With several reports saying a fourth stimulus is unlikely to be approved, Americans need to find other ways to save money.
The cost of living is on the rise, and many Americans are struggling with their debts. Fortunately, there are three available apps that can help you save your money. These apps could also invest your money or pay your debts for you.
You might feel that money is never enough for necessities, rental fees, and other types of expenses. Even worse, some of these accumulate interest, so their cost just keeps getting bigger. It almost seems like an endless cycle of debt.
How to Save Money
Although expenses are a part of life, there are a few solutions to ease the financial burden--especially now that a fourth stimulus check is uncertain.
Admittedly, a lot of Americans struggle to save money. Even $400 seems impossible to save because it feels like money that needs to be paid somewhere. So instead of saving in bulks, you should try saving the change on your purchases. Surprisingly, this is a solution overlooked by many.
Keep in mind that spare change, when accumulated, can also create huge savings.
3 Useful Money Saving Apps
What can spare change accomplish? With the help of three applications, your coins could be used as an investment to earn, save for your vacation, or partial payment to your debt.
Keep in mind that the apps will use an automated saving system called "round-up." This means that your purchase will be calculated to the nearest whole dollar, and the change will be added to the app. For example, buying a burger costs $4.30. These apps will round the amount to $5.00, and the 70 cents will be used for the savings.
Forbes listed out three of the best money-saving apps that can help you.
Chime
$1 per month. Works best for investments.
This app offers two savings programs called Round Up and Save When I Get Paid.
Round Up puts your purchase change in a high-yield savings account that pays one percent APY. The second program offers to save 10 percent of your paycheck. According to Chime, their members already saved close to $400 million in total in 2018 alone.
Acorns
$1 per month. Works best for goals.
The mobile banking app Acorns was the first to promote the round-up strategy. Rules are highly customizable. Similar to Chime, the savings could be used for investments plans. The app also offers accounts for kids and retirement benefits for adults.
Qoins
$1.99 per month. Works best to pay debts.
Be warned that the app requires you to link accounts for the purchase. Whenever you make a purchase, Qoins uses the change as savings. When you accumulate enough Qions on your account, the app sends out debt payments on your behalf. This is extremely helpful to pay out student loans.
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