May 23, 2023
• 4 Minute Read
Saving money each month is hard. We are told to save 20% of our income each month, but what if your expenses don’t allow for an allocated savings budget? The number one hack to add more money to your savings each month without making budget cuts is to use a money saving app. There are tons of great apps that incrementally add to your savings account, so you don’t have to fork up large sums of money each month to save for a rainy day. CreditSoup has rounded up the top 5 apps that will help you put more money into savings each month with minimal effort.
Coming in at number 5, we have Chime.
Chime is a mobile banking app with awesome features like a credit building card and overdraft protection. Also, when you use the Chime debit card it automatically rounds up your purchases to the nearest dollar and places the difference into your savings account every single month, making it super easy to build up your savings account.
As an added bonus, they also have a credit card!
- Monthly Fee
- $0
- Overlimit Fee
- $0
- Foreign Trans Fee
- $0
Highlights
- Your Chime® Checking Account comes with a Visa® Debit Card, no monthly fees or minimum balance fees.
- Over 60,000 fee-free ATMs¹ — more than the top 3 national banks combined!
- Get paid up to 2 days early with direct deposit, terms apply.²
- Chime will spot you up to $200 on debit card purchases and cash withdrawals with no overdraft fees. Eligibility requirements and limits apply.³
- Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.
¹Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
²Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
³Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
See additional details for Chime®
Coming in at number 4 is Varo.
Varo is another great mobile banking app with features like Save Your Pay, which allows you to set up automatic deductions from your paycheck to put into savings every single month. Another great feature of Varo is Save Your Change. Save Your Change is similar to Chime in whenever you use the Varo debit card your purchase is automatically rounded up to the nearest dollar and the difference is put directly into savings. This makes it super easy to save money without even thinking about it.
Coming in at number 3 is Honeydue.
Honeydue is a great app to help couples manage shared finances without having a joint checking account. Honeydue has awesome features that allow you to pay shared bills, discuss transactions directly over the app, and automatically contribute to a shared savings account. So, if you and your partner are both saving up for a trip coming up, this is a great app to try.
Number 2 on the list is Qapital.
Qapital is awesome because it essentially gamifies saving money. It allows you to set certain rules like every time you hit your step goal you deposit $5 in your savings account, or every time you shop at Starbucks you deposit $1 (you get the idea). It also allows you to set up automatic monthly deposits into your savings account and it will round up your purchases to the nearest dollar and deposit the difference into savings. With these 3 features automatically loading up your savings account, your efforts will compound, and you will hit your savings goals in no time.
Coming in at number 1 is Oportun (formerly Digit).
Oportun (formerly Digit) essentially takes all of the thinking out of saving. It uses smart algorithms to analyze your income and spending habits to determine how much you can afford to save every single month, then automatically puts that money into an FDIC insured savings account. Another great thing about Oportun is it puts that money into a savings account in small increments, so you don’t notice large chunks of money gone at once. Oportun also gives you the power to set individual savings goals and allows you to visualize your progress towards hitting those goals. Being able to see your progress makes it that much sweeter once you can finally afford that trip to Cabo.
At the end of the day
All of these apps are going to do a great job to help you save more each month. It really just comes down to which strategies work for you and which features you find the most valuable in each app.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.