The Best Tools to Help You Save Money
Probably many of our readers are familiar with this scenario: You have been trying to save money but have not quite reached your financial goals yet? In this article we present to you a collection of the best tools to help you save money. Keep a better overview and start cutting your expenses now! Recording spendings, organizing your budget and finally reaching your savings goals will be much easier for you from now on.
1. Recording expenses and organizing your budget
The first step to get your money affairs in order is to record your expenses, organize your budget and find out where you actually have capacities to save money. The tools below can help you save money by tracking your budget and keeping an eye on your spendings.
This makes it easy to find out where you are spending too much and can cut back. For example, a left over subscription you don´t use anymore or unnecessary splurges in that expensive café when you can actually make your coffee at home!
This budget tracking app overlooks all your spendings right on your phone. Your bank accounts and credit card can be linked to see all transactions. Goodbudget shows exactly how much money you have left at the end of the month to help save money for bigger events or pay off debt. Additionally, their website offers useful financial tips and tricks!
Mint is the top money saving app to help people manage their spendings. It helps you track your money and bills as well as creating a budget. All of your expenses are listed in one place – easy to oversee and follow your financial goals. Mint allows you to sync many different types of accounts, from investing to Credit Cards to loans.
With Spendee you are able to keep a perfect overview of your household expenses. It is free, uses great visualizations to better understand income and spendings and easy to use! Set content categoies to sort your budget, for example for food, travelling, shopping and more.
2. Set goals for your savings
Now that you ca make use of money tracking tools, you can start saving money effectively. Know your budget and find out exactly how much money you can save each month. Then, start setting goals for your savings. Do you want to start an emergency fund? Would you like to go on an expensive trip? Or have you begun to save for retirement? There are endless reasons to start saving and you should set some goals for yourself to see continuous progress.
A designated saving account at your trusted bak is a reat option to watch your savings increase. By setting aside money ever month, your saving account grows until you have reached your personal goals. Separating the money you can spend freely and the amount you wish to save helps you not to dip into savings to splurge on things you wouldn´t need to buy.
This app can create a customized spanding plan and budgt for you. Choose a starting date and begin entering your spendings to see your daily, weekly or monthy budget that is left to save! Toshl Finance believes that in order to save effectively, you need a clean overview of your finances first.
Unsplurge is a beautiful phone app to support your money saving journey visually. Simply set your goal, pick a picture to accomany it and you´re good to go! This tool to save money also integrates a community feature where you can see what other users are saving for and how far they´ve come. This type of community feeling will have you save even more efficiently!
3. Save automatically
Once you know exactly how much money you can and want to save, you are able to start saving automatically. Through an automatic savings plan, for example by depositing $50 every month in a savings account or investing the money, will have your savings grow – and you don´t een have to do anything actively!
Digit analyzes the way and amount of money you spend as well as your paydays. It then figures out how much money you would be able to save, taking into account your goals, habits and bills. An exact amount which won´t hurt you financially is calculaed and moved away from your main account every day. Thus, you are constantly saving passively.
Acorns is an app to help you invest money. Within minutes, you can set up an investement account and the app transfers your money into diversified portfolios. Use their Round-Ups feature to round up every purchase you make to the next dollar and invest the difference! Or have the app take a bit out of your paycheck to save money.
The special thing about Cimes is: it is like a free mobile banking account! Start an account without a minimum fee and no matter how much (or little) money you have in the bank. Also using the method of rounding up on the dollar, Chime actively iniciates savings as well. We find this tool to help you save money especially well-fit to young people.
After all, how did you like this article? Are you already making use of any of these methods or do you have more tips to save money and track expenses? We would love to see them in the comments!