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?

Original Post

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.

TekkieChikk posted:

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.

This is what my husband and I do.  We set up a separate savings account with a good APY.  It is not linked to any of our main accounts, and takes a special trip to the bank to get money from it.  We have part of every paycheck direct deposited to this savings.  I get more regular raises than my husband does, so I will up mine a bit everytime I get a raise.  As you said out of sight, out of mind.  Since it takes more effort to get money from it, we aren't tempted to use it for meaningless things.  We have used it on emergencies like when our roof started leaking 2 years ago, or our hot water tank bit the dust.  Always great to have a cushion in case of an emergency.

That’s exactly my problem “TEMPTATION!!!!” I guess no better time than the present,  I always had a problem with putting into savings and not touching it.   I’m getting to old not to be able to manage my money and I’m depressed about not having savings early on in life.  Now I have 4 grandchildren and it ways on my heart so bad to leave my babies something behind and not let my 2 kids suffer any when it’s time to bury me, but go on in life with some type of cushion that I left them.   I started investing in silver and bitcoins.  What do guys think about those avenues? 

Both bitcoin and metals are not good primary investments. You are much better off in an ETF (exchange-traded fund) with a company like Vanguard or Schwab, and just keep putting SOME of your savings into it. You need to keep about six months' expenses (not income - expenses) in an account that only gets touched if you have a catastrophe - like a hospitalization or job loss. THEN, fund your IRA to the limit each year, THEN save to the ETF. May I suggest borrowing "The Total Money Makeover" by Dave Ramsey from your local library?  If you are worried about having an emergency fund for funeral expenses, you definitely do not have any money to play with bitcoin or  metals.

Sweetmiek posted:

That’s exactly my problem “TEMPTATION!!!!” I guess no better time than the present,  I always had a problem with putting into savings and not touching it.   I’m getting to old not to be able to manage my money and I’m depressed about not having savings early on in life.  Now I have 4 grandchildren and it ways on my heart so bad to leave my babies something behind and not let my 2 kids suffer any when it’s time to bury me, but go on in life with some type of cushion that I left them.   I started investing in silver and bitcoins.  What do guys think about those avenues? 

ANY savings that you can not touch is always a good thing and showing progress so I am proud of you. I keep saving up and taking out small insurance policies and then something comes up and I end up cleaning out that money to take care of day to day emergencies. So if you can save in any manner I say go for it. I heard to buy nickles before they change the metal content because right now the cost of silver in nickles is equal to the going rate. If you have $100 in nickles today that in 10 years you will still have $100 worth of silver. Invest in a safe.

You are falling prey to an internet silliness, please Google anything that sounds like the nickel ploy.

Nickels minted in the United States between 1942 and 1945 are made of 35% silver. These are commonly known as "silver war nickels." Normally all other nickels are composed of 75% copper and 25% nickel.Jul 12, 2019

What Nickels Are Silver? - Silver War Nickels - Gainesville Coins


https://www.gainesvillecoins.com › blog › what-nickels-are-silver
Also, even if you took a $100 bill and put it in a safe deposit box, it will be worth LESS in time due to inflation, the box fee on the safe deposit box, and something called "opportunity cost", the likelihood that you could have used that $100  to generate income like interest. Get rich quick schemes only work for the person promulgating them. Wealth building is a marathon, not a sprint.

I have an Acorns account and I really do like them. I transferred money from my later account into my regular Vanguard Roth IRA this year, just so I didn't have as many accounts. Acorns is seamless and easy, and a no-brainer, at least for me. I have Ally accounts set up, and even though the rate dropped from 2.2% to 1.7% I like them. They are seamless. The interest rate is way better than the one I'd get at my bank. I am also able to automatically save money into separate accounts with Ally - like an emergency fund, house fund, vacation fund, etc.

E Allen posted:
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%.

I just checked Wealthfront and their savings APR is 1.82%. So I'm confused at how you're getting a higher rate with them.

lismox posted:
E Allen posted:
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%.

I just checked Wealthfront and their savings APR is 1.82%. So I'm confused at how you're getting a higher rate with them.

It drops everytime the feds cut the rate. So its currently 1.82%.

Nothing X nothing = nothing. Banks pay 0.022-0.025% depending on how much is in your account. This is a bit better than the bank. Will think about consulting my financial advisor. Thank you for your advice and input, so valuable. I was considering investing.

I use digit.   they not only protect from overdrafts, if you hit your low balance (whatever you set yours at) they will move money from digit back to your account.

I also use Qoins which you link a debit card and it ROUNDS UP the change for you.   it's not savings, its for paying down debt.    I have mine linked to my student loans.   It's not a lot every month but every little bit helps.

I am just now starting with Tip Yourself.   You reward yourself with a tip everytime you feel you did good.    I might use that for the $5 challenge since I very rarely use cash.   My husband and I do save our spare change in a jar and that goes into the joint savings.   

Tip Yourself sounds like a wonderful idea, will have to check it out.

It is amazing thinking about all the ways of saving money. I rarely have cash as well & rely on a credit card for the majority of the purchases mainly because of the kickback system it has in place. This is a Sam's Club MC. It suits our purpose of saving passively. True, you get the kickback once/year in Feb, and it is non-taxable income.It is a perk we look forward to and keep track of when the credit card statement arrives. All is based on spending patterns.

A ShopKick pal told I me she saves $10/week and uses that for Christmas, I like that idea but again, our system is essentially cash poor.

The $5 challenge sounds good, nice idea. I would have to figure out where to get the cash from to do this. My husband uses cash when he buys lottery scratch offs, he thinks I don't know he buys them and when discovered he always says he did not win anything or broke even. Go figure!

I stopped using Shopkick.   Having to remember to sign in before you walk into the store is too much work.    

I do use a cashback credit card.    Whenever I reach $50 in savings -- right into the savings account.    I pay the card back in full twice a month so I never carry a balance.  It's basically my debit card.

Pennyhoarder just did an article on the $5 challenge and how to do it if you don't carry cash.   Check it out.   

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