I've read through this article a bunch of times now, and I still just don't know. I've tried Acorns and honestly never saw much benefit with the small bits of savings I was able to put in the account.

I like the idea of Digit but I'm worried a little about how it works. (Like does it offer protection to not overdraw?) Investing seems a little outside of my scope for now. I love the idea of setting goals for the savings, like for an emergency fund or vacation. I recently opened an Ally savings account trying to get a better APY than my bank's savings account as well.

What apps would you fine people suggest for someone who wants to save more, but might not be able to save big chunks at a time?

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I believe digit does have protection against overdrafts. However, I suggest just doing a autodraft into an account. I currently use wealthfront's cash account because of the higher interest rate.  Good saving habits take time and consistency. A good idea is to create a budget and figure out how much money you can put in your savings account. Then divide that by 4 and save that on a weekly basis. If by chance after a few months your main account has more money than you need for your budget then dump more into the savings. Whatever you do, build that emergency fund first.  Good luck. 

Thank you both. I feel a little silly for not thinking of doing it myself first. (Perhaps the negative emotional relationship I have with money?) I will look into setting up automatic withdrawals between my checking and Ally account. Their APY dropped a little recently, but hopefully it'll come back up. Still beats the savings account offered by my bank.

MountainFan posted:

Thank you both. I feel a little silly for not thinking of doing it myself first. (Perhaps the negative emotional relationship I have with money?) I will look into setting up automatic withdrawals between my checking and Ally account. Their APY dropped a little recently, but hopefully it'll come back up. Still beats the savings account offered by my bank.

They dropped with the feds rate drop at the end of July like much of the other online savings. But still better than most. Wealthfront is at 2.32. It used to be 2.57. I wouldnt get anything under 2%.

So this technically isn't an app, but a way I've been able to keep a substantial amount in savings for years.

I have an account with a credit union that is on the other side of my state. Every pay something goes into savings (shares) directly from my paycheck; when I get a raise, I increase that amount, too, by at least a little. And what I've opted NOT to do is have immediate electronic transfer ability into my checking account at my regular bank- if I want to withdraw funds, I actually have to request a paper check withdrawal which then takes a few days to arrive at the house. There are no branch offices near me, either, which also helps keep me from temptation

The rate is terrible, as are most standard savings accounts, but it's not there to make money for me, it's my rainy day fund.

Out of sight, out of mind.

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Amanda CothrumMexpensive
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