Top Financial Tools to Help You Save More Money This Year
Saving money is a goal that many people aspire to, but it can often feel like a challenging task. Whether you’re trying to build an emergency fund, save for a big purchase, or simply reduce unnecessary expenses, having the right tools at your disposal can make all the difference. In this article, we’ll explore the top financial tools that can help you save more money this year, focusing on apps, strategies, and resources that will enable you to take control of your finances and achieve your saving goals.
Budgeting Apps to Track Your Spending
One of the first steps toward saving money is understanding where your money is going. Budgeting apps are powerful tools that can help you categorize your expenses, track your spending habits, and identify areas where you can cut back. Here are a few standout options:
1. Mint: The All-In-One Budgeting Tool
Mint is one of the most popular and user-friendly budgeting apps available today. It connects to your bank accounts, credit cards, and bills, automatically categorizing your expenses so you can see exactly where your money is going. Mint also provides you with personalized tips to save and helps you set financial goals that you can track over time.
2. YNAB (You Need A Budget)
YNAB is designed to give you complete control over your money by helping you plan for every dollar. Unlike Mint, which tracks past transactions, YNAB is more focused on future budgeting. It’s a great tool if you want to actively manage your money, prioritize savings, and reduce debt. The app’s method is based on giving every dollar a job, ensuring that you’re not only spending wisely but saving for your future.
3. PocketGuard: Simplifying Your Spending
For those who want a more simplified approach to budgeting, PocketGuard is a great option. It connects with your financial accounts and gives you a snapshot of how much disposable income you have after accounting for your bills and savings goals. It also helps identify unnecessary subscriptions that you may want to cancel, saving you money each month.
Automated Savings Tools for Effortless Growth
Automating your savings is one of the best ways to ensure that you consistently put money aside. With the right tools, you can set up automatic transfers to your savings account and watch your balance grow without even thinking about it. Here are some top tools to automate your savings:
4. Acorns: Invest Your Spare Change
Acorns rounds up your everyday purchases to the nearest dollar and invests the difference in a portfolio of stocks and bonds. It’s a passive way to save and invest without any effort on your part. Acorns also offers a range of savings features, including retirement accounts and automatic contributions, making it an excellent tool for long-term saving.
5. Qapital: Set Savings Goals with Ease
Qapital is a mobile app that makes saving money fun and easy by turning your goals into a game. You can set up different savings goals, such as saving for a vacation or a down payment on a house, and the app helps you automatically set aside money for these goals. You can also set rules that automatically save money based on specific triggers, such as rounding up purchases or saving a percentage of your paycheck.
6. Digit: Save Without Thinking About It
Digit is another automated savings tool that transfers small amounts of money from your checking account to a savings account based on your spending habits. The app analyzes your transactions and determines how much you can afford to save, making it a completely hands-off way to grow your savings. Over time, these small amounts can add up to significant savings.
Investment Platforms for Long-Term Growth
If you want to grow your wealth over time, investing is a powerful tool. While it involves more risk than simply saving money in a bank account, it can yield much higher returns over the long term. Here are some investment platforms that can help you get started:
7. Robinhood: Commission-Free Investing
Robinhood has revolutionized the way people invest by offering commission-free trades in stocks, options, ETFs, and cryptocurrencies. This platform is perfect for beginner investors who want to get their feet wet without paying high fees. Robinhood is easy to use, making it a great tool for anyone looking to build wealth over time.
8. Betterment: Robo-Advisors for Smart Investing
Betterment is a robo-advisor that offers automated investment management. You answer a few questions about your financial goals and risk tolerance, and Betterment creates a customized portfolio of ETFs to help you achieve your objectives. Betterment is a great choice for those who want to invest in a diversified portfolio without having to pick individual stocks or manage their investments.
9. Wealthfront: Automated Financial Planning
Wealthfront is another robo-advisor that takes the guesswork out of investing. In addition to automated investment management, Wealthfront offers financial planning tools that help you plan for retirement, save for education, and track your net worth. It’s a comprehensive platform that’s perfect for people who want to build long-term wealth with minimal effort.
Cash Back and Reward Apps for Extra Savings
Sometimes, the easiest way to save money is by earning it back. Cash-back and reward apps allow you to earn money or points for everyday purchases, which you can then redeem for discounts or cash. These apps are simple to use and can add up to significant savings over time. Here are some top apps to consider:
10. Rakuten: Earn Cash Back on Online Purchases
Rakuten is a cash-back app that offers you money back on purchases made through its platform. It partners with thousands of online retailers, offering cash back on everything from clothing to electronics. You can earn cash back through the Rakuten website or its app, and the best part is that it’s completely free to use.
11. Ibotta: Save on Groceries and Everyday Purchases
Ibotta allows you to earn cash back on grocery store purchases, online shopping, and even restaurant visits. After you make a purchase, you upload a photo of your receipt to the app, and Ibotta gives you a rebate on qualifying items. It’s a great way to save money on things you already buy.
12. Dosh: Instant Cash Back
Dosh offers instant cash back when you make purchases at participating retailers or restaurants. The app automatically detects eligible purchases made with linked credit or debit cards, making it incredibly easy to use. Plus, Dosh offers cash back for both online and in-person transactions.
Debt Reduction Tools to Help You Save Money
Reducing debt is one of the most important steps in improving your financial health. High-interest debt, such as credit card balances, can quickly erode your ability to save money. Thankfully, there are tools designed to help you pay off your debt faster and save on interest:
13. Debt Payoff Planner: Plan Your Debt-Free Journey
The Debt Payoff Planner app helps you create a personalized plan to pay off your debt faster. It allows you to input all your outstanding debts, choose a payment strategy (like the snowball or avalanche method), and track your progress over time. This tool can help you stay motivated and reduce your debt more efficiently.
14. Tally: Automate Credit Card Payments
Tally is an app that helps you manage and pay off credit card debt. It automatically tracks your balances, consolidates them into one payment, and helps you pay off high-interest cards first. Tally also offers a line of credit with a lower interest rate to help you pay off your credit card balances faster.
15. Credit Karma: Track Your Credit and Improve Your Score
Credit Karma provides you with free access to your credit score and credit report, allowing you to monitor your financial health. It also offers personalized advice on how to improve your credit score and lower your interest rates on loans or credit cards. Monitoring your credit score can help you save money in the long run by ensuring that you get the best possible rates.
Conclusion
Saving money doesn’t have to be difficult, and with the right financial tools, you can make the process much easier and more effective. Whether you’re tracking your spending, automating your savings, or investing for long-term growth, there’s a tool out there to suit your needs. By using these top financial tools, you can take control of your finances, reduce debt, and watch your savings grow throughout the year. Start using these tools today and take the first step toward financial freedom.