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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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                      Published on November 20, 2018

                      The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

                      The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

                      The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

                      Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

                      In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

                      Why Your Past Prevents You from Saving Money

                      Are you constantly thinking about your financial mistakes?

                      If so, these thoughts are holding you back from saving.

                      I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

                      It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

                      For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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                      How to Effortlessly Track Your Spending

                      Stop manually tracking your spending.

                      Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

                      When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

                      Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

                      The Truth on Why You Keep Failing

                      Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

                      Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

                      Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

                      If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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                      Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

                      Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

                      1. Save more than 50% of your available money (after expenses)
                      2. Only buy nice things after saving
                      3. Automate your savings with automatic bank transfers

                      These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

                      How to Foolproof Yourself out of Debt

                      Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

                      So how can you separate yourself from the 60%?

                      By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

                      This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

                      For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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                      Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

                      A Proven Formula to Skyrocket Your Savings

                      Having proven systems in place to help you save more is important, but they’re not the best way to save money.

                      You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

                      What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

                      Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

                      Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

                      During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

                      Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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                      Transform Yourself into a Saving Money Machine

                      Saving money isn’t complicated but it’s one of the hardest things you’ll do.

                      By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

                      The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

                      Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

                      Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

                      What are you waiting for? Go and start saving money, the sky is your limit.

                      Featured photo credit: rawpixel via unsplash.com

                      Reference

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