Automate your savings little by little, painlessly
Meeting your savings goals can feel out of reach unless you let a system do the work for you. These three mobile apps build up your savings little by little, in ways you’ll barely notice.
1 Why Automate Your Savings
Saving up for the future can be daunting. Whether you’ve got your eyes on a tropical vacation or you’re stockpiling for your emergency fund, meeting your savings goals can seem out of reach unless you use a system that lets you save as painlessly as possible.
One good option is to turn to the new breed of mobile apps that helps you build up your savings. Plenty of personal finance apps include some savings functions, but these three apps are specifically focused on helping you fill your piggy bank little by little, in ways you’ll barely notice.
2 Qapital: Best for the Tech-Savvy
Best for the tech-savvy Qapital lets you set up various “rules” to automate savings. For example, you can set up the app so that every time you use your debit or credit card, Qapital rounds the spare change up to the nearest dollar and moves the amount into a Qapital account insured by the Federal Deposit Insurance Corp.
Qapital also lets you automatically transfer funds into your account when you spend less than you budgeted for a certain expense or when you spend money on something you identified as a “guilty pleasure.” Or you can contribute a lump sum to your fund daily, weekly or monthly. The idea is that your money is moved automatically, so you’ll save up to your goals without constantly reminding yourself.
By linking Qapital to the “if-this-then-that” app Ifttt, you can add other rules that trigger savings — when you hit fitness goals, post a picture to Instagram or get your paycheck, for example.
If you need a little social pressure to hold yourself accountable for working toward your goals, Qapital lets friends and family track each other’s progress. Don’t worry, though — they won’t see what you spend your money on.
There are no fees for using Qapital. Be aware, though, that your account won’t earn interest like a traditional savings account. Withdrawing money will take two business days.
Best for investment options Like Qapital, Acorns rounds up your purchases to the nearest dollar and automatically tucks the difference away into an account. Unlike Qapital, Acorns is an investing platform. That means the money will be invested in a portfolio based on your income and goals, and you’ll reap the return on investment.
Each Acorns portfolio is composed of exchange-traded funds, with options that range from conservative, having a higher percentage of bonds, to aggressive, having a higher percentage of stocks. You’ll pay $1 a month if your balance is under $5,000; for anything above that, you’ll pay a fee of 0.25% of your account balance. College students can use the service for free for up to four years.
If you make purchases using a card linked to your Acorns account with one of the company’s partners, such as Hulu, Airbnb and Blue Apron, those companies give back a percentage of the purchase to your Acorns savings account.
Because your money is being invested, your savings may shrink if there’s a dip in the markets where you’ve allocated your money. Also, keep in mind that it can take several days to withdraw money from your account, because shares in the ETF you’re invested in must be sold first.
Best for fast withdrawal Unlike Qapital and Acorns, Digit goes beyond squirreling away your spare change. It calculates what you can save by looking at your income and spending, and it puts that amount aside — typically $5 to $50 every two or three days — in an FDIC-insured Digit account.
Because the amount taken out of your checking account can vary, you’ll want to keep an eye on your balance to avoid an overdraft. Digit refunds up to two overdrafts, but you can set up a minimum balance that’ll stop Digit from drawing money out of your checking account if your balance dips below a designated amount.
Money in your Digit account won’t earn any interest. You can text Digit when you want to withdraw money, and you’ll have it the next business day.
If you have trouble saving up, getting an app that automatically does it for you can be a good first step. Getting yourself in the habit of regularly putting aside some money — and seeing your total grow — will get you on track to mapping a healthy budget.
Amber Murakami-Fester is a staff writer at NerdWallet, a personal finance website. Email: amufe@nerdwallet.com. Twitter: @iamyams.
Billshark · Bill Negotiation Experts Helping consumers and small businesses stop overpaying on recurring bills.
Frequently Asked Questions
How does Qapital help you save money automatically?
Qapital lets you set up rules to automate savings. For example, every time you use your debit or credit card, Qapital rounds the spare change up to the nearest dollar and moves it into a Qapital account insured by the FDIC. You can also transfer funds when you spend less than budgeted, contribute lump sums daily, weekly or monthly, or link Qapital to Ifttt to trigger savings from other events. There are no fees, but the account won't earn interest.
How is Acorns different from Qapital?
Like Qapital, Acorns rounds up your purchases to the nearest dollar and tucks the difference away. Unlike Qapital, Acorns is an investing platform, so the money is invested in a portfolio of exchange-traded funds based on your income and goals, and you reap the return on investment. Your savings may shrink if the markets dip, and withdrawals can take several days because ETF shares must be sold first.
What does Acorns cost to use?
With Acorns, you'll pay $1 a month if your balance is under $5,000. For anything above that, you'll pay a fee of 0.25% of your account balance. College students can use the service for free for up to four years. You can also earn money back when you make purchases with partners such as Hulu, Airbnb and Blue Apron using a card linked to your Acorns account.
How does Digit decide how much to save?
Digit goes beyond squirreling away spare change. It calculates what you can save by looking at your income and spending, then puts that amount aside, typically $5 to $50 every two or three days, into an FDIC-insured Digit account. Because the amount can vary, watch your balance to avoid an overdraft. Digit refunds up to two overdrafts and lets you set a minimum balance to stop withdrawals.
How quickly can I withdraw money from these apps?
Withdrawal speed varies by app. With Qapital, withdrawing money takes two business days. With Acorns, it can take several days because the ETF shares you're invested in must be sold first. Digit is the fastest: you can text Digit when you want to withdraw money and you'll have it the next business day. Note that Qapital and Digit accounts won't earn interest like a traditional savings account.
