Are Round-Up Savings Apps the Best Way to Save in 2020?

Daniel Penzing
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How Round-up Savings Apps Work

Round-up savings apps are relatively new but are getting a lot of attention in the media and are quickly gaining popularity with consumers. There are two components to the apps: an app and a physical device. While the app works on Android or Apple, the device only works with Apple phones.

Start by downloading the app – either by searching it online or through the app store for either Android or Apple. Then, start the app and register by connecting it to your bank account (the app will not work without this). You will now be able to view your bank account balance and view transactions and statements.

Next, you buy a round-up savings device like DigiSaver. These devices can be ordered online and will be shipped to you. They can also be purchased from many retail stores, which will be eager to sell them to you as soon as you explain to them that they are an impulse purchase.

The round-up savings device is basically a stick-on that you can put on your phone window. The device has a magnetic backing that attaches to the back of your phone and is powered by static electricity. It will then start to tally the savings that you acquire from your bank account.

The Best Apps That Round Up Purchases

Perhaps the easiest way to save money is to set you and your family up with savings apps that round to the nearest dollar and deposit the difference into your savings account. This is a great way to save money fast! Instead of dropping a nickel or dime in your savings account every time you make a purchase, these apps will do it for you.

One app that is on the rise (up from 3 to 2.6 stars) is Acorns, also known as Acorns Spend. Acorns Spend is part of the Acorns family of products, but it is not a standard savings account. Instead, Acorns Spend rounds up purchases to the nearest dollar and keeps the change in a traditional brokerage account. One key difference between Acorns Spend and other savings accounts is that Acorns Spend does not have federal insurance. Instead, Acorns employs its own process to protect users’ accounts.

Acorns is well known for its round-up rounding feature. With this round-up saving, Acorns will take any change from your purchases, round it up to the nearest dollar, and deposit the change into your Acorns Spend account balance. Stay on top of your spending with Acorns Spend. Keep track of your account balance from your computer, tablet, or smart phone. Set rules to alert you when your account balance goes below your goal amounts.

Best Round-up App for Saving

Saving money can seem like a difficult task sometimes. But there are ways that you can actually do it without sacrificing on other things.

One of the ways to cut back on spending money is to save money on a daily basis.

By filling a piggy bank, it is a small effort that you are doing to save money. Although it can seem tedious at times, people have saved enormous amounts of money doing this.

If you can’t keep a piggy bank around the house, then you can use apps. The best round-up app for 2020 will not only help you to get the most out of your money, but also help you stay on top of your savings.

Round-Up Savings Apps are some of the best ways to save money easily in 2020. To earn a round-up app, simply download the app, link to your checking account, and set up you round-up amount. The app will then round up your purchases to the nearest dollar and deposit the difference into your savings account.

Best Round-up App for Investing

For those of you who might not know, the 401(k) or the 403(b) or the 457 is a tax deferred annuity option. Instead of paying taxes right away, it is postponed to a later date. Depending on your contribution and your tax bracket, you might end up paying up to forty percent on your income. This high bracket can make it complicated to manage your monthly operating budget. Instead of spending your money on your wants, saving x amount of dollars every month could make you rich in the near future. By definition, a 401(k) is an account which is for your retirement, but due to the compression of the finances due to the high tax bracket could make you feel like you are not saving any money. T. Rowe Price created a 401k investment program that will round up the final price of your daily purchases from your bank account. This will automatically move the money in your account into your retirement fund without the need for you to checkout. If you are already saving money for retirement, it is important to know that you can take this money out at any time, but this will be the center piece of the savings plan.

Using round-up apps to pay off debt

Round-up apps are saving platforms that let you round up your purchases to the nearest dollar, instead of spending the change you receive from a transaction. You use the extra amount from each purchase to pay down your debt or bolster your savings.

Round-up apps are perfect for debt holders or anyone looking for a way to save money on the side. With round-up apps, you can start saving money quickly with minimal effort.

By keeping round-ups to a single dollar, the amount you save is so little that you’re unlikely to notice its absence from your personal funds. That means you don’t need to cut back on your spending in order to save money.

Should You Round Up Your Transactions?

In many places, saving money is as simple as rounding up all purchases to the nearest dollar. Here’s how one app, Acorns, is trying to make saving even easier by enabling members to round up purchases in a digital way.

Acorns is an app that rounds up purchases and invests the difference. When you use a debit or credit card to make a purchase, the app will round up the price to the nearest dollar, thus creating a few extra dollars for your savings. Once your balance is a nice pile of chunks of change, Acorns will invest it into a personalized portfolio that is based on your risk tolerance and goals. The balances are stored in FDIC insured accounts, so you don’t have to worry about the money you’ve invested.

While the app is free, it’s only available in the United States. All accounts, however, are FDIC insured. Acorns can also be linked to multiple bank accounts and credit cards. The initial setup process can take up to an hour, but once you have the account set up, rounding up transactions is as simple as logging in to the app when you make a purchase.