If you have a financial adviser or a planner, they will always advise you to save money. But this begs the question why would you save money when you have everything that you need? Everyone has their different reasons on why we save money; however, as long as you have a specific goal, then saving money will be more comfortable. You can even play on Betway as you want, and still, save money. Of course, if you win on Betway, that is just so much nicer, right? Betway, after all, is one of the more popular betting companies in the world today.
There are a few reasons why people save and if you have ever thought of saving, then here are a few reasons that will prompt you to save.
Importance of saving money.
So, why do you need to save money? Here is a look at all that you need to know.
#1. Emergency Fund.
The future is unpredictable, and that is why you should have an emergency fund. Your job might be on the risk, you might get a leaking roof, or you might want to repair your car. These are some of the few reasons why it is vital to have an emergency fund.
The prospect of retiring is in everyone’s future. Therefore, you will need to secure yourself with savings or Investments which will take the place of the income that you are earning.
#3. Saving for large expenses
Significant expenses include repairs on your car, repairs on your home, and when you are planning for a vacation. If you start substantial costs, it will inhibit the need to use your emergency funds. A sinking fund is the best option if you’re looking to save for significant expenses.
The cost of knowledge, both in the private or public sector, is rising each year. If you are planning to go back to school, then you need to save up for your future. You might also consider the need to save up for your child’s education. A lot of parents in the US save money for their children’s College education since it is costly, rising at 6% each year.
These are of some of the few reasons why people save money. It is essential for you to set up a budget that you know that you can save. Once you develop a savings plan, it will keep you on the right track, and you will be able to achieve your goals.
Apps that help you save money.
Mobile applications have been on the rise over the past couple of years. Some apps can do anything that you want from checking your health to helping when you organize your finances. A money saving app has the following benefits:
1. It helps you make mobile payments.
2. It makes it easier for you to check your account balance.
3. You can deposit checks through the mobile app.
4. It helps you save and manage your finances.
5. There are some mobile apps that offer incentives depending on how you use them.
If you are looking to save some extra cash, then one of the best options that you have is to use a money saving app. There are various applications out there and finding the best can be a hassle. In this article, we are going to look at five of the best mobile saving apps that will keep you on track in your financial journey.
Chime a mobile banking app that offers both a spending and a debit account. The app is FDIC insured; therefore, you can monitor all your money transactions on the go. Chime automatically offers you a savings account. In this case, for every check that you deposit, the app will automatically deduct 10%, which will be added in your savings account.
Moreover, every time you use the Chime debit card, the difference is rounded to your savings account. The app is what you need since it will limit your spending on trivial things.
The Digit app does the saving on your behalf. It uses a specialized algorithm that checks your spending habits. It also looks at what you can save by also calculating your income. Therefore it will set a certain amount of money in your savings account so that you can reach your goals. The app offers you a one percent bonus, which is paid after three months. It is the perfect money saving app for people who are not deterred from setting money aside. However, there is a monthly fee that users have to pay. But you can enjoy the 100 free day trial before then.
#3. Clarity Money
This money-saving app cannot miss out on the list because it makes decisions on your behalf. The goal of wise spending drives it; thus, it will cancel any subscriptions that don’t seem fit for you. Moreover, the money saving app keeps you on a budget. Also, the app will recommend some individual credit cards which will benefit you. Clarity Money is one of the best apps that will help you save money that best befits you, and it is free to use.
Mint is the right tool that you can use to save money while on a budget. The app will keep you on top of your bills so that you can avoid having to pay late fees. If you are having a hard time developing a budget, then Mint will allocate the money that you need to save. Also, you will get to enjoy a free credit score, giving you a better loan rate. The app is free and user-friendly.
Acorn rounds up the differences in your credit and debit accounts. The money that is saved in the app is invested in exchange-traded funds. However, it is upon you to choose whether you want aggressive or conservative funds. It is the perfect tool if you’re going to be an investor.