Want to Save Money Without Thinking? Try These Apps page context
Want to Save Money Without Thinking? Try These Apps is a Billshark page. It can help you with your bills and your choices, and it can show you how to save.
Compare the best money-saving apps: Qapital automates savings rules, Acorns invests your spare change, and Digit saves for you. See fees and start saving.
Use this page to learn about Billshark. Then go to the part of the site that fits what you need. Small steps add up. You can save a lot over time.
We share this page to help you make sense of your monthly bills, your choices, and what to do next. Keep this page handy. Ask us if you get stuck.
This page links you to more help from Billshark. Use it when you want more detail or a clear next step. You can save a lot over time.
Got a question about a bill you pay each month? This page can help you find the best answer. Read on to learn more. Small steps add up.
Read each part of this page at your own pace. If you need more help, go on to a guide on your topic. It is free to read. Keep this page handy. Ask us if you get stuck.
We put facts and tips in one place. This makes it easy to learn about the bills you pay at home. We are here to help. It only takes a few minutes.
This page can help with real questions. You can learn about your plan, your account, and what you pay each month. Small steps add up. You can save a lot over time.
Use the menu and the links to go from a big question to the facts that fit your own needs. Keep this page handy. Ask us if you get stuck.
We keep things short and clear so you can choose well. You can then read more if you want to. It only takes a few minutes. You are in the right place.
The links on this page help you weigh your choices. They also help you see what you pay and what to do next. You can save a lot over time.
Our goal is to help you spot the bills you pay each month. We also share smart ways to keep them low. Ask us if you get stuck. Read on to learn more.
Come back to this page when you have a new question. It will still be here to help with bills and savings. You are in the right place. It is free to read.
We link the small choices you make each day to the big picture. That means your budget and what you spend at home. We make it easy for you.
Each part of this page helps you see what you need. It may be help with a plan, your account, or a good read. Read on to learn more. Small steps add up.
Use what you learn here to plan your questions. Look at your choices, then take the next step when you are ready. It is free to read. Keep this page handy.
Our pages link to each other. That way, you can find more help and still keep track of what you came for. We are here to help. It only takes a few minutes.
This page makes it easy to find the key facts first. Then you can pick a plan or make a change with less stress. Small steps add up. You can save a lot over time.
Good facts help you see why a bill went up. They also show you what to check before you call or reply. Keep this page handy. Ask us if you get stuck.
This page puts the key facts in one place. It can help you talk with a company about your bills and how to save. It only takes a few minutes. You are in the right place.
Our other pages explain the words you see on a bill. They also help you weigh the pros and cons of each plan. You can save a lot over time. We make it easy for you.
Our tips focus on real choices you can make. Start with the basics, then read a more detailed guide if you need one. Ask us if you get stuck. Read on to learn more.
This page is one of many that we share. Together they cover home costs, the firms you pay, and how to get help. You are in the right place. It is free to read.
Take your time and read this page first. It helps you see your choices and find out what to read next. We make it easy for you. We are here to help. It only takes a few minutes.
We set this page up so you can compare and keep reading. You will not need to hunt for what you want. Read on to learn more. Small steps add up. You can save a lot over time.
Monthly bills come with rules, terms, and fine print. This page helps you find the parts that count for you. It is free to read. Keep this page handy. Ask us if you get stuck.
Our pages give you a clear view of what you pay each month. You can then pick the plan or guide you want. We are here to help. It only takes a few minutes.
Some of our guides cover the basics. Others go into detail on one company or one type of bill. Small steps add up. You can save a lot over time. We make it easy for you.
It pays to read first and act later. This page links you to the next guide if you want to learn more. Keep this page handy. Ask us if you get stuck.
We share guides that help you make sense of your bills. They show your choices and the best next step. It only takes a few minutes. You are in the right place.
Want more detail on a bill, a plan, or your account? Check this page against the links we share here. You can save a lot over time. We make it easy for you.
We group our pages by topic to keep things simple. This helps you stay on track as you read about your costs. Ask us if you get stuck. Read on to learn more.
A bit of background goes a long way. It helps you spot what counts before you check a bill, change a plan, or call us. You are in the right place. It is free to read.
This page is part of our help library. It gives you clear facts and links so you can keep on reading. We make it easy for you. We are here to help.
Your needs can change, so come back any time. Our other pages can help you look into a new cost or plan. Read on to learn more. Small steps add up. You can save a lot over time.
We laid out this page to help you get the facts and compare them. You can then choose your next step with ease. It is free to read. Keep this page handy.
Meeting your savings goals can feel out of reach unless you let a system do the work for you.
Saving up for the future can be daunting.
One good option is to turn to the new breed of mobile apps that helps you build up your savings.
Best for the tech-savvy Qapital lets you set up various “rules” to automate savings.
Qapital also lets you automatically transfer funds into your account when you spend less than you budgeted for a certain expense or when you spend money on something you identified as a “guilty pleasure.”.
By linking Qapital to the “if-this-then-that” app Ifttt, you can add other rules that trigger savings — when you hit fitness goals, post a picture to Instagram or get your paycheck, for example.
If you need a little social pressure to hold yourself accountable for working toward your goals, Qapital lets friends and family track each other’s progress.
There are no fees for using Qapital.
» MORE : Best savings accounts.
Best for investment options Like Qapital, Acorns rounds up your purchases to the nearest dollar and automatically tucks the difference away into an account.
