Apps to help boost your savings and invest better

Apps can definitely make life easier. You can use Uber or Grab to catch a ride, WhatsApp or Facebook to connect with friends, and Deliveroo to order a meal. In one of the most important parts of our lives, however — finance — apps are not as widely used.

With an increasing number of apps available that offer help with savings and investments, you can benefit tremendously from using just one or two of these solutions.

SAVE MORE WITH FINANCIAL APPS

Admittedly, using apps to increase your savings is easier in some other countries where they have been around longer. Apps in the United States and other countries can link to your bank and card accounts, track your spending automatically, tell you when to save, and even automatically pull an extra dollar or two from your chequing account into savings occasionally.

Here, banks have opted for security over convenience. Since banks require both a password and verification via a security token or a personal identification number (PIN) delivered by text message, it’s harder for apps to access your financial details so easily. While that regulatory challenge results in fewer local apps to help with savings or investments, there are still a few local solutions and some good international ones that can help you set more money aside.

While it isn’t fancy, Savings Goals enables you to set a target amount for saving and then track your progress. Choose what you want to save for, how much you need and when you need the money. Messages and graphs can then show you how much to save each week and what percentage of your target you’ve accumulated. The app suggests a savings schedule as well, and its Money Makeover Guide offers suggestions on how to get your finances back on track.

EveryDollar, a financial planning app based on the principles of money expert Dave Ramsey, goes a little further. To start, you’ll need to input your monthly income, then build a budget using customisable expense categories. Next, input your expenses during the day into the app. Along with finding out whether you’re within your budget, you’ll also get periodic advice on how to find extra money to save.

Other budgeting apps can help you save more as well. Pennies, for instance, asks for a few pieces of information and then gives an overview so you know what you spent today as well as how to save tomorrow. You can set up budgets for items such as “lunch” or “movies”, and also input how much money you have now. Input the amount each time you buy something and you’ll see your remaining funds pop up. If there’s extra money, you can put it into your savings.

Spendee is similar, with consumers also inputting everything manually. You can create multiple wallets and sync accounts with your partner or spouse as well, in order to track your finances together.

Another useful tool, TrackMyGoals, is an Australian app which allows you to set, plan and manage savings goals, then see your progress towards your target. The app also helps you prioritise your goals and provides encouragement as you move along.

AUTOMATE YOUR INVESTING

If you’ve saved a little and want to invest your funds, several automated investment advisory services that have long been in the works have obtained regulatory approval and are now open to investors. Using these robo-advisers can make investing easier.

StashAway’s app gives you a full view of your financial needs, then offers a diversified portfolio of exchange-traded funds (ETFs) personalised for your targets and risk preferences. It offers a low-cost way to get advice on investments, and you can invest automatically into the portfolios of ETFs.

Smartly is another similar robo-adviser app with low fees and automated investing, though it may take longer to sign up since it has a waitlist to join.

Automated advisory apps can help less experienced investors set up a diversified portfolio and invest their savings to earn a higher return.

GETTING INFORMATION TO INVEST BETTER

If you are a more experienced investor and want to select shares on your own, there are also apps that provide information about investments as well as market trends to help you decide where to put your money.

DrWealth, for instance, is a local app that provides investor education and portfolio management tools for do-it-yourself investors. InvestingNote enables investors to participate in discussions, exchange investment ideas, share advice and connect with expert investors. And Spiking allows individuals to track their favourite stocks for trades made by company directors, large shareholders and other sophisticated investors.

Investors who want even more sophisticated alternatives can use apps such as Fred Economic Data by the Federal Reserve Bank of St Louis, which has 40,000 economic data series from 37 international sources, to track economic trends – though that level of detail may be overwhelming.

There are also easier-to-use apps from banks and brokerage firms, such as OCBC OneWealth, that provide insights for free to most investors.

For anyone who’s on Facebook or WhatsApp or a multitude of other apps throughout the day, there’s no reason not to add personal finance apps as well. Whether you’re simply trying to save more money, or you’re a more sophisticated investor looking for ideas and information on investing, apps can give you the insights to make your financial future far more comfortable.