The Best Money Saving Tools to Help You Get Ahead
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We use our smartphones constantly. From taking photos and posting on social media to following our favorite sports teams and checking up on email, our smartphones are valuable tools in our day-to-day lives. The fact that you likely always have your phone in your pocket or within arms’ reach makes it the ideal tool to help you improve your personal finances, too.
I know that for me, having the YNAB mobile app (more on this below) has become almost as important as my mobile banking app since it allows me to check how my budget is allocated rather than just relying on the account balance in my checking account to decide whether or not I “have the money” to make a purchase. If you’re interested in boosting your financial game, the following apps and financial products are worth looking into.
In this article
Overview of the best money-saving tools
- Best for micro investing: Acorns
- Best for taking control of your budget: YNAB
- Best for goal-based saving: Qapital
- Best for online banking: Chime
- Best for money management: Rocket Money
Compare the best money saving tools
Tool | Top Feature | Fee |
Round-up investing | $3 to $12, monthly | |
YNAB (You Need a Budget) | Zero-based budgeting in sleek interface | $9.08/month paid annually; $14.99/month paid monthly |
Dream Team savings goals | $3-12, monthly | |
Great UI for online banking | Free (some cash withdrawal fees from non-network ATMs) | |
Subscription cancellation | Free - $144/year |
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- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
Best for micro investing: Acorns
Pros & cons
Pros
- Automated investing.
- Easy to use.
- Retirement planning.
Cons
- Limited portfolio options.
- High fees.
Cost: $3 to $12 monthly
If one of your financial goals is to grow your money, then Acorns is definitely an app to look into. This app makes it easy to create an investment account and manage your investment portfolio using a roboadvisor tailored to your goals. Best of all, it helps you automate all of this, so you don’t need to put any conscious effort into reaching your savings goals.
The thing that makes Acorns so special is its rounding-up feature. It will take the spare change you get from purchases and automatically round them up to add money to your investment account. For example, if you go to the store and spend $9.21, it can automatically round that purchase up to $10, meaning that $0.79 is invested. Over time, this can add up.
Beyond helping you automate your savings, Acorns also offers some educational resources about investing and offers cash back savings at certain retailers. While these features are nice additions, the core reason you’d want to use Acorns is to build your savings in an investment portfolio on autopilot incrementally.
Acorns does cost, on average, between $3 to $12 a month in fees. This means that for smaller account balances, the fees can be disproportionate to the value you’d get using a different robo-advisor or stock brokerage. Even so, if you’re in the market for something to help you get started with automatic savings in ETFs and stocks, this app is a well-reviewed and simple-to-use option.
Visit Acorns
Or read Joywallet's review of Acorns.
Best for taking control of your budget: YNAB (You Need a Budget)
Pros & cons
Pros
- Helpful customer service.
- Cross platform access.
- Flexible.
Cons
- High fees.
- Takes time getting used to the app.
Cost: $14.99 monthly or $109 annually
You Need a Budget, often shortened to YNAB (pronounced why-nab), is a budgeting app with a much more hands-on approach to money management. YNAB asks you to get in the driver’s seat as you really dial into your spending habits and determine what you want your money to do for you.
YNAB is an app that helps you budget according to a philosophy known as “zero-based budgeting” or the "envelope method.” Basically, rather than setting goals about what you want to spend in certain categories, you only spend money that you have. To accomplish this, YNAB lets you set up a wide range of categories to assign your money. If you put $50 in groceries for the week, for example, then you can’t assign that same $50 to a different category, like fun money or eating out.
If that sounds like something you could do yourself in a spreadsheet, you’re partially right. However, there are a lot of advanced algorithmic features under the hood of YNAB. From setting goals and calculating pay-off dates for credit cards to rolling over extra money to new categories each month and calculating your net worth, there are many things that YNAB does automatically that would be a major headache to wrestle with in a spreadsheet.
While some of the budgeting tools on this list are provided free of charge, YNAB is one of the apps with an annual or monthly subscription fee. Paid annually, YNAB will run you $9.08 a month, which certainly isn’t going to break the bank — but it can feel a little counterproductive for an app that encourages you to “give every dollar a job.” Nonetheless, with new feature releases and other updates always in the works, the team at YNAB does work hard to make sure that you get consistent value from your monthly fee compared to other subscriptions.
Visit YNAB
Or read Joywallet's review of YNAB.
- In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
- Make your first successful Recurring Investment (min $5) - get your $20 bonus within 10 days of following month
- Over 13M All-Time Customers
- Over $22B Invested
Best for goal based investing: Qapital
Pros & cons
Pros
- Unlimited saving goals.
- Customisable.
- Funds are FDIC insured.
Cons
- No desktop version.
- Membership fees.
- Limited funding options.
Cost: $3 to $12 monthly
Another app that can help you supercharge your savings is Qapital. Unlike Digit, which calculates savings based on income and spending habits, Qapital allows you to set your own goals. This puts you more in control than Digit, which some users may prefer.
Qapital gives you two ways to reach your savings goals. You may just automate a set amount to save each day, week, or month. Or, you can have Qapital round up various purchases, similar to Acorns, to fund your savings goal. This allows you to naturally save at a rate that works for you while ensuring that you are working towards your savings goals each day.
