Tracking business and personal finances is tough enough, but starting and sticking with a plan to set money aside can be even harder.
Apps can provide ways to establish an automatic regimen for moving 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 complications of dealing with a broker and paying high fees.
The app’s main purpose is to encourage 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 groceries – 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.
The app is available on the Apple App Store and Google Play.
