Investing and saving on your smartphone

I’ve tried a number of ways to save money but, right now, the interest earned on your savings isn’t that high. I’ve therefore switched to “pocket money” apps that take small incremental payments each week or apps which will “round up” your change to build some cash for a rainy day. Back in the day it used to involve you keeping your spare change, but now – in an almost cashless society – we don’t usually have much loose change to put into a piggy bank. Because of this, I’ve begun to uses systems which take the money from your via a direct debit or a card payment. If you drip-feed a relatively small amount it’ll go largely unnoticed. That, plus the fact that I feel into a bad habit of buying lunches every day.

The solution? I worked out that the local shop was charging me £3.49 for a “meal deal”, but if I made a sandwich at home and brought a multi-pack of crisps, it would probably only cost me 50p per day if I drank water from the tap. So, I decided to put £3 per day into a little savings app, which meant that I was quickly putting around £90 per month away.

You’ll also find investment apps which let you save cash and get an increased amount back. Sure, with any investing there’s always the chance of seeing that amount go down, but investing a sensible and affordable weekly amount can help you create a little nest-egg. I took a look at this in my earlier article and have been putting money into reliable stocks and shares for a while now, and it’s something you can learn about with sites such as Learnbonds, which guides you through the sometimes complicated world of buying shares and dealing with them.

A new app called Spaceship Voyager is now available on both Android and iPhone which will simplify the whole process . There’s no minimum investment, but as with any portfolio you can get more out the more you invest.

In terms of fees, it’s completely free for the first $5000 and you can choose what suits you. You can even invest just $5 to get started, then you can watch your investment plan grow. The best of it all is the fact that it takes a lot of the confusion and worry away – you just check in on your cash and watch it grow. Everything is done for you, but you can choose a different portfolio if you wish, with news and insights to help you choose. Plus, if you ever get stuck, there’s help from the customer service team if you need it.

With interest rates remaining low, it’s this sort of investment which is helping people to save money. You have full control and you can choose to withdraw your money at any time.

I’ve recently used something similar to save for a holiday and, although I didn’t earn a huge amount of additional cash through it, I had the money safely tucked away when I needed it.