It does not need to remind you that you should save money for unexpected expenses. However, many of you fond saving extremely hard. If you have been earning a lot of money, you will not find it hard to build an emergency cushion, but a lot of people blame their low wages for being unable to do so.
It certainly makes it complicated to have enough emergency corpus, but many of you fail to do so because of overspending. If you want to set by for a rainy day, you will have to ensure that you do not overspend money.
Budgeting is the only way to help achieve your goal. Since it will help you keep tabs on your expenses, you will be financially organised. It is needless to mention the importance of savings.
If you have popped enough money into your emergency corpus, you can save this when you need it, for instance, at the time of finding a new job.
Some people do not bother about it because they look for easy loans with no credit check when they need money for urgent reasons. Experts do not appreciate this behaviour. You must put by money even though you can easily borrow money when you need it.
Apps to use to boost your savings
You can do it on your own, but if you find it harder, the following apps can help you save money:
Monzo
You can access your bank account from your mobile phone without incurring any cost. You can enjoy peace of mind while managing your money. Now spending and saving are in one place. You can avail of direct debits, so there is no fear of nasty surprises.
You can spend money more carefully because you will be notified if you are spending too fast. However, you will have to tell the app to do so. You can use this app for all transactions if you are travelling somewhere.
Moneybox
This is an award-winning app so you can trust it. This can do a lot more things than the other apps. You can save, invest and, in fact, buy a house. Growing money over time is not difficult at all because the app can allow you to invest as little money as possible.
It will invest your spare change, so you do not need to have fear arranging a lot of money to set off your investing journey. You can invest your money in a couple of assets, from stocks to personal pensions.
This app allows for enjoying a diversified portfolio. You will build your wealth through the safest mode. You need as minimum as £1 to start investing money with this app. The best thing is it will let you earn on interest on your savings. The app can bring together pension pots. If you have issues while operating the app or have some doubts or queries, you can talk to the customer support team.
Cleo
It is the best app if you want to save and invest money. It comes with its own card that no other apps offer. Cleo will let you borrow up to $100 cash advance in case of hard times. It will help you set your monthly goals. You can easily reach them.
When you set financial goals and try to achieve them, you stay on top of your finances. This app can help you stay organised. The app sets aside money, automatically analysing your monthly transactions. You will be fined for unnecessary spending.
Choose the amount of money you want to save every month, and then the app will do it on its own. You do not need to set the limit every month. However, if you want to increase the limit later as you get some flexibility in your finances, you can do so.
Plum
Plum will be the best app if you want to take advantage of automation to manage money. Money management is effortless with this app because it links to your bank account, so you can operate in the comfort of your house.
You will get access to a complete picture of your spending in one place. It will automatically save money. Just set basic rules. Make sure that you build good financial habits. However, the saving amount will be nominal. Although it is not significant, it will add up.
The good thing is that you can earn interest in your savings. This app can do more than the others as it can help you decide the ways to save money. For instance, you can compare your energy bills and switch to a supplier that offers affordable deals. Investing is absolutely easy with this app because you can start investing money with as little as £1. Analyse the market and grow.
Chip
It is a free app to build your savings. You can withdraw anytime, and you will get interested in your savings as well. Now get access to cash in your account with just a few clicks. You do not need to compare the interest rates because Chip will negotiate with your bank.
You just need to set the limit. Based on the average monthly spending, the app will determine how it can be set by every month to reach your goal as soon as possible.
It comes with artificial intelligence to enable automatic savings smoothly. Using this app will not run out of money on payday. You will rather have some money in your emergency cushion. Use it when you need it.
Wrapping up
If you struggle to save money, you should use apps. There are several apps to boost your savings efforts. They all have unique features, so make sure that you choose an app that lets you achieve your financial goals.
Undoubtedly, these apps can help you reach out to your savings goals but only when you improve your spending habits. If you continue to dissipate money, these apps cannot help you.
