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7 Best Automatic Saving Apps for Effortless Money Saving

2 23 10

Saving money is important – not only for the future but also for the rainy days. This holds true especially in the post-pandemic world today when the survey data recorded shows an unemployment rate of 14.8% (April 2020) – the highest since the last survey done in the mid-20th century.

With the precariously balanced economic systems hit by COVID-19, people now realize the importance of building up a rainy-day stash. Thankfully, the pandemic has also pioneered revolutionary innovations in technology, which have also found their way into the financial management universe.

This has birthed a few highly efficient, goal-driven, mobile phone-based applications that automatically help users save money.

The classic way to save money – tried and tested since the time of great-grandparents – is to secretly hide away little amounts of cash whenever you can. While some people still practice this method, it seems to be losing its relevance in the digital world. Millennials (and every generation that came later) rarely ever participate in cash transactions.

With the money world going digital, it makes sense for savings to do the same, too.

Automatic savings apps can cure your forgetful habits of stashing money away for the tough days by automatically doing that as you are spending.

Some apps are programmed to make payments rounded-off to the nearest whole number and save away the “change” you would receive if the transaction were done in cash. This is only one form of automatic savings done through applications.

Many other methods exist that help you save money automatically with every expenditure incurred. Automatic savings apps are the smart way to save money today.

Each app listed here has its own unique features to help you save as much as possible. The trick lies in selecting the one that best resonates with your spending habits and nature of expenditures.

First launched in 2015, Digit started out as an SMS-based chatbot that targeted the millennials to help them save money. Today, it is a full-fledged app with automated savings features.

Digit is a smart one — based on your transaction history, this app can draw up estimations of your future expenditure. It automatically relocates anywhere between $5 to $50 about every 3 days into your Digit Savings Account. Withdrawals are easy and done via sending a text message to Digit, wherefrom the specified amount is transferred to you from your savings.

This app is a great fit for someone who does not have any savings system in place or cannot be bothered adding another task to the list. Busy people with little time for saving money can leverage Digit to sail them through this. However, Digit is a paid app, and quite a few people find it hard to keep the subscription alive with the kind of returns it generates.

Digit allows a 0.1% “savings........

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