Fintech took a cue from rock and roll and has begun stretching into hundreds of multiple directions at once. One of those directions is mobile banking, and that including applications designed to help smartphone users save more money. Here are three powerful and incredibly efficient digital savings mobile apps that can help you save money.
Three Digital Savings Mobile Apps
- Digit — The cool thing about Digit is you can save money automatically without even thinking about it. You connect your checking account and the app will periodically — like, every two or three days — extract small amounts of money — say, $5 to $50 at a time — to a special savings account you set up at Digit. It’s great for saving for a vacation or a purchase you want to make. If you find you need the money before you’ve reached your savings goal, you can easily transfer it back to your checking account. Before you do that, however, realize that your money will earn a savings bonus — about 5 cents for every $100 every three months.
- Rize — Similar to Digit, Rize is an app that helps you save money over time. Instead of randomly sending money to your savings account, Rize pushes money to your savings account based on your pay schedule. You have a bit more control over how much you save with Rize, and you can establish a savings goal. How much you save is based on your age, how much income you have, and your savings goal. You’ll earn interest of about .30% APY.
- Qapital — Qapital has a unique approach to saving. You set up automatic triggers that activate the money transfers you want to happen. For instance, like Frappuccinos? You can set up a trigger that will transfer money into your savings every time you purchase a Frappuccino from Starbucks. You can establish other rules for your savings account, as well. For example, if you have a particular spending habit that you’d like to curb, establish a rule that pushes money to your savings account when you reach your goal. Finally, when you purchase items at a point of sale, you can have the loose change automatically transferred to savings; if the purchase price comes to $44.76, 24 cents goes into your savings account. Qapital accounts earn a meager .10% interest.
As of 2016, none of these services charge fees.
How Saving Money With Mobile Apps Makes You a Better Investor
These mobile apps can be used in conjunction with your real estate crowdfunding goals. For instance, you could establish a rule with Qapital that sends money into your savings account every time you transfer dividends to your checking account.
Another way to use a mobile savings account app is in planning for a property investment. Want to save up for an investment? Set your goal with Digital and save until you hit your funding goal. When you hit that goal, transfer the money into your Sharestates account and search for the right investment. You can use the same strategy with Rize, which will allow you to save up for a real estate investment by transferring money into savings every pay day.
As an investor, you’re likely accustomed to watching where every dollar goes. These mobile apps will help you take those dollars and make them more productive for you.
