Put Your Savings On Autopilot with These 5 Tools
Since the recession, a combination of lower wages and higher prices has made it harder than ever for young people to save. In fact, Americans younger than 35 actually have a savings rate of negative 1.8%, according to Moody’s Analytics. If you’re in a negative savings boat—or just not saving as much as you want—we’ve got some tools to help you ramp up what you sock away:
Mint (Mint.com). This site pulls all your money information together in one place, which allows you to see your complete financial picture. You add your accounts, cards, and bills, and the site lets you track all of your finances. Real-time updates help you track spending patterns and investments.
Digit (Digit.com). Link your checking account to the site and it will analyze your spending and then transfer between $5 and $50 every two or three days to your Digit savings account. It never transfers more than you can afford and has an overdraft guarantee. To access the money, send a text and the money will be transferred back to your checking account the next day.
Moven (Moven.com). Download the app and sign up for your free Moven account (FDIC insured). Fund it by direct deposit or money transfer, or deposit a check with your phone. You’ll get a Moven MasterCard. The app will then track and analyze your spending and provide instant feedback to help you understand just where your money is going.
Acorns (Acorns.com).This app connects to a debit or credit card and rounds up all your purchases. Then, when you’ve accrued $5, it invests the money in a personalized stock portfolio. Users answer questions about their goals and risk tolerance, which determine where their money goes.
SmartyPig (SmartyPig.com). This app is a free, online piggy bank that allows you to save for specific goals by creating a savings account (FDIC insured) that pays interest and encourages you to add money to your account anytime you make a smart savings move. You can even share your goals with friends on social networks, updating them on your progress.
*Independent Bank is not recommending a specific application, and the user is responsible for researching the privacy/security policies before utilizing the service of these or other similar applications.
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