Stop Your Savings Struggles
For many of us, saving is hard. We set goals in our head to save for that new laptop, dishwasher, or even for a wedding, but our urge to spend gets in the way. We find ourselves spending our paychecks on Starbucks every morning or eating out four nights a week. Fortunately, a growing number of mobile apps are emerging as options to help us to start saving smarter.
Qapital is a Swedish based mobile app that has been working with your very own Lincoln Savings Bank to get customers focused on saving. The application lets users transfer funds automatically from their checking accounts to their savings accounts periodically, depending how often the user desires. Qapital also encourages users to set goals for their saving, such as a saving for a ski trip, a new car, or that trip to Europe. They also encourage you to set budgets each month and contribute the extra money not spent into the savings account of your choice. The idea at Qapital is to get their users thinking about how small cutbacks here and there can add up to large savings over time.
Digit is a startup savings app that originated in the US out of San Francisco. Similar to Qapital, Digit also incorporates the idea of saving small amounts of money periodically to create large savings. Digit works by analyzing your income and spending activity and finding areas where small amounts of money can be set aside. Every couple of days Digit then transfers money out of your checking account and into your Digit savings, sending you a text message of how much money has been saved. If you need to withdraw money from your Digit savings back into your checking account, simply send Digit a text message and the money will be back in after one business day.
Acorns is another savings app that works a little differently. With Acorns, the app links your debit and credit cards and automatically rounds up your purchases to the nearest dollar. These transactions can add up quickly, especially as more and more consumers use plastic instead of cash as their main form of payment. Acorns then takes the total savings and invests them into exchange-traded funds, which are essentially bundles of stocks and bonds traded on the stock market. Every portfolio has six EFTs that range from conservative all the way to aggressive. The app does charge $1 a month for accounts under $5000, and .25% a year on the account balance for every account over $5000, which would be about $2.08 a month for an account with a balance of $10,000.
These are just a few of the larger mobile savings apps to recently gain popularity. Smartypig, Painless 1099, and DoubleNet Pay are also a few examples of apps that aim to help users set money aside and save for their goals. While the apps may be different, they all focus on helping users think smarter financially. Lincoln Savings Bank is also committed to helping you manage your finances better, which is why we’re currently in the process of creating our own money managing app for our customers. Be sure to check out our website and follow Lincoln Savings Bank on social media for all the latest updates on its release.
Lincoln Savings Bank, Member FDIC
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