Overdrive Magazine | Trucking Business News & Owner Operator Info
Issue link: http://read.dmtmag.com/i/856429
84 | Overdrive | August 2017 5 APPS FOR THAT Qapital The app's main purpose is to encour- age savings. It allows you to set goals, or rules, so that if you spend less than your targeted amount over a set amount of time – for example, $100 a week on grocer- ies – the excess will transfer to savings automatically. Qapital requires creating a bank account, which is FDIC-insured up to $250,000, as with most banks. The account has no monthly or annual fees and no minimum deposits. The app allows you to set up free automatic transfers to and from different accounts. Stash Invest Stash Invest is meant to help people get into investing by sim- plifying the process. You can buy, sell and monitor investments, starting with one as small as $5, and you can withdraw money at any time. For users with less than $5,000 invested, there is a $1 monthly fee after the first three months. Those with at least $5,000 in the app pay .25 percent of their ac- count balance each year – for example, $12.50 for an ac- count with $5,000. The app can automatically deposit investment earnings into a bank account or other areas. Digit This app analyzes your income and spending patterns and checks your ac- count daily. When it notes opportunities for savings, it auto- matically transfers small amounts of money from your checking account to a Digit savings account, but only if you can afford it. As a safeguard, there is a qualified no-overdraft-fee guarantee. All money held in the app resides in FDIC-in- sured banks, insured up to $250,000. The app is free, but after a 100-day trial, its use costs $2.99 per month. Transfers back to your checking ac- count are free. Acorns After linking your bank account and credit cards, this app invests "spare change" from purchases, which is the amount required to round any given purchase price up to the nearest dollar. A $12.25 purchase will put 75 cents into stocks and bonds that you designate. Users also can set up specific one-time or recurring invest- ments. Earnings are protected up to $500,000. The app is free, but using it costs $1 per month for ac- counts with less than $5,000. Accounts with more than $5,000 are charged .25 percent per year. Withdrawals are free. Tip Yourself Tip Yourself lets us- ers reward themselves for hitting goals by transferring small dollar amounts to a "Tip Jar." The idea is to create goals – such as working out, mak- ing a healthy eating choice or saving for a vacation – that need some incentive for you to pursue them. Tips can range from $1 to $250. The amounts and timing for transfer- ring money from your checking ac- count to the app are up to you. Withdraw- als back into your bank account are free and unlimited. This app is avail- able only from the Apple App Store. Get started with saving and investing MATT COLE T racking business and personal finances is tough enough, but start- ing and sticking with a plan to set money aside can be just as hard. Apps can provide ways to establish an automatic regimen for mov- ing your money, usually in small increments, into accounts that grow significantly over time. Some apps allow you to break into the stock and bond market without the complica- tions of dealing with a broker and paying high fees. These apps are available for free from the Apple App Store and Google Play unless otherwise noted.