Whatever financial goals you set, you can achieve them faster with the right tools. Savings apps can help you manage your finances and save money more effectively.
However, with so many money-saving apps out there, it can be hard to find the right solution for your needs.
Keep in mind that the best savings app for you may not be right for everyone. So when considering different financial technologies, it’s wise to evaluate the cost, features, and how different apps fit your objectives before making your final choice.
Here are four savings apps you should consider:
Acorns
Acorns is an app that puts your savings and investments on autopilot. Once you’ve set up your account, you can link your credit and debit cards to the app and let Acorns round up your purchases to the nearest dollar. From there, Acorns can save or invest your pennies on your behalf.
The Acorns app offers users a few different options to make the savings process easier. You can automate savings goals for your emergency fund (Mighty Oak Bank’s high-yield savings account), investment accounts, and retirement accounts based on your personal preferences or following the advice of a robo-advisor.
Pricing
Acorns monthly fees vary depending on the membership level you choose.
- Acorns Personal: $3/month
- Acorns Personal Plus: $5/month
- Acorns Premium: $9/month
All three plans include the spare change Round-Ups® feature. However, the least expensive plan, Acorns Personal, doesn’t include a high-yield savings account option to help grow your emergency fund. Additionally, if you’re interested in investment and bank account options for kids, consider the Acorns Premium option.
Best For…
Acorns may be a great fit for new investors and savers who value an automated savings process and access to a robo-advisor.
Quicken Simplifi
Quicken Simplifi is a money management app that lets you view all your financial data, monitor your cash flow, and link your bank accounts in one clear dashboard. Importing your data, including bank accounts and billing information, lets you track your income and net worth, monitor your savings and goals, and keep track of your bills.
Simplifi is great for customization. Use your data to create spending plans and financial reports that you can share with partners and financial advisors so you never lose sight of your goals.
Pricing
Subscriptions cost $3.99 per month, billed annually.
There’s no free version, but Quicken offers a 30-day risk-free trial of the Simplifi web app for Microsoft Windows, as well as promotional discounts throughout the year.
Best for…
Simplifi may be the perfect solution for budgeting beginners looking to stick to spending limits or track monthly expenses. It’s also a good choice for anyone who wants to review and analyze their financial data as a starting point for setting goals and monitoring progress.
Qapital
Qapital is another personal finance app that helps users save small amounts of money and automate the process. Additionally, Qapital allows you to set rules for saving money towards your automatic savings and investment goals. There are 15 options available.
For example, when you use your debit or credit card, you can tell the app to round up your transactions and deposit the money into a specific savings or investment account. There are also guilty pleasure rules. For example, every time you treat yourself, you can tell the app to save a specific amount accordingly.
Qapital also offers several other useful personal finance tools to its users. The app includes budgeting features, debt tracking features, and the option to manage your money with a partner.
Pricing
Qapital offers three different membership levels:
- Basic: $3 per month
- Complete: $6 per month
- Premier: $12 per month
All three membership options include unlimited savings goals and the option to set goals with a partner to share. Complete and Premier members also have access to a Visa® debit card and an automatic investment account. Qapital Premier gives access to all features, including personalized challenges (so-called Money Missions) to help users save more.
Best For…
Qapital may be a great fit for people who respond well to visual goals and an automated savings process. Personal finance apps may also be a good fit for people (alone or with a partner) who need budgeting tools and trackers to reduce debt.
Rocket Money
Rocket Money is another money-saving app you may want to consider. It offers a wide range of features, including budgeting tools, asset tracking, subscription management, bill negotiation, a smart savings account, and credit monitoring. You can also link your bank and investment accounts to automate your savings goals.
Unlike other money-saving apps, Rocket Money lets users choose between a free and a premium version. Of course, the premium version of the app offers more features. However, the fact that a free version is available makes it better than what many competitors offer.
Pricing
Rocket Money offers users two different membership options:
- Free: $0 per month
- Premium: $6-$12 per month (members choose their price during the sign-up process)
If you choose to become a Rocket Money Premium member, your service starts with a 7-day free trial. After that, membership costs between $6 and $12 per month, depending on the price you choose when signing up.
Rocket Money also offers a bill negotiation service. The service charges between 35-60% of the savings you make with Rocket Money (first year savings only). Again, you choose the percentage within this range that you want to pay the company.
Best for…
If you’re looking for a subscription management tool or bill negotiation service to help you save money on your monthly budget, consider Rocket Money. Those who would benefit from the free version of the app should also consider this service.
Goodbudget
Goodbudget is a savings app that puts a digital twist on the traditional envelope budgeting strategy. This personal finance app allows you to create a budget and set savings goals by dividing your monthly income into different categories or “envelopes” based on how you plan to spend the money you earn and save. This type of strategy is called zero-based budgeting, and Goodbudget provides digital tools to make it easier to stick to it.
It’s important to note that Goodbudget doesn’t include an automatic savings feature like other savings apps. However, if you upgrade to the premium version of the app, you can take advantage of unlimited budget categories and share your budget with multiple users.
Pricing
If you want to use GoodBudget to manage your money, two membership options are available:
- Free: $0 per month
- Premium: $10 per month or $80 per year (billed annually)
A free account includes: Up to 20 budget categories (also known as digital envelopes). Meanwhile, premium users can set up unlimited envelopes and share their budgets with partners or groups.
Best for…
Goodbudget might be a good choice for fans of envelope budgeting or anyone looking for a digital tool to track their zero-based budget. Partners and family members looking for a tool to help them budget together should also consider this app.
Tips for Picking the Best Savings App for You
With so many options out there, it can be hard to choose a savings app to help you manage your finances. Below are some tips to help you sort through the options available to you and choose the best savings app for your situation:
Identify your financial goals. Before you start reviewing apps, be clear about the financial goals you want to achieve. For example, if getting out of debt is a priority, you should first look for digital tools that will help you do that. But if you’re already debt-free and have a fully invested emergency fund, you might be ready to use more advanced savings tools that automate your investments and retirement planning instead.
Let’s take a look at the features and pricing. Then you can see what features and costs different apps offer. Keep in mind that you may need to sign up to multiple savings apps to achieve different financial goals. Be careful not to strain your budget by paying monthly fees beyond what you can afford.
Conclusion
Savings apps can simplify difficult or tedious financial tasks. And if it helps you save money or reach important financial goals, it may be worth paying the associated membership fees.
However, do your research before signing up for this type of service. You should compare your options and choose the digital tools that you think will benefit you, especially if they are paid. Additionally, you should regularly evaluate the value of services that charge a monthly fee to ensure they continue to provide value for money.