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Money Saving Apps

June 21st, 2017

Everyone discusses saving money, but let’s face it not a lot of us do it. I’m sure the thought crossed your mind the last time you got a raise or maybe when you got your last tax return. You might have even heard of the good money habit about paying yourself first.

The key is to take action, and let’s face it we humans, forgetful, are lazy, and with all honestly sometime saving money just isn’t that high a priority for us. Well my friends of Money Management Pro I’m going to make it super simple for you to save some of your hard-earned cash with one word, automation.

That’s it. A set it and forget is mentally when it comes to saving money is not a bad thing to get you started breaking old bad habits and forming new good ones.

Let’s look at three automation tools that might just help you get started on the right path to saving money.

Rize

Rize is different from some of the other popular savings products available today. Instead of doing round-ups or rules or purely algorithmic savings, Rize is modeled on the 401k, which is a proven saving mechanism that really helps people save lots of money because it forces you to pay yourself first.

You get to determine the time (usually after receiving a paycheck) and amount of money Rize automatically moves to your account. To make sure Rize does not overdraw your checking account, the program notifies you of the transfer a few days before it happens, giving you time to pause the transaction.

Rize gives you the ability to save for goals you set that add value in your life, like retirement, a vacation, or a future purchase. You can have multiple savings goals at once which all help you start building a saving habit and separate this behavior from spending.

Rize differentiates itself from traditional brick and mortar banks by offering higher interest, in fact 15X higher. Since Rize in on the brokerage side of the house a Social Security number is needed during set up and your account is SIPC insurance with a protection up to $250,000.

...Read the rest of the article at moneymanagementpro.com

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