Perhaps you are thinking that you are too young to start investing. Maybe you think retirement is still decades away. However, you really should start saving for your golden years, and the best time to start is right now. The last thing you want is to depend on your children all the time after your retirement, right?
When it comes to tips on how to save for your retirement, the earlier you start on this journey, the better. Starting early is one of the ways your compound interest will have the power to multiply your money over time. Unfortunately, most of us are so caught up in our careers and chasing money that we forget about this critical period. The question remains, how can we prioritize saving for retirement? Even in the middle of life hurdles and financial constraints, how do we ensure at the end of the day, we have put something aside for our golden years?
Saving for retirement is a long-term journey, but the good news is that several saving apps can help you along the way. They come with amazing features that will make saving easy. With these apps, you will not even feel the pinch of having to save a certain amount during a given period. Without wasting much of your time, here are the best three retirement apps to help you save.
Betterment
Figuring out how and where to invest your money can be quite challenging. However, all hope is not lost as betterment is here to help you with that. The app creates a personalized portfolio for you by your income, age, risk tolerance, investment goals, and so on. It has both Roth IRAs and traditional versions. Plus, it also syncs your account to your other external accounts so you can understand what is going on with your finances fully.
As if that is not enough, when the market shifts, this app automatically rebalances to help you stay on track. This is one of the best apps if you are a new investor, keep in mind that this account does not need a lot of regular maintenance and its user-friendly.
Acorns
We all know when you have a tight budget, it can even be hard to come up with a specific figure to save every month. In fact, to some, this is almost impossible. With Acorns, they believe everyone has the potential to grow wealth, regardless of their paycheck and circumstances.
What they do is to connect your debit and credit cards and invest your spare change, after rounding up all your purchases to the nearest dollar. For instance, if you buy groceries for $3.80, Acorns will transfer 20 cents automatically from your checking account to your future investment account. If you have a hard time changing your spending habits, this is the right app for you. It helps you save even without thinking about it.
Digit
It’s even harder to save when you don't know where your next paycheck will come from. Digit takes away the guesswork and assures you by checking your spending habits, taking some of the “safe amount”, and saving it for you several times a week. They usually take small amounts that you can barely notice, but when added up at the end of the month, you realize that it is a decent amount.
This app charges $2.99 per month and also offers a 1% annual savings bonus, which is paid every after three months. With Digit, they assure you that you should never be limited by your paycheck, even with an unstable income you can still save for your retirement.
Bottom Line
Once you have a clear view of your retirement plan, go ahead, and make use of any of these apps. They will help you track your savings every month, which is quite impressive. They will do all the hard tasks for you and leave you to enjoy and start counting down to the big day you will retire.
