Tips on Developing a Healthy Saving Habit in 2020

It’s 2020, a time to imbibe a healthy saving habit guys!

We always blame technology for our worst habits like social media addictions, procrastination and spelling errors. But there are several ways technology can impact our lives, such as helping us imbibe good habits.  

Habits are behaviors that automatically become patterns overtime. You can break bad habits if you choose to replace old habits with new ones. Tech tools are available to help you develop a healthy saving habit. The following suggestions can be incorporated into your daily lives to achieve financial stability. Check ‘em out!

Mint is one of the best budgeting apps ever. It helps you track and manage money from a list of bank accounts and other financial institutions. The app automatically categorizes transactions from credit cards and tracks them against a customized budget. Mint tracks cash flow and sends alerts whenever you go over your budget.

PocketGuard helps guard against overspending. It links all your financial accounts and helps track your spending habit. The app tracks your income and expenses over time. It has a feature that tracks recurring bills and helps you find better alternatives to cut your monthly expenses.

Wally doesn’t only track your income and expenses, it provides a snapshot of your budget to help you avoid overspending. The app is free and available in both iPhone and Android versions (Android version is Wally+). Wally supports foreign currencies outside the US dollars.

This expense-tracking app has an easy to use User Interface. 22seven integrates your accounts, credit cards, and other financial tools. You can link accounts from more than 100 financial institutions to the app. It helps you personalize budgets, track income and provides a detailed overview of your expenditure. 22Seven is available on both Android and IOS versions.

Reach is an all-in-one expense tracker and money manager. It tells you where your money goes every week, connects you to a community of savers and comes with a financial planner. The app comes with a chatbot called Niki. She is your personal financial assistant who helps you stay on track with your goal. Reach is only available for Android users.

Piggyvest is an app you could relate to the traditional saving system. It works just like your childhood personal piggy bank. This time, the app helps you develop a saving habit on a daily, weekly or monthly basis. You can only withdraw for free on the set withdraw dates ( you can only withdraw 4 times in a year). Piggyvest rewards you for saving too. It is available in both iOS and Android versions.

Other interesting apps you should check out include Monefy, My Finances, Good Budget, Wallet, and You Need a Budget.

Tips on Developing a Healthy Saving Habit

1. Have a short and long term financial goal. This will be your guide to save consistently. It is the reason why you want to put aside money and live a minimalist lifestyle.
2. Resist the temptation of using a debit card if you can. If you can’t, set a limit to the amount you can withdraw per time. You can instil discipline on withdrawals by setting a penalty fee over a certain amount withdrawn.
3. Choose a saving pattern. You need to decide how you want to save money. Create a formula to determine how much you will save every hour/day/week. You can set up an automatic transfer to your savings account.
4. Once you choose your formula, decide what tech gadget will be useful for reminders – a phone, smartwatch or computer. Did you know that a Chatbot like Siri can also help you set a reminder on your phone? Say, “Siri remind me to credit XXX amount to my mobile money at 11 am. You can also set up alarms, pop-up notifications or use your calendar app for reminders.
5. Choose your preferred saving app – there are a lot! Most of these apps utilize Artificial Intelligence to achieve automation. Check out a detailed description of how to save with Kuda, Piggyvest, Eyowo, ALAT, KoloPay and more on this link.
6. You need the discipline to stay true to your aspiration. If you really want to save that cash, learn to curb your appetite. Use these apps to discipline yourself and save for that future you desire. If you are a spendthrift, consider using a smartphone app that can automatically estimate your purchases. This way, you will set a limit to which you can spend per time.
7. Set up an automatic transfer from your bank account. You can do this from any of the apps listed above.

Whatever you may be saving for, I believe you can achieve them with tech tools. Don’t forget to reward the little strides as you develop a healthy saving habit.

Cheers to more money in 2020!