It’s a new year, which means many people have made resolutions to save and invest their money. New to the game? Then it’s time to check out some of the best apps to help you save and invest your money in 2018.
This post is written by Kimberly Studdard, our regular staff writer. It also contains affiliate links, but at no additional cost to you.
The Best Apps to Help You Save and Invest in 2018
Maybe you’ve been a little lax with your money in the past. Maybe you just haven’t tracked it like you should be. This year is your year. It’s time. You’re going to start kicking butt with your finances.
Don’t worry, we’ve got you covered. We’ve already done the research, tried out the tools, and made our recommendations below. Check them out!
While Mint won’t directly save you money, it can help you get your budget in order. Mint has so many different features that could benefit everyone, from financial reports to automatically categorizing your transactions to keep you on track with your budget.
One of my favorite features with the Mint app is that it allows you to create goals, like saving an emergency fund or paying off your car loan, and then you can track your goals based on the amount of money coming into your account.
2) Every Dollar
Another great app that helps you save money through budgeting is Every Dollar. If you follow along in the personal finance community, you may have heard about a popular budgeting method called the cash envelope method. While many people swear by this method, some may be skeptical, or not want to carry around a ton of cash at all times.
Every Dollar is used just like the cash envelope system, but through your phone! You put in your income, and then sort the money into “envelopes” that you have designated for the month. It’s a great way to see where your money is going and how fast you’re spending it. And once the money’s gone, it’s gone, just like with cash! This will keep you from overspending, and give you an option to save more money.
3) Personal Capital
Personal Capital is tailored toward the more wealthy folks – those that aren’t as concerned about their daily budget as they are about their investments. If you’re starting to accumulate tens of thousands, or maybe even hundreds of thousands, of dollars in your 401k account and other brokerages, then sign up for Personal Capital. It’s free, and the tools they have are incredible.
Related: How to Manage Your 401k Like a Pro
Stash is an easy way to save and invest. It’s like a glorified savings account that just so happens to invest your money in things you believe in. You can find ETFs that fit you and your lifestyle. For example, do you love taking care of the environment? You can build your portfolio to reflect that. Love traveling? You can build your portfolio around that too.
The great thing about Stash is you can start investing with as little as $5. Who doesn’t have $5 laying around? And the best part of it all is that you can save and invest all in one app.
You may have heard of Acorns, and for good reason! It’s a great way to save and invest when you have no idea what you’re doing. While Acorns won’t make you rich right away (mainly because you are saving pennies at a time), it will save you a little extra cash that you may not have saved otherwise.
This is a great app to start with when you are looking to save and invest, but I would definitely consider it an app for newbies. They do charge $1 a month for accounts under $5,000 and you can withdraw your money without penalty. It’s a great app to start with when you are trying to get comfortable with investing.
Once you’re a little more comfortable with investing, you can always try out Wealthsimple.
With the benefits of:
- a $50 gift for investing just $100,
- a 0% management fee on the first $5,000,
- no minimum requirement,
- and free expert advice…
Qapital is similar to Acorns, and takes the change from your purchases and transfers it to a savings account. But my favorite way to use Qapital? Saving money while doing the things I already do. They have a cool feature where you can save money based on your daily life, like saving money when you eat out or go to the Gym.
Qapital also doesn’t have any fees (none at all, not even a minimum amount to open the account), and you can save for specific goals too. If you aren’t ready to invest just yet, at least take the time to save some extra cash throughout the year.
The Best Apps to Help You Save and Invest in 2018
These apps are all amazing if you are looking to save and invest in 2018, but that doesn’t mean you have to use all of them. Test out a few and see which ones you like, but make it a point to save and invest extra money this year!
These are the best apps to help you save and invest in 2018 – which will you chose?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.