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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

                      Writer, editor

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                      Last Updated on January 21, 2020

                      How to Develop a Millionaire Mindset in 6 Simple Steps

                      How to Develop a Millionaire Mindset in 6 Simple Steps

                      We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

                      It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

                      How do you go about developing that millionaire mindset? By following these simple steps:

                      1. Focus On What You Want – And Take It!

                      So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

                      Millionaires play to win, not to avoid defeat.

                      This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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                      2. Become Goal-Orientated

                      It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

                      Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

                      Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

                      Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

                      You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

                      If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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                      If you are to become a millionaire, you need to start accumulating money.

                      Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

                      3. Don’t Spend Your Money – Invest It

                      The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

                      Stop working for your money and make your money work for you.

                      Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

                      There’s not just the stock market — there’s also property, and your own education.

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                      4. Never Stop Learning

                      The best thing you can invest in is yourself.

                      Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

                      Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

                      Learn everything you can about how economics works, how the stocks markets work, how they trend.

                      Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

                      Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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                      5. Think Big

                      While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

                      There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

                      Aim for the stars, if you fail you’ll still be over the moon.

                      6. Enjoy the Attention

                      To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

                      Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

                      If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

                      Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

                      More About Thinking Smart

                      Featured photo credit: Austin Distel via unsplash.com

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