Financial Experts: 5 Money Apps That Help Boost Your Savings
Written by
Cynthia Measom
Edited by
Jenna Klaverweiden
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Saving money can be difficult. In July 2024, the personal saving rate in the U.S. was just 2.9% — a decline from the prior year, per Statista. And according to Forbes, 28% of Americans have less than $1,000 saved up. Saving money is a crucial step in building wealth and achieving financial security, but it can be hard figuring out the best ways to do so.
Take steps to start saving more today. Here are five expert-recommended money apps that can help you boost your savings.
YNAB
Joseph Eck, CFP, financial planner and owner of Stage Ready Financial Planning, said that his favorite app for helping people boost their savings is YNAB, which stands for “you need a budget.”
“The YNAB app and method helps you visualize how much money you really have available to spend on all of the things you need and want,” he explained. “By proactively assigning a ‘job’ to all of the money you have in the bank currently, you are able to see how much flexibility you have in your saving and spending between now and when you get paid next. The YNAB method makes saving easier because you have complete clarity around the money you have in the bank today and what it needs to do for you.”
Empower
Shawn Maloney, retirement specialist, retirement coach, investment advisor and owner of Retire Wise, shared that he “lightly encourages” the use of the Empower app (formerly Personal Capital) for clients who want to look at their net worth and investments as they exist and change in the present time.
“It is a perfect application for the near-retirees that gives an overall comprehensive view of all the savings, cash inflow-outflow and returns with respect to the capital invested,” he said. “These apps can be powerful tools to support financial security, whether you’re building an emergency fund or planning for retirement.”
Qapital
Ben Sporn, CEO of Joy Wallet, said that one of his top recommendations for money apps is Qapital.
“It’s a fantastic tool because it gamifies savings — users can create personalized rules, like rounding up every purchase to the nearest dollar and saving the spare change, or setting up automatic transfers when they complete a personal milestone,” he explained. “This kind of psychological nudge works particularly well for people who struggle with traditional savings discipline, making the process almost effortless.”
Acorns
Sporn also suggested Acorns for individuals who are focused on investing their savings.
“It rounds up daily purchases and invests the difference into a diversified portfolio,” he said. “This approach helps those new to investing feel less intimidated while putting even the smallest savings to work in the markets. By automating both the saving and investing, Acorns makes a great bridge between building emergency savings and beginning to accumulate wealth through investments.”
Mint
Nischay Rawal, CPA, founder of NR Tax and Consulting, recommended Mint as a good app for boosting savings.
“Mint provides budgeting and expense tracking, analyzing finances to identify wasteful spending so funds can be reallocated to savings,” he explained. “It’s free and helps build good habits.”
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