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5 Reasons You Should Use An App to Save Money

May 4, 2021

Save? Why would you save when the newest gaming system or another pricey piece of tech just came out, and you could have it right now? The temptation is just too much to resist, and once it’s in your hands, it all feels worth it — for a split second.

You understand the importance of saving. If your parents or skill didn’t drill it into you, necessity did. Unfortunately, many people lack the motivation, discipline, or more importantly, the ability to put aside a part of their paychecks every month. Like in the case above, saving slipped your mind. You need accountability, and that’s how using an app to save money can help you take saving seriously.

Using an App to Save Money Gets You in the Habit

Maybe one of the reasons you neglect saving is that you forget to deposit a percentage of your paycheck into a separate account whenever your paycheck comes in. Or, perhaps you find the process of moving money between accounts too tedious, so you hold both your spending and “savings” funds in your checking account (you promise yourself you’re mentally keeping track).

That kind of financial behavior is risky. Financial apps with fun UX make it easy to deposit money into a separate account (or hold onto it in another way, so you remember to deposit it later) and get you into the habit of setting aside whatever you can spare every month. For example, you can use Earnin’s Tip Yourself feature to stash a few dollars away every time you work out, eat well, or do anything you’ll associate with saving. Once you have a bit of momentum, saving gets easier.

You Can Hold Yourself Accountable

Similarly, using an app to save money holds you accountable. Let’s say you’re on the verge of buying that new gaming system, but a notification pings on your phone that reminds you it’s time to save part of your most recent paycheck. That’s a few hundred dollars you get to keep for something else, and you can buy the system once you’ve saved enough that you won’t be in a tight spot if an emergency arises.

You Have a Comprehensive View of Your Finances

Many financial apps connect to your various cards and bank accounts to provide you with a comprehensive view of your finances. If you’re not keeping track of how much you make compared to how much you spend on rent, utilities, groceries, recreation, subscriptions, loan repayments, and other expenses, it’s easy to make a financial mistake and end up in more debt than you can manage. Don’t try to keep everything in your head — learn how to save money with an app that monitors everything for you. That way, you’ll always know what you can afford at any given time.

It’s Easy to Save for Different Things

An important point to make is that “saving” is rather vague. Are you saving up to buy a house? A car? To pay for school? An emergency fund? Retirement? Whatever you’re saving for will influence how much money you put aside (you may even want separate accounts for each goal), and you are likely saving for more than one purchase at a time. An app can help you keep your saving efforts distinct from one another, so you don’t accidentally put a portion of your vehicle fund toward your house.

You Can Track Your Progress

Financial apps with friendly layouts can help you visualize your progress. Seeing how much you’ve saved is encouraging, and the higher that number reaches, the more you can push yourself. Saving can be daunting, but when you see you’re several thousand dollars closer to your goal than you were a year ago, it’s easier to see the end in sight.

Money-Saving Apps to Download

Which is the best app to save money for you? It depends on your financial needs and goals, so here are a few to consider:

Earnin

Earnin is an app that allows you to access up to $500 of your paycheck before payday, but it also offers its previously mentioned Tip Yourself feature to help you save in small increments. That’s not all, though — for every $10 you save, you’re entered for a chance to win exciting prizes.

Mint

Mint is an incredibly popular app for money management. Mint allows you to track all of your money coming in and going out, as well as monitor your investments and credit score from one convenient location.

Twine

Saving money for yourself is different than saving with a partner. If you’re in a relationship that combines finances, then you have two incomes and shared expenses you can account for. Twine helps couples save for their goals together.

Acorns

Do you find the stock market confusing? While you work on improving your financial literacy, you can use Acorns to invest. The app invests in various stocks on your behalf and grows your profile according to your risk comfort level, allowing you to make passive income you can save for later.

Saving is essential, but you don’t have to do it manually. What financial app to save money will you take advantage of?


Photo by Micheile Henderson on Unsplash

Please note, the material collected in this blog is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or Services.

1Disclaimer: Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

2Disclaimer: Balance Shield cash out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit earnin.com/TOS.

3NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit https://www.earnin.com/wewin/. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin), 200 Portage Ave, Palo Alto, CA 94306.

4Disclaimer: Up to 2 days early is based on comparison with traditional banks. Exact timing is dependent on your employer's payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

5Source: Internal analysis conducted by Earnin on December 10, 2020.

1Restrictions on use of Services and/or third party fees may apply, see Earnin.com/ privacyandterms for details.

2Balance Shield cash out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit Earnin.com/privacyandterms.

3Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% APY and $0 monthly fee service. Other restrictions and/or third party fees may apply, see Earnin.com/privacyandterms for details.

1Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

2Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

3Balance Shield cash out is subject to your available earnings and your daily pay period max. Other restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

4NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit WeWin Game & Sweepstakes Official Rules. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin), 200 Portage Ave, Palo Alto, CA 94306.

5Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/tos.

6Up to two days early is based on comparison with traditional banks. Exact timing is dependent on your employer’s payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/tos.

7Your Max on Earnin Express is up to 80% of your payroll or $1000, whichever is less. The 80% is dependent on you routing your full paycheck to Earnin Express. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

8Learn how we collect and use your information by visiting our Privacy Policy.

1Disclaimer: Restrictions and/or third party fees may apply, see earnin.com/tos for more details. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection.

2Disclaimer: Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details

3Disclaimer: Community Member must have had at least 1 successful debit with Earnin. Limit to 1 Max Boost per pay period. A boost will not adjust a Community member's daily max. Restrictions may apply, see earnin.com/tos for more details

*Disclaimer: Balance Shield Cash Out is subject to your available earnings and daily pay period max.Other restrictions and/or thirdparty fees may apply. For more information visit earnin.com/tos

1Restrictions may apply, see earnin.com/tos for more details. Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/tos

2Disclaimer: NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit https://www.earnin.com/wewin/game-rules/. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin), 200 Portage Ave, Palo Alto, CA 94306.

3Disclaimer: Restrictions Apply. See earnin.com/wewin/pool-rules/ for more information

*Disclaimer: Up to 2 days early is based on comparison with traditional banks. Exact timing is dependent on your employer's payroll policies. For more information on eligibility and requirements of Earnin Express, visit earnin.com/TOS.

**Disclaimer: Restrictions and/or third party fees may apply, see earnin.com/tos for more details. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection.

*Survey conducted in February 2020 with 889 participants.

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