By Farm Bureau Financial Services on November 9, 2015
Four Ways to Save Like a Pro…With Your Phone
It’s not always at the top of your list to check your bank account. Receipts seem to vanish and sometimes your credit card bill makes you do a double-take. You want to save, but there never seems to be enough left at the end of the month.
Good news — whatever your saving downfall may be, chances are there’s an app to help.
If you have a smartphone, why not use it to make saving easier? Here are four different ways your phone can help.
OneReceipt
Can’t stop hoarding receipts? If so, this app could be the one for you. OneReceipt is a tracking app that lets you organize all of your receipts in one place. It pulls in digital receipts from your email and also allows you to take pictures of your paper receipts and store them in the cloud. OneReceipt even lets you filter and tag your purchases so you can see where your money is going. The best part? No more digging through your wallet or searching the depths of your purse. Available for iOS users.
Mint
Mint is one of the biggest personal finance apps in the world, and with good reason. It works in real time with your bank accounts, credit cards, loans and retirement funds to track how much you’re spending. You can set up alerts that let you know when you’re reaching your budget limit, and Mint’s sister app, Mint Bills & Money, can even help you keep track of when to pay your bills. No more surprises, and no more late fees. Mint is available for both iOS and Android.
Goodbudget
Remember good old-fashioned envelope budgeting? Goodbudget allows you to keep your money in a bank, but still virtually divide up paychecks into digital “envelopes” each pay period. You simply input your paycheck amount or checking account balance and expenses during the month, and Goodbudget will let you know how much you have left to spend in each “envelope.” There isn’t any connection to bank accounts or credit cards; everything has to be entered manually.
There is a free and paid version of this software. The free version gives you ten regular “envelopes,” ten annual “envelopes,” one account, two devices and one year of history. The paid version, which is $5 per month or $45 for a year, allows unlimited regular and annual envelopes, unlimited accounts, five devices, five years of history and email support. The app is available for iOS and Android.
Digit
Sometimes the best way to save is to not even think about it. When you set up a savings account with Digit, you give it permission to access your checking account and analyze your spending. Once Digit figures out how much money you have to spare, it will begin to move small increments of unused money from your checking account into savings every couple of days. Digit is not an app; after set-up it relies on texts to your smartphone to keep you updated on your savings activity, giving you time to think about other things — like planning your next vacation.
If you want a more detailed look at your finances and suggestions for ways you can plan ahead, connect with a local Farm Bureau insurance agent at www.fbs.com.