If you want to work on your savings goal with a family member or spouse, you can sign up for a Qapital premium account and set up a Dream Team. With a Dream Team, you and your partner can contribute to the goal simultaneously, with control over how much information is shared about contributions and other banking info. Whether you’re working towards saving for a vacation, down payment, or wedding, this can be a great way to make your collaborative savings efforts visible.
The only real downside of Qapital is that it costs money. The basic membership is $3, but if you want a premium membership to set up a Dream Team or take advantage of a Qapital debit card, you’ll be looking at $12 a month. This isn’t too much money in the grand scheme of things — especially if you’re saving money as a result of using the app — but at the same time, you could likely set up similar automated savings rules with your online bank for free; you’d just miss out on the roundup features.
Visit Qapital
Or read Joywallet's review of Qapital.
Best for online banking: Chime
Pros & cons
Pros
- Free.
- Get paid early.
- Offers a complete banking experience.
Cons
- No physical locations.
- More suitable for banking users.
Cost: None
If you’re looking for an online bank, there’s no shortage of options. One of the consistent front-runners when it comes to neobanks is Chime. Chime offers checking and savings accounts to its bank users, as well as a credit builder card for those who need it. This means that although it’s an app/online-based bank, you have more flexibility than other online banking apps when using Chime.
Chime is advertised as the “#1 most loved banking app” — for good reason. Its app-first user experience beats almost every other banking app out there when it comes to a clean, modern user interface that is easy to understand and utilize. If you feel like your current banking app is lacking, it’s unlikely you’ll find the same issues if you switch to Chime.
Aside from its great UI, Chime boasts a lot of perks for its users. With no overdraft fees, no monthly fees, and a broad nationwide ATM network with no fees, you may not even realize you’re banking without a brick-and-mortar option. If you’ve set up direct deposit, you can even get your paycheck early through early direct deposit.
If you’re using Chime with direct deposit, there aren’t really any cons that come with using the platform. However, if you ever need to withdraw cash frequently, you’ll encounter fees when withdrawing from a non-network ATM. While the Chime network does offer 60,000 in-network ATM options, the more you use cash, the more likely you are to run into an ATM that Chime doesn’t support. As such, Chime is better for banking users interested in using the app for direct deposit payments.
Visit Chime
Or read Joywallet's review of .
Best for money management: Rocket Money
Pros & cons
Pros
- Easy to use.
- Automated savings.
Cons
- No free version.
- High charges for cancellation service.
Cost: $6 to $12 monthly
If you’ve liked the sound of a few apps on this list but wish you could combine multiple features into one app, Rocket Money may solve your problems. This app is jam-packed with a wide range of features and tools, making it one of the most comprehensive apps on this list when taking full control of your money.
Rocket Money lets you track your financial transactions, negotiate bills on your behalf, help cancel subscriptions you may no longer want, and has a great UI to boot. Rocket Money's free version should be more than enough to meet your needs if you’re looking for income and expense tracking, free credit reporting, and a way to budget via categories and spend limits.
However, if you’re trying to get the most out of the app (such as help canceling subscriptions), you’ll want to pay for it. Rocket Money offers a unique, sliding scale, “pay what you wish” methodology for handling its subscriptions. The lowest amount you can pay is $6, and the highest amount you can pay is $12. When you subscribe to a premium Rocket Money account, you can access bill negotiation, subscription cancellation help, and other nice-to-have perks like a net worth calculator.
Visit Rocket Money
Or read Joywallet's review of Rocket Money.
Use Rocket Money to Cancel Unwanted Subscriptions & Lower Your Bills
- Easily Find & Cancel Unused Subscriptions
- Save Up To $729/Year with Truebill
- 80% Of Users Save Money
- Track Your Spending with Ease
Why should (or shouldn’t) you use
Except Chime, which is an online banking app that not everyone may have a need for, all of these apps and tools are worth exploring. Each one has its strengths and weaknesses, but if you are committed to improving your personal finances, all of these apps have features that can really help you reach your goals and save more money.
The only reason you may not want to use any of these apps is if you’re already confident with your money-saving skills or are averse to paying for subscriptions. Even so, there are enough free options on this list that it can’t hurt to check out some.
Can these apps save you money?
Whether you are able to save money or not will depend on your financial habits and situation. It also depends on the app you choose to use and how you use it. If you are disciplined and use the right app wisely, it can help you save money.
FAQs
Are these apps secure?
Yes. All apps on this list are secured using the latest encryption and security measures to protect your personal and financial data.
Are these apps worth paying money for?
This is a personal question that depends on how much use you get out of them. For example, while you could argue that you could set up a zero-based budget in Excel or Google Sheets, you may prefer to have a sleeker interface with advanced features like you get in YNAB. Or, while you could go through the process of calling and negotiating with various companies to lower your bills, you may value your time more and prefer not to stay on the phone for hours.
Which of these apps is the best?
Again, this ultimately comes down to a question of preference. Even so, for the broadest apps when it comes to managing your finances and saving, Rocket Money, and YNAB are the most robust. While all helpful, the other apps have a bit more of a narrow focus.
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
The bottom line
From budgeting and financial planning to handy ways to save up a few extra dollars each week, the apps on this list show that smartphones are for more than just texting and Candycrush. Depending on your needs (and the price point you’re willing to pay for a personal finance app), these apps can do many great things for you. If you’ve been searching for the right app to help supercharge your personal finance goals, explore the apps on this list and start taking control of your finances today.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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