Happy Monday you guys! Welcome to Money Crush Monday, a weekly segment about my relentless journey to seek out more income.
Last week, we discussed the ways that I cut my monthly bills to reduce my expenses as I geared up to take on an additional unexpected expense. This week I want to talk about three apps that I’ve downloaded this year that have helped me save, track my spending, and even invest.
The first app and possibly my favorite is Mint. I have actually been religiously using Mint for about two years now and for the last six months had been using the newly discovered Mint Bills; where you can put in all of your bill payments, they’re due date and get reminders or even pay bills directly from the app. Just this month, they discontinued the Mint Bills apps and added the feature to the original Mint platform. So if you are new to Mint, you won’t need an additional app to get the same great features. Mint is pretty much an app that links all of your bank accounts to track your spending and saving. When I tell people about Mint for the first time, they often times get really weirded out about giving up their bank account information to a random app, but not me #thuglife. I have NEVER had even ONE problem, but I can’t exactly promise the app is 100% save ( I can only use bold print to show my conviction), so track at your own risk.
I personally love the Mint app because it is like the Jiminy Cricket of my bank account; it’s my financial conscience. The app will track your spending and it will allow you to put in spending limits for different things such as coffee or other expenses like gas and food. You input how much you want to spend in each category and Mint will relentlessly remind you when you have gone over those limits or when you’re getting close. Mint is not for the casual budgeter; it’s for people who really want a tool that will hold them accountable for their spending habits. It’s also good for someone who may be new to keeping a money journal or those who have not been very successful tracking their spending on their own. You won’t have to remember to write down what you spend because Mint will import the data directly from your account. So the more accounts you link, the more accurate your spending profile will be. Download this app for a basic snapshot of everything you do with your money and to calculate your asset to debt ratio. It will also keep you aware of your credit limits and give you little helpful tips on how to improve your credit along the way. I love really Mint!
The next app I downloaded was Digit. Digit is another cool tracking app that clocks your spending habits on the account of your choosing and nabs tiny little bits of money that its algorithm deemed as you don’t need at the moment. It then takes those little bits of cash and stashes them in an online account. Once again if you are one to those cavepeople that has a problem with money being taken out of your account and put into another random account that you don’t know much about, this may not be for you. However, I assure you I have no issues retrieving my “stashed” money from my Digit account. The money will reappear in your account the very next day after you request it. Even better, if for some reason Mint takes money that causes your account to be overdrawn, it will reimburse you for the fees. Digit has made it very easy for me to accumulate a few extra bucks on the side without even missing it. Download Digit here!
The last apps I want to suggest are investment apps. There are two to choose from with my favorite being the least popular of the two. First I will tell you about the most popular app for smartphone investors, Stash. Stash lets you set aside as little as $5 a month to invest in stocks of your choice. It requires very little to start up and manage ($1 per month and your first month is free) and has all the tools for you to learn how to invest while incurring the lowest risk possible.
I personally use the investing app Acorns. It invests much like Stash but instead gathera ita funds by rounding up the change from your normal account purchases. I prefer this option because I end up contributing more than $5 per month and much like Digit I barely miss it because I had said goodbye to the money already on my previous purchase (I tend to round up anyway). Compare the two apps and download your favorite. For more info or to download Acorns click here!
I hope these three apps will bring you as much savings joy as they have brought me over the last few months! Come back next Monday as I highlight a few apps I downloaded that actually MAKE me money!
Enjoy your week and happy saving!