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Money saving is not in our nature—instant gratification rules. Add the bother of opening savings accounts at banks with abysmal interest rates, and it all seems like too much effort.

But there is one thing we have learned over the last few years: times are tough, and there is always a need for cash for unforeseen expenses. The cost of living is on the rise. Therefore, it is more challenging to afford mortgages, schooling and even saving for retirement, not to mention emergencies.

Fortunately, the digital era has brought us apps for everything. It is easy to open a savings plan within minutes via an app on your mobile phone. So, stop procrastinating and get saving. Many new money-saving apps offer favourable interest rates and even allow you to save via investing.

You don’t need substantial lump sums to build savings for those rainy days; most apps have monthly contribution options or even save-as-you-get cash options.

Why do People Save?

Life is unpredictable, and what will you do if an emergency expense pops up? How else will you save enough money for a mortgage deposit or your children’s education?

To achieve goals
• Save for a once-in-a-lifetime vacation
• Save for a deposit for a new home
• Save for a new car
• Save for your children’s tertiary education

Save for emergencies or unforeseen expenses
• Salary replacement when unemployed
• Major vehicle repair
• Medical costs
• Major roof repair

Which is the Best Money Saving App?

There are so many apps to help save money out there that it is difficult to decide which to choose from.
Look for features that are beneficial to the saver, like transparency, interest rates, security and easy-to-use and navigable screens.

Savings calculators – These calculators can estimate how much you will save over time, with and without projected interest, and how long it will take to save a certain amount.

Transparency – Look for an app that is transparent with no hidden fees.
Instant transactions – Instant transactions give you real-time balances without waiting or clearance periods.

User-friendly interface – Look for an app that is easy to use and navigate. Complex menus and processes make it difficult to use.

Choice of investment funds or savings options – The more options you have, the better to choose the right kind of investment and savings to suit your financial goals.

Saving through investing – Some money-saving apps offer saving by investing in funds that offer more favourable returns than a regular savings account.

Risk level choice – Look for apps that offer risk levels. Some savers are cautious, while others take more risks. Offering a variety of risk levels gives you the choice to decide how much risk you wish to take in your savings, like having more exposure to equities or more exposure to bonds.

Flexible savings contributions – Look for an app that offers flexibility when saving. One that allows lump sum, regular, or intermittent contributions according to your cash flow.

Are Money Saving Apps Safe?

With cyber fraud and identity theft very much a reality, apps need good security features. Most savings apps have required security features to protect clients’ information and money. Financial regulation requires a certain level of security. Look for apps that include the required features and offer more layers of protection:

Secure Login
Look for a Login with a secure PIN, facial ID or fingerprint ID.

An extra layer of protection for transactions to prevent fraud
Look for an extra layer of security when making transactions. Standard-generated one-time PIN, security PIN, or fingerprint ID for transaction approval.

Secure lock screen
The lock screen requires a re-login if the app is dormant for a while.

Catalyst Savings App – Favourable Returns

The Catalyst savings app is a hybrid savings platform. This innovation combines traditional savings and investment in quality, reputable, diversified funds at lower costs. It offers modern investment products to help you build a globally diversified, long-term portfolio.

Saving shouldn’t be complicated, so our experts have taken care of all the boring stuff for you. We’ve simplified the process. All you do is choose your initial investment, and our team of investment managers will ensure that your fund is managed accordingly so you can get on with other things, knowing your financial freedom is well taken care of. You can invest your extra cash or make withdrawals whenever you want.

With any investment, your capital will always be at risk. If you are uncertain, then seek financial advice.

Welcome to the Future of Investing – Let your money make more money for you.

Catalyst’s money-saving app helps you achieve your savings goals for a long-term investment or a rainy day fund. It is an excellent supplement to your investment portfolio. Chat with a deVere advisor today to help set up your Catalyst app.

Please note, the above is for educational purposes only and does not constitute advice. You should always contact your advisor for a personal consultation.

No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.