digit. And you won’t have to change a thing about the way you live today.” This is the claim Digit makes and they seem to keep their word. This app helps you save without even realizing it. Digit works similar to your traditional automatic savings app but with a twist. Digit’s API actually calculates your spending based on your banking history and puts together a formula specific to your patterns. This formula allows Digit to pull out money into a separate digit savings account so that you don’t ever have to worry about saving again. Your daily savings can range from $0.50 to $20.00 depending on how much money is in your account, your detected bills coming up, expected spending, etc. There are also settings within the app that allow you to increase your saving speed and they have more recently launched separate savings accounts within the app to help you save for certain things. For example, if you want to pay off your credit card bill, you can schedule some of your daily savings to go toward that, while the rest will go into your rainy day fund. “I’ve been using Digit for quite some time now and it has not disappointed me. I often forget about it and go back a month later and realize I saved a good amount of money passively. What’s better than that?’
Stash: Why save when you can invest? Well, how about both? Stash serves as both a brokerage and a savings account. You shouldn’t have to worry about low-interest rates on your money. Invest and save in a diversified manner by picking the companies you believe in and setting up recurring transfers to keep increasing your portfolio. This will allow you to set it and forget all while beating out the average interest rate of your typical bank. Stash is a great place to start experimenting with trading stocks. “This app was at the forefront of stock trading in my life and provided a simple interface for me to learn and experiment with the ins and outs of trading.”
Robinhood: If you’ve watched the news within the last few months you may have heard of the trading app that has disrupted the industry. Whether you love it or hate it, Robinhood is an easy-to-use brokerage account that can make investing pretty simple. It is a great app to satisfy the itch of day trading without having to completely blow your entire life’s savings. Like Stash, it allows you to purchase fractional shares with a more robust interface that shows you the performance of the stocks down to the hour. These features allow you to have some fun with your money in order to move quickly on trends and play your luck with any stocks that may be interesting in the short term. As always, just be sure to only invest what you can afford to lose!
Mint: So we’ve talked about autosaving, invested savings, and a little trading, but what about actual apps to help you budget your money? Don’t worry, Mint has you covered! With a variety of budgeting features like goal setting, budget allocations, transaction tracking, auto categorizing, and so much more, Mint truly is a one-stop shop for your money management. Being able to quickly see where your biggest spending takes place allows you to make better decisions in what you’re buying on a monthly basis. All of a sudden you realize that those weekly Starbucks trips add up to almost as much as your phone bill. That grande latte isn’t so grand anymore!
Coinbase: Last but not least, how could we forget the crypto world. Crypto has been all the buzz this year with bitcoin hitting all-time highs and other coins like Dogecoin taking over mainstream media. Coinbase serves as a crypto brokerage and wallet allowing you to easily purchase cryptocurrency on a recurring basis. With features like weekly auto-purchases, it can truly allow you to park some cash inside of these newer forms of currency.
Your actual bank account - This may not be as obvious as you would have thought. Most mobile banking apps have free additional tools and resources that not only help you track your finances, but also automate your savings as well. Sometimes the simplest and easiest to use tools are the most effective to help maintain consistency.
Whether you’re looking to save up for a special day, invest a little more, or just watch where you’re spending your money, there are a ton of resources available for you. These apps are just the start!