It analyzes your spending patterns with AI and then automatically saves money for you, without your having to make decisions. Or if you’ve ever worried that you can’t “afford” to save because it would take away too much cash from your everyday life, check out Digit. If you’ve ever wanted to make savings happen without having to think about it, you might want to try one (or more) of these apps. During 2018, consumers used fintech tools like Acorns and Stash to save nearly $5.6 billion. Many of these apps offer a variety of financial solutions and account types to help people with short-term and long-term savings goals. For example, if you spend $5.25 at a coffee shop, the app will automatically transfer 75 cents into your savings account. Some of these tools, known as round-up apps, let people automatically save their spare change by “rounding up” the amounts from everyday purchases. In the past few years, a variety of new apps and savings tools have come onto the market to offer people innovative ways to save money. You can make these deposits monthly and have them continue for a certain number of deposits or for as long as you want into the future. Most banks let you set up automatic deposits from your checking account to your savings account. Make your savings automatic by setting up recurring deposits from your checking account. If your company does not offer a tax-advantaged retirement plan, you can still save money for retirement on your own by setting up an individual retirement account (IRA), Roth IRA, SEP IRA (if you’re self-employed) or other retirement savings account. This is essentially “free money.” If you aren’t enrolled in your company’s 401(k), you could be missing out on thousands of dollars per year in employer matching funds, not to mention the long-term growth potential and the immediate tax savings. Depending on the rules and limits of your retirement plan, you may be able to save a percentage of your salary and your employer will match your contributions, up to a certain percentage.įor example, you might get an employer match of 50% of the first 5% of your salary that you save for retirement. One of the best ways to save automatically is to enroll in your employer’s tax-advantaged retirement plan, such as a 401(k) or 403(b) plan. You can’t spend it if you’ve already saved it. A classic saying in personal finance is “pay yourself first.” Before your paycheck hits your bank account, you should set up a plan to put some of that money into a retirement savings plan or cash savings account.

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