Recent surveys show 69% of all Americans have less than $1,000 in savings. That means almost 70% of our country has no retirement and no ability to cover a substantial emergency expense.
For far too many people, saving money is almost impossible. Paycheck to paycheck living leaves little leftover after all essential expenses. Even if there’s some cash left, we all need leisure, too.
There is technology available to help you save money, and you already use it. The mobile banking apps on your smartphone can help you claim your financial sovereignty if you use them the right way.
Do you want to know more? Read on to learn how getting the most out of your cell phone banking apps means more money in your account.
Get in the Habit
You’d like to think it’s only rich people who can save money. That’s true in some respects. The more money you have, the easier it is to keep.
Yet, saving money is also about forming the proper money habits even if you don’t have a lot. You can use your mobile banking applications to start the routine for you.
Most mobile banking apps allow for free transfers between checking and savings accounts. You can schedule automatic weekly, bi-weekly, or monthly transfers to your savings to get into the savings habit.
Track Your Expenses
Americans spend 10% of their income on food. Do you dine out? Maybe you’re a person who grabs lunch on the road or a daily cup of coffee.
You have to figure out how you spend your money to learn where you can save it. Mobile banking can track and categorize all your expenses. This app organization feature keeps totals all your expenditures.
Once you total your expenses, you’re better able to track the amounts you spend. Better tracking helps you change your spending habits by prioritizing purchases.
This tracking helps you:
- See where your money is spent
- How your total income is divided each month
- Figure where you can cut expenses
- Budget in real-time
Cut Unimportant Expenditures
Essential goods and products are pricey enough. Keeping a family fed, clothed, and sheltered accounts for the majority of our income. Add on utility bills, transportation costs, and there’s not much money left.
It’s easy for those with money to lecture those without it. These folks love to say things like don’t buy coffee or avocado toast. This kind of advice insults the intelligence of every non-wealthy person.
Frugal living is not the concept of the wealthy. A thrifty lifestyle geared toward savings won’t come from the top down. These are skills you have to learn.
Any Android banking apps or iPhone banking apps can help you cut unimportant expenditures that lead to savings.
What can you cut from your monthly budget?
- Entertainment costs like cable television
- Extemporaneous food and beverage expenditures like craft beer
- Dining out for lunch and dinner
- Monthly streaming membership fees
- Other utility bills like cell phones
Did you know almost 45 million Americans have outstanding student loan debt totaling $1.7 trillion? That’s an incredible number, and if you live with student loans, you know how hard it is to make a budget.
While deferments and forbearance are helpful tools if you can’t meet your obligations, using them too often accumulates more debt. If you use an income-based repayment plan, odds are you’re not touching your balance.
Student loan forgiveness is a hot-button political issue. Though support for forgiveness increases any day, it’s not wise to bet on it. You have to prioritize your spending to get out of debt as fast as possible.
Mobile banking apps help you optimize your spending. This optimized spending saves money and digs you out of debt.
See more here for how mobile banking helps you pay your student loans.
Some Save for You
Do you still have problems socking away extra cash? You have a budget, you’ve cut non-priority expenditures, but you can’t find a way to put money away.
People often conceive of saving money the wrong way. Sure, it feels great when you’re able to drop several hundred bucks into savings. That’s not always possible.
There are mobile banking apps that will save incrementally for you. These apps analyzeyour spending and transfer $1-$5 to your savings when it recognizes an opportunity.
This way, you’re never waiting for the right time that never comes. You’ll be surprised by how much money you can save this way.
Stay on Goal
Saving is easy when you have a goal. You could save for a month-long European vacation, a downpayment on a new home, or a new car.
With mobile banking apps, you can dedicate your savings toward these goals. Track your progress toward this goal in real-time with every paycheck and every expense.
It’s too easy to let yourself off the hook. You work hard, and you deserve to spend a little money on yourself.
Unfortunately, saving money doesn’t come without sacrifice. You might look great in that new pair of jeans. You might want a night out at the ball game after a long week.
Humans are capable of justifying almost anything, especially pleasure expenses. A banking app that budgets keeps your money where it needs to be.
Mobile Banking Apps Help You Save
Most Americans struggle to save money. Living paycheck to paycheck isn’t easy. Even the most frugal face unexpected expenses that derail any savings plan.
Don’t get caught in the cycle of spending everything you make. Mobile banking apps are fantastic tools that help you budget and keep you accountable for your spending.
Do you need more financial advice? Make sure to check out the rest of our page.