Digital marketing company, iQuanti, compiled a list of the most popular resolutions based on Google search terms the year prior. Rounding out the top five was the resolve to “spend less and save more.” In a recent PNC Financial survey of employed U.S. adults, when asked which financial-related resolutions they are most likely to make in 2018, 40% stated save more money each month, 31% said reduce spending each month, and 27% wanted to save more for retirement.
But as quickly as we make them, many of us are also more likely to break financial resolutions due to circumstances or plain lack of discipline. Each year, money-related resolutions make multiple lists of common New Year’s resolutions that people break. But not all hope is lost—there are some worthy financial apps sitting in your smartphone’s app store that can help make your financial resolutions stick or at the very least, provide you with a fresh, empowered way of thinking about your money.
Whether it’s the resolve to save an extra $100 a month, put money
toward a travel or emergency fund, increase your credit score, or buy into that stock you’ve been eyeing, these money-saving apps can make your 2018 money-saving goals a bit more doable and motivate you to not ditch your financial resolution three months or three weeks in.Empower
Investopedia.com calls YNAB the best app for getting out of debt. It allows you to create a budget based on a few ground rules: give every dollar a job, embrace your true expenses, plan for infrequent expenses, roll with the punches if you end up overspending, and learn how to live on last m
onth’s income. In other words, it works with what you have in order for you to attain more and gain control of your finances. If you overspend, it provides you with a snapshot of what you need to do differently to get back on track with the built-in “accountability partner.” After the free 34-day trial, it costs $50 a year and also offers online classes with live instructors to help you learn or brush up on the basics and best practices of budgeting.Simple
Photo: Simple (Apple iTunes Store)This online banking app includes tools that allow you to budget and save, all with no fees. Once you set a goal, your Simple account automatically sets aside what you need to save. Goals also work as digital envelopes to store money
for all your budget categories. Their Safe-to-Spend feature ensures that you don’t overspend by informing you of what’s left after your goals, scheduled bill payments, and pending transactions. The app does require you to sign up for a Simple Visa® Card and Banking Services are provided by Compass Bank, an FDIC-insured institution.Mvelopes
If you or someone you know has ever designated envelopes with cash for specific purposes, example: groceries or entertainment, think of Mvelopes as the digital equivalent of that method. It allows the user to categorize their savings and fosters discipline by not allowing you to borrow money from one envelope if another is empty. Mvelopes also sets up a monthly financial plan for you. The basic version costs $3.99 a month and a free one month trial ends Jan. 26, 2018. The plus version grants access to coaching sessions and the debt-reduction center.
Photo: Myvelopes (Apple iTunes Store)Wally
If creating a monthly expense sheet in Excel is intimidating at all to you, Wally makes it easy and manageable by giving you a view of what goes out and what comes in. The creators of the app aim to “give you the tools to understand where your money goes, and empower you to set and achieve financial goals.” The app tracks your expenses by allowing you to take photos of your receipts—a much easier way than having to input every amount you spent.
Photo: Wally (Apple iTunes Store)Unsplurge
If you want to make that business idea a reality, buy that new smartphone, or finally take a trip to your dream destination, Unsplurge can help by allowing you to save up for that specific splurge expense. It contains a social
component where you can share your financial goals and progress to the app’s social community, including your friends or family. If you’re falling short of meeting that goal, they can give you a reminder or tips, motivating you once again to keep your eyes on the prize. Photo: Unsplurge (Apple iTunes Store)Qapital
NerdWallet dubbed Qapital as best for goal-setting. Whether it’s a dream to head somewhere or simply become better at saving, this app moves your money automatically using various methods or rules that keep you accountable. Just input your goal and how much you need to reach it. After that, you can choose to place loose change from your credit card into an FDIC-insured savings account, set up daily, weekly or monthly automatic deposits toward your goal, save a percentage each time you get paid or opt for the 52 week rule where you save $1 in week one, $2 in week two and so on until you reach 52 weeks.
Photo: Qapital (Apple iTunes Store)