I understand that for most people, talking about finances is always a tricky subject. You have people who find it rude to discuss finances. Asking questions like how much one makes or how much to save on a monthly basis can be considered sensitive topics. As many people’s financial situation is changing during this time, it’s important to remember that we will make it through but one thing that has become more evident to me is the need for maintaining a savings account. That famous adage of ‘saving for a rainy day’ has never been truer.
The COVID-19 pandemic, has really exposed the need to more openly talk about finances and how to prepare for said ‘rainy day’, which is why Im sharing my top 5 apps that will help you keep track of how much you make and how to save.
- Mint – I love this app because it is very easy to set up. It enables you to track your expenses so you know exactly where your money is being spent. It allows you to set financial goals – so if you wanted to save for a rainy day fund or for a dream vacation, the app shows you how close you are to achieving these goals. Lastly, the app tracks your credit score, which allows you to know what your purchasing power is when thinking about making larger purchases like a house. Download the app here.
- Acorn – If you are one of those people that wants to passively save money, this is the app for you! The app rounds up your purchases and invests the difference to your savings account! Yes, you read that right. It takes a $5.50 coffee and rounds up to $6. The app then invests the $0.50 on your behalf and you’re off to the races! Saving has never been easier. Download the app here.
- Digit – Ok y’all, this is the app for the people who are serious about time based goals. If you are looking to pay off your student loans in a year, for example, this is the app for you! The app analyzes your income and spending and comes up with a plan on how you can achieve your time based goal. It helps if you allow the app to track your spending for a little while and then begin editing your goals based on how you trend. Download the app here.
- Tip Yourself – I always think of this app as a piggy bank. It’s super simple: transfer money (any amount as you see fit) to your digital tip jar. Just as many of us did when we were younger, you can use this app to save as you go! It’s easy – with no strict timelines and targets associated. Download the app here.
- Joy – This is my most recent find. It’s an app that helps you save money based on how purchases/ transactions make you feel. Yes, I know, it sounds a little ‘goop-y’ but seriously, its an interesting concept. You connect your cards to the app, rate how purchases make you feel and allow your digital concierge to learn how purchases make you feel and determine how much you need to move into a savings account. It works most effectively if used on a daily basis. The more you update how you feel, the more tailored the savings recommendations get. Download the app here.
We are going to get through this folks! We just need a little more preparation, and I hope that these suggestions help!
Let me know in the comments below or on Instagram @Africancocktail if you use or try any of the apps that have been mentioned.
