Stephanie Daniels, Features Editor
Saving can be hard for college students. Whether you’re tight on money, didn’t learn much about how to start, or just plainly don’t know where to start, it can be worrisome. Lendedu.com conducted a study of 455 undergrad and graduate students’ saving and finances. From their findings, 58 percent of those surveyed said they weren’t saving any money each month. Eighty-one percent responded having no emergency fund, and 43 percent reported not tracking their monthly spending. If you’re looking for a place to start, and to make your money work for you, you’re in the right spot. There are so many apps that offer an easy way to save your money!
- Digit– This money saving app is great! You simply connect your bank accounts to the app, it analyzes your expenses and then calculates what you can safely save. After determining what you can afford to save, it then transfers that money to your Digit account. Sound sweet? Well, it gets sweeter. Digit has no overdraft fees and is free for the first 100 days! Afterward, there is a $2.99 maintenance fee.
- Qapital– This application is not only great for saving but also goal setting! Within the application, users link their bank account. Afterward, users are able to set financial goals. Looking to save for a new car? Maybe a summer trip with friends to celebrate making it through another busy semester? Qapital has you covered! Creating goals is really easy, and you have full control over how much money you want to contribute to your goal and how often. It also features rules that you can place on your goals such as the “round up“ rule, which rounds your purchases to the nearest dollar, and saves that money for you. Have that guilty pleasure at Starbucks? There’s a rule for that, Qapital allows you to save money whenever you spend at places you just can’t resist. Did I forget to mention they offer a free debit card that you can personalize with your signature and a cool symbol?
- Tip Yourself– Ever want to recognize and reward yourself for a good job? This app’s your biggest cheerleader. How it works is simple. Whenever you complete a task that you are proud of or working toward, you place money in your “tip jar.” Maybe you worked out three times this week or completed a homework assignment early. Or maybe you skipped out on a night at the movies to complete a personal project. The app also allows you to create savings goals and has preset amounts that you can easily tip yourself.
- Stash– Want to invest your refund check? This is the app that can help. Simply link your account to the app, create a profile and invest for as little as $5. This app is curated for those of us who may not be fully confident in tackling investing on their own or may not have a lot of money to invest. Stash makes it easy to become an investor by placing your money in exchange-traded funds, and even allowing investors to purchase factional stock in large companies like Apple. But there are fees involved, Stash charges $1 per month for accounts at less than $5000, and 0.25 cents per month to those over $5000. This is something to keep in mind especially if you are investing smaller amounts, as the fees can quickly chip away at your investments. But if you’re wanting to get your feet wet, it is definitely a good option.
No matter what option you choose, it is important as college students to look toward the future. And saving is a huge part of that. If you save now, there will be less worry in the future, and more room for the enjoyment of the fruits of your labor. Sacrificing that impulse buy, or that trip with friends to save or invest may seem little now but has the power to be very impactful later.