One of the biggest questions I’m asked is how I afford to travel. I didn’t inherit a fortune, and I surely am not rich. I consider myself a savvy saver. I’m constantly on the look out for the best deals and new ways to save and budget my money.
I understand that saving up can seem impossible at times— but automation helps. By letting an app do the saving for you, you may not even realize the money’s gone. These seven money saving apps will help fill up your piggy bank and help you learn about successful financial practices and habits in the process.
You’ve probably heard of this App before, it’s rated one of the highest ranking mobile apps out there. Lets just be clear on this though, Chime is a mobile bank ACCOUNT, meaning you will have to apply for a bank account and debit card. The app has simplified this process and it takes only a few minutes of your time.
Chime is a fantastic option if you are looking to open up a seperate savings account. It handles everything from tracking your spending and savings to paying friends.
Quapital & Digit
I put these two apps side by side because I have used both of these apps and swear by them. My favorite of the two is Quapital which is a goal oriented saving app. Don’t expect great interest rates or a spectacular return- they’re just meant to help you save, so you can think of them more like piggy banks Lets take a look at the similarities and differences and see which one is right for you:
- Qapital: The Qapital App allows you to create rules for how much money is transferred and when, along with savings goals, and the app reads your transactions so you can save around your spending habits. For example, you can make the rule to round up to the nearest dollar everytime you spend eating out. Say you spend $19.20 – Quapital will deposit the other 80 cents into your savings fund for you. Or save a certain percentage of a deposit that hits your account immediately, as soon as it lands. Example – save 10% of my paycheck bi-weekly and put it into my South Africa fund, or wherever you plan on jetsetting to. I personally love the way you can set individual goals and make up your own rules for each one. UPDATE: Qapital now charges $3 for basic plan. I still think it extremely worth the price for the functionality.
- Digit: Digit is a bit simpler. You connect your accounts, but instead of creating rules yourself, Digit saves according to how much you can afford to put away. This is a great app for all you wasteful spenders out there. Digit looks at your deposits, upcoming bills, and spending habits to figure out set amounts you can save every couple of days. As your income and spending change, it automatically adjusts your savings to match.
Scoutmob is available as an iOS and Android app. This app is great for travelers of all kinds because it offers you local and regional deals for some major cities across the country. Think of it like a Groupon, so when your traveling you can find some of the best deals and discounts on local stores, restaurants, and event venues.
HoneyFi is a free money-saving app that helps couples work together to make the most of their money. Since couples tend to argue the most about money and how it should be spent, it makes sense that an app that was developed to take the animosity out of finances.
Mint has become one of the most notable saving apps to date. It comes with a wide range of features, but its most useful has always been its budget tools. The lay out is simple, and the budget tools are right front and center when you log in. Mint will automatically categorize transactions from your linked credit and debit cards, then tracks them against a budget you can tweak and customize to your needs. You will get alerts when you go over budget, and track by category or look at your overall cash flow to get a bigger picture of where your money goes each month. This is great for beginners, and especially travelers with one checking account or credit card who needs some assistance budgeting their money.
This app will help you when it comes to finances and managing expenses, as you will be able to set goals and check your saving and spending patterns. This app is run by three major tabs.
The home tab is where you enter expenses. You can choose from expense categories including transportation, clothes, entertainment and more. There are also subcategories within each major category where you can get really specific (love this feature!). For example, under the home category there are additional line items including mortgage, rent, furniture and more. If a subcategory isn’t on the list, you can create your own.
The income tab allows you to add up each of your income sources for the month and set your savings goal.
The budget review. This area shows a very basic analysis of your spending by category each week, month and year.
The Wally Lite app is very simple, and perfect for someone looking to just track money coming in and going out to cut down on excess spending. If your looking for an app with more analytics I would refer to the options above.
While there are so many budgeting apps to choose from these days I wanted to make sure my recommendations are the best for your travel needs. Leave me a comment and let me know the great ways you plan on saving for your next getaway!