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The 10 Best Tools to Help You Save Money

The 10 Best Tools to Help You Save Money

We all know that money doesn’t grow on trees, yet many of us don’t really know how to save money, so we don’t worry about unexpected expenses. Luckily, there are some great apps out there that will help you to learn how to effectively save money so you aren’t always digging for spare change between the sofa cushions on the day before payday. Here are some of those apps.

1. LearnVest

Learnvest

    This is a personal finance company that was started to help young people learn how to manage their money. It is free to use, and you can link it to your bank accounts. Use it to track your spending, create a budget, and create savings goals. Check in daily for a money minute to see what is going on with your finances.

    2. Mint

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    mint

      This is a lot like LearnVest, being a money managing app that will let you link up all of your accounts. You can put all of your expenses into categories, create a budget, check your credit score, get reminders for bill payments, and even receive customized tips for lowering fees and saving money based on how you spend.

      3. Level Money

      Level

        Here is an app that is basically a money meter. It will analyze your spending habits, and we mean all of your spending habits, so you can see where you are wasting money and learn how to save for a rainy day. You may be surprised at how much money you are wasting on little things, and what you can do to change your spending habits.

        4. Digit

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        digit

          If you are one of those people who just can’t seem to save money no matter how hard you try, let someone else do it for you. Digit will keep an eye on your income as well as your spending habits, and then take a little bit of money and hide it in a savings account every few days. You don’t have to pay for this service.

          5. Acorns

          acorns

            This is an app that will help you invest, even if you only have a few dollars to invest. It will round up all of your purchases to the nearest dollar, and invest that difference into a stock portfolio that is diversified. You can transfer the earnings into an Acorn savings account once you have earned $5.

            6. IVA-Advice

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            Iva-advice

              If you have a lot of outstanding bills and it seems like you are never going to be able to start saving money, IVA can help. You simply make one affordable payment to a legal professional, and they take care of paying all of the various bills. After 60 months, any outstanding balances are written off, and you are left debt-free.

              7. Good Budget

              goodb

                This app shows you how much you spend. You can link it to your bank accounts and credit cards and sync transactions. Then, you can see what you have left that is actually spendable, and how much you need to set aside for important expenses.

                8. BillGuard

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                bill

                  This service will tag all transactions that you probably wouldn’t be making, and let you know about it. This is a great way to protect your identity, and to make sure that no one is making unauthorized purchases on your accounts.

                  9. Mint Bills

                  mint bills

                    This is an extension of Mint, and lets you see your balances and bills all in one place. Pay bills directly from the app, make scheduled payments, and even receive alerts about upcoming bills or when your funds are getting low.

                    10. MoneyWiz

                    wiz

                      Not only does this app take care of your bank accounts, budgeting, and bills, it also helps you to get out of debt. You will really learn how your spending and earnings compare, and learn how to make changes so you can save money.

                      Featured photo credit: Panu Tangchalermkul via flickr.com

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                      Jane Hurst

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                      Last Updated on April 3, 2019

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

                      By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

                      This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

                      Hint: there are ways that are easier than you think.

                      1. Consider Consolidating Multiple Credit Cards If Possible

                      This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

                      It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

                      Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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                      Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

                      My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

                      Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

                      2. Try to Pay the Full Balance You Spent Each Month at the Very Least

                      You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

                      Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

                      If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

                      3. Pay Extra When You Can – Every Small Amount Counts

                      This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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                      It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

                      4. Create a Plan on How to Pay Extra

                      Back to the main point, having this plan is giving you one less thing to think about.

                      This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

                      For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

                      Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

                      5. Cut out Costs for Services You Do Not Use

                      If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

                      In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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                      6. Get Aggressive About It

                      Consider these points:

                      Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

                      Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

                      Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

                      Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

                      7. Reevaluate Your Progress at Set Intervals

                      Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

                      By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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                      Finally (and most importantly)…

                      8. Keep Trying

                      Do not get discouraged. Pushing it off will make it worse. Just keep trying.

                      Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

                      Start Knocking out Your Debt Today

                      The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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                      Featured photo credit: Pexels via pexels.com

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