Last updated on October 29th, 2019 at 04:32 pm
We know that technology has revolutionized the financial landscape today. In this context, we know that Americans are having a savings issue. We understand that four out of every ten adult Americans are either involved in borrowing money, selling something or not meeting an emergency expense amounting to $400 as per a Federal Reserve survey in 2017. This reveals that most Americans are not successful in maintaining an emergency fund that is supposed to take care of all expenses for 3-6 months. They are not successful in following the dictates of financial experts who believe that to counter any unanticipated expenditure, it is best to keep aside $400 in an emergency fund.
Fortunately, thanks to the latest technology now you could automate the entire saving process. Several Fin tech organizations are recommending automation of savings via ‘round-ups.’ For instance, you are buying a coffee worth $2.75 using your credit or debit card and precisely that purchase would be rounded up efficiently to the next or nearest whole number and the 25 cents would be added up as savings.
Let us explore some of the best money-saving apps.
As per the forbes, mobile-first bank Chime seems to be gaining phenomenal popularity this year since it is offering a spending account, a Visa debit card, and even an optional savings account. Chime is known to come up with a couple of automatic savings program namely save while you are spending and save once you get paid. You could save rounding up transactions that are already made by you on your precise Chime card to the next or nearest dollar. You could then get the additional money transferred from your spending account directly into the savings account.
Chime also has a second automated savings plan wherein you are supposed to save once you get paid. This program would be allowing you to transfer automatically 10 percent of all paychecks straightaway into the savings accounts. Chime has admitted that it has successfully helped members save almost $400 million last year alone. Moreover, Chime has an amazing ‘Get Paid Early’ characteristic that allows members to get paychecks around two days in advance with no charges or additional fees for the service. With its recently-introduced feature SpotMe, Chime would be spotting or identifying some money for the members until their paychecks come. When in doubt, it is best to seek professional assistance from the experts in the lending industry such as liberty lending.
This money-saving app offers an amazing way of achieving all your saving goals and aspirations. If you are finding it difficult to ascertain exactly what amount of money you could afford to keep aside every month, it is a good idea to seek digital assistance. You could start using Digit which is a cutting-edge mobile app which would perform the work on your behalf. You simply need to download this efficient app and then connect it seamlessly to your bank account. You may consider setting up all your savings aspirations and goals. For instance, you are setting your goals of saving $2000 so that you could use the funds for an emergency expense or a financial crisis and then set another objective of saving $500 to fund a weekend getaway.
Digit would be utilizing its super-smart algorithms for analyzing your income and examining your overall spending habits for accurately determining the amount you could save. Accordingly, Digit would be pulling little amounts of money automatically into the FDIC or the insured Digit Account. Digit would be sending real-time notifications every day to you hence, you could keep constant track of your balance. You could tap or pause into your savings whenever you wish and it would be taking just a single working day for funds to be transferred to your checking account. Digit is the ideal app for people who find it difficult to figure out accurately the amount they could save and these are the people who would love to rely on automated savings.
Once you successfully download this amazing app called Qapital, you would be linking up this app with your bank account directly and then set specific savings objectives and aspirations. Under each aspiration or goal, you would be setting certain rules. This cutting-edge app lets users go ahead and save depending on their goals. They could set up certain rules for making the process great fun. Suppose you wish to save for buying a car. Then that would be set as your goal. You must consider including a goal amount. You could go ahead and make the most of some of the rules of money-saving.
Qapital presents the Roundup Rule that involves adding your spare change to your savings. You could follow the amazing ‘Spend Less Rule’ and you could save the difference provided you have spent less on your expenses.
Qapital is supposed to be a mobile banking app which allows you to save efficiently and smartly, invest comfortably, and spend happily with some of the intuitive tools with which you could easily find a tight grip on your finances.
Top Money Lending Apps
There are times when you would be requiring fast cash for covering an unanticipated expense or some emergency. Most of you would think of payday loans at once when confronted with a sudden need for urgent money. However, payday loans carry an astronomically high rate of interest and you could easily get caught in the vicious cycle of debts. Fortunately, thanks to path-breaking technology today, you have easy access to cutting-edge apps for getting cash loans which act as great alternatives to payday loans.
Instead of marketing to consumers, we understand that DailyPay would be marketing to employers. Employees would be building a balance gradually with every hour they devote to work. They could, later on, take advantage of the balance well in advance of the payday provided there is a sudden or urgent need for cash. DailyPay would be putting the money directly into your bank. On payday, the money you have already used would be deducted from your paycheck. However, DailyPay would be charging a fee for transferring cash from precisely your hours-worked balance directly into the bank account. The fee is very reasonable at just $1.25 per transfer.
PayActiv – Earned Wage Access
We know that PayActiv provides financial counseling. This app’s platform has been cleverly designed to do much more than just provide an effective payday loan alternative. It would also allow users to receive prescription discounts and pay their bills. Moreover, PayActiv offers a debit card that is linked to your bank account so that the money could be accessed by you easily and quickly and with complete fraud protection.
Money-saving and money lending apps are cutting-edge applications which assist users in efficiently managing their spending, earnings, budget, and savings. Some of these apps would loan you money in times of emergency. All these apps would be working smoothly even when used by individuals who are having limited knowledge of money management or financial education.