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Financial Apps are Becoming More Popular Among Younger Generations

Written by Spave | Feb 9, 2023 5:44:00 PM

Gone are the days when managing money meant sitting down and separating bills into various piles. Young people today enjoy more access than ever before to mobile finance apps designed to make achieving goals like saving and budgeting effortless.

 

One recent study revealed that 98% of Millennials and 99% of Gen Z are currently taking advantage of all the benefits that mobile finance apps have to offer. These days, all you have to do is pull out your smartphone to deposit a check, check your account balance, or even view your credit score.

While particularly popular among young people, 86.5% of Gen X and 69.5% of Boomers also regularly take advantage of all the modern-day conveniences that budgeting and money-saving apps have to offer. We designed Spave to help people everywhere save for the future and even give back to their favorite charities with easy round-up features that automate your budget every time you spend.

Budgeting Made Easy

We all know that budgeting is a foundational tool for achieving financial freedom. But in the struggle to make sure all your bills get paid on time, it can be easy to forget to set aside money for savings or giving.

Fortunately, aligning your goals with your finances is now easier than ever before. A recent UK survey revealed that the majority of young people under 30 now use an app of some sort to create or stick to a budget.

There’s no longer any need to carry around a notebook and track each of your purchases by hand just to figure out where your money’s going each month. Money-saving apps make budgeting as easy as connecting an app to your existing bank account and watching as it tracks and analyzes your spending.

But apps like Spave don’t stop there. Let’s take a look at how Spave can help you set and achieve the financial goals that matter most to you.

How Money-Saving Apps Safeguard Your Financial Future

Do you have enough money set aside to avoid financial disaster in the event of an emergency? A recent report by Bankrate revealed that almost half of Americans now owe more money in credit card debt than they have tucked away in emergency savings.

If you sometimes worry that you don’t exactly have enough stashed away for a rainy day, Spave has an easy solution for you. When you connect your bank accounts to Spave, you can put your savings on autopilot with our micro-saving feature.

Say you spend $4.24 on a delicious latte at your favorite coffee shop. Spave would kick in and round up your purchase to the nearest dollar, then sweep that extra 76 cents into a dedicated savings account.

While these micro-investments are so small that you may not even initially notice them, over time they can add up in a big way. But that’s not all - Spave even offers you the opportunity to use a percentage of each round-up to make micro-donations to the causes that matter to you.

Put Giving on Autopilot

Whether it’s cancer research or feeding the hungry, almost everyone has at least one cause that’s dear to their heart. Unfortunately, it can sometimes be hard to remember to set aside money to give back to your favorite charities.

That’s why Spave is the first money-saving app that lets you put giving on autopilot. Spave allows you to pre-determine what percentage of each of your round-ups you’d like to go toward both your savings and giving accounts.

You can set automatic, recurring contributions to savings goals and/or charitable causes, either by round-up or on a percentage basis. 

For example, you can use the Spave app to automatically round up all of your transactions, which will then send that change to your savings and/or charity goals. You can do the same thing based on percentage, which is like tipping yourself. 

Let’s say you buy a T-shirt for $20, and you’ve set the Spave app up to contribute 5 percent of each purchase toward your savings goal. The app would add $1 toward that goal for this transaction.. While it may not seem like much, if every American gave 19 cents to charity in a single day, it would raise over 63 million dollars!

Ready to Start Spaving?

Free money-saving apps like Spave are designed to help you effortlessly take control of your finances. If you’re ready to put saving and giving on autopilot, then download Spave today from either Google Play or the Apple App Store.

You’ll quickly see that reaching your goals doesn’t always require huge life changes or large investments. Spave allows you to reach your financial goals, one micro-investment at a time.