Money Matters: Save money? There's an app for that

November 3, 2017 01:30

Sponsored by NEFE

Saving money isn't always easy. Along with the big monthly expenses like the mortgage and a car payment, there are lots of small payments that chip away at your income. And many people don't remember to put some money aside. But with technology, saving can become a habit. There are a variety of smartphone apps available to help save big money, often by putting in small amounts over the course of the month.

As Lifehacker explains, one app called Digit monitors your spending and can automatically move money from your checking account to savings. Another, called Acorn, rounds up your purchases to the nearest dollar and automatically puts the excess into exchange traded funds. You can also set it up to put larger amounts into investments. A different savings app called Tip Yourself, which allows you to set aside money any time you accomplish a goal, large or small.
To help your viewers/readers/listeners save more money, talk with financial planners or consumer credit counselors in your market. They can outline simple budget strategies that include saving and investing components each month, and can explain the value of automating the process of savings to build up a nest egg and reduce frivolous spending.

Sponsored by the National Endowment for Financial Education
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Syndicated columnist and radio host Terry Savage entered the 2016 NEFE/RTDNA awards contest with her ongoing series of personal finance stories, including a post about how to handle investments as the stock market rises.