Round-Up Apps That Will Help You Save Money While Shopping

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Despite the broad indoctrination pertaining to savings that most of us go through all our lives, the discipline required to actually set money aside each passing month for the future, or for certain goals remains scarce. 

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As a result, we now have 100s of apps and services aimed at helping people get their personal finances in order, targeting all aspects, from shopping and deals, to savings and investment.

A new and increasingly popular subset of personal finance apps are the ‘Round-Up’ apps, which essentially help users round-up bills to the nearest dollar amount, with the balance used for saving and investing. 

This way users can save money seamlessly, without even knowing it, each time they swipe their cards, or buy something online, which can then be invested across a wide range of products.

Rebuilding Credit With A Credit Card & A Round-Up App

If you’re looking to rebuild your credit score, a roundup-app, paired with unsecured credit cards for bad credit offers the best of both worlds. 

With the steady use of a credit card, while maintaining a low outstanding balance, and regular monthly payments, you can start rebuilding a robust credit history, while a round-up app creating savings seamlessly only stands to further enhance overall financial standing.

1. Acorns – Best Round-Up App For Investing

One of the early pioneers in this segment, Acorn essentially helped popularize the idea of seamlessly investing change. Once the amount saved from the round-offs hit $5, Acorn transfers the amount from a linked checking account to an investment account, where it will be invested based on the user’s preferences, with a range of portfolios based on risk tolerance, and other relevant factors.

Investors can choose to invest in a conservative portfolio, comprising 100% of bonds, or an aggressive one with higher exposure to equities. Investors can further choose socially responsible portfolios, with ESG certified stocks, climate-tech, and more. Over the years, Acorns has acquired over 9 million users, and currently holds nearly $5 billion in assets under management (AUM).

The service further offers plans for retirement investing, an ‘Early’ plan for children, along with a ‘Spend’ plan, which works similar to a digital bank account, allowing for seamless spending and withdrawal from 1,000s of ATMs without any fees. Individual subscriptions for the service start at $3 per month, whereas the family plan, which includes all the same features, starts at $5 per month, for all family members.

2. Chime – Best Round-Up App For Savings

What Acorns is for investing, Chime is for saving and building an emergency fund. While it works similar to other round-up apps on this list, the only difference is that it pays interest on your savings, instead of investing it in other funds, or ETFs. While the APRs on this account is a mere 0.50%, it offers quick instantaneous liquidity, with free withdrawals across 60,000 ATMs across the country.

Chime goes big on automatic savings, and its ‘Save When You Spend’ plan is just one of its features in this regard. Other options include automatically moving a portion of the pay-check each month towards the savings account, among others. 

A key drawback is the low rate of returns, but the service is great for beginners, allowing users to build their credit with a secure credit card issued against their savings. k3SAkSXzqhP CN63shRQjUGtAUbyDD 9xLdY7EHLYyfgxpSKVPqU EDrKAgcaOADppWr3wNJkBxX zzWp1Qv2GFWYOzS84p3JRvAI71aAyKrmFPAB8fQvJZmwkKL8eL5cEj6Nkj8jAUBPnKvMHvClT9bP mf0HZFmE6ZLzTd

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3. Qapital – Best For Micro-Investing

A relatively new player on this list, Qapital comes with a host of features aimed at allowing users to seamlessly save money. 

While rounding-off during shopping sprees is a key feature, it also offers users the ability to automatically transfer a percentage of their paychecks each month with a set and forget feature. The tool further allows users to transfer the balance to savings, when they come in under budget while shopping for essentials.

The amounts saved can be allocated to one or more of several ETF portfolios based on the user’s risk and return preferences. Prices remain within the same range as Acorns, starting at $3 per month, and going all the way up to $12 per month.

4. Qoins – Best For Paying-Off Debt

Apart from savings goals, the one other thing that forms the crux of personal finance goals for most people is paying off their debts. Qoins addresses this issue perfectly, with a ‘Round-Ups’ concept aimed at clearing existing debts, without any conscious effort from the user’s side.

Along with round-ups, the app offers other options such as weekly transfers, payday transfers, and smart savings plans. The app currently offers two pricing models at $3 and $5 per month.

Final Words

With an ever-growing range of apps and solutions for consumers to get their finances in order, the only thing standing between us and our financial goals is our own commitment and will to get things moving. The above-mentioned apps take this a step further, with seamless and effortless savings solutions that are suitable for even the most reckless spenders.

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