Use your cell phone to become a savvy saver
Managing money can be a real hassle. It’s so challenging that many of us have a negative savings rate when we’re on our own for the first time.
Luckily, several cell phone apps can help you save money—help you track what you spend, sock money away, pay bills on time, or even track your credit score.
Even better, the apps are super easy to use, and all are available on both Android and iPhone.
Mint aggregates all of your personal financial information. You can see what you’re spending, pay bills, check your credit score, and create a budget. Plus, the “Find Savings” feature lets you see what banks and credit cards are charging.
Acorns rounds up your debits to the nearest dollar and automatically sweeps the difference into an account you create. When that account balance reaches $5, the money is then invested in a diversified portfolio.
Level Money connects with all of your accounts, analyzes your income and expenditures, and provides you with your disposable income. A “Mobile Money Meter” updates your spendable cash as you make purchases each day. There’s no guessing how much money you have left. You can even set up savings goals.
SmartyPig helps you save for a goal such as a dream vacation or even just for something like an emergency fund. You open a savings account, create a financial goal or goals, and then set up automatic withdrawals. You can also share your progress with friends and family on social media sites; and, when you redeem your savings you can get savings boosts on retail gift cards should you choose to redeem that way.
Life is busy; using one of these apps is a great way to simplify your finances. Let’s face it—having one less thing to worry about is a good thing!
* Independent Bank is not recommending a specific application, and the user is responsible for researching the privacy/security policies before utilizing the service of these or other similar applications.