Money saving apps are one of the effortless ways we can all save money without even trying. We all have saving goals. Unfortunately, saving money doesn’t come easily to most of us. It is easy to move away from your spending plan and use the money you have planned on saving for something else. This is why saving your money automatically and with little human control is very important.
Money saving apps are here to save you from yourself. There are many money saving apps that have been developed over the years and in this article we will cover the four best money saving apps for 2023. These money saving apps offer you tools that help you thrive financially, whether that’s through extensive saving features, expense and subscription trackers or spend and networth analysers. Each money saving app provides a unique value, so there’s something for everyone. So which is the best app for saving money in Kenya? Let’s find out:
1. Chumz
Chumz is perhaps one of the best money saving app that is highly convenient for anyone who wants to effectively save their money. It was ranked the best mobile app in digital savings in 2022. This money saving app is regulated by the Capital Market Authority of Kenya (CMA), which means users are assured of security and safety of the money they save on this platform. With Chumz, you can save and invest money from as low as Kes 5.00.
You don’t have to have a lot of money to save. Chumz introduces you to and helps you sustain healthy saving habits. You will often get reminders ( as pop up messages) to save some money based on your account balances or transactions, before you use up your money. You can decide to save as a group on this app, set goals and also earn an interest of 8% per annum on locked savings and 6% on normal savings. Chumz is easy to use and is the best money saving app to start saving with as little money as possible.
2. Safaricom App
Safaricom app is a mobile application that was developed to enable Safaricom users to access and manage all Safaricom services in one platform