Grow Your Wealth

Savings Apps: Your Key to Financial Growth

Have you been trying to build savings without a savings app to help?

Someone in a hoodie looking at their phone with the title 'Savings Apps: Your Key to Financial Growth'

Saving is So Much Easier with an App to Help

In 2023, managing your money can feel like one of those dreams where you turn up to work naked – stressful and embarrassing. So it’s no wonder that financial freedom is a goal that resonates with so many people.

Financial freedom doesn’t mean having millions in your savings (although that helps), it just means you have the ability to use your money to pursue your goals, and you’re not totally capsized by emergency expenses. It basically means you can go about your life thinking about money as little as possible.

Savings is way easier with a savings app to do most of the work for you. Here’s how they can help.

Why Savings Are Crucial to Financial Freedom

Savings are the foundational building block of financial freedom. They act as a safety net during emergencies, fund your aspirations, and provide a sense of security and peace of mind. Whether you're saving for a dream vacation, a new home, or simply building an emergency fund (nice, smart), having a robust savings strategy is key. The journey to financial freedom requires discipline, commitment, and a well-defined plan. A savings app can help you will all of that.

All You Need is a Goal

The only thing you need to bring to a savings app (other than a bank account to connect) is a savings goal. Preferably, a SMART goal. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. But you can ignore all that jargon. It basically means that rather than saying "I want to save money," a SMART goal would be "I want to save $3,000 in the next 12 months for a down payment on a car." This specificity gives you direction and motivation for your savings, and helps you achieve your dream even faster with realistic steps.

How a Savings App Can Help: Personalized Budgeting for Effective Savings

Ok, we could go into a whole thing here about why budgeting is important, but we’ll spare you. We will say that it’s crucial to building savings. By analyzing your spending habits and income, Cleo helps you create a budget that aligns with your financial goals. It not only categorizes your expenses but also suggests areas where you can cut back to save more. Then, when you’re about to hit a spend limit, Cleo will literally DM you to warn you. This whole process keeps you on track with your money, meaning that you have even more free cash to put toward your savings.

How a Savings App Can Help: Saving on Autopilot

Maybe the most helpful feature for building savings is to automate them. With Autosave, you can take the guesswork out of saving by letting Cleo analyze your spending patterns and identify clever ways to save money.  Cleo will then automatically transfer the saved amount into your Cleo wallet during each budget cycle. This effortless approach to saving helps you build funds without even realizing it. And, importantly, it stops you from splurging the funds that were earmarked for your savings.

Just type “autosave” into chat with Cleo to get started.

How a Savings App Can Help: Simplified Savings Goals

If you’re feeling overwhelmed by calculating your savings, Cleo will help. Say you want to save $300 toward a new phone. Instead of having to go any math, you just type "I want to save $300" into Cleo's chat, and Cleo will take you where you need to go to make it happen. Cleo breaks down your savings goal into manageable bites, making it easier to achieve your target without feeling overwhelmed.

How a Savings App Can Help: Giving You Time Back

Life can be busy, and financial management might not always be your top priority. With Cleo, you're not alone in your journey toward financial growth. You’ve got a virtual money assistant to help you out 24/7. The apps takes care of the heavy lifting, leaving you with more time and energy to focus on living ya life.

Ready to start finally building savings?

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙

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Still have questions? Find answers below.
How does automating savings with a savings app work?
How do savings contribute to financial freedom?
Why should I use a savings app to manage my finances?
Can a savings app help me set and achieve savings goals?
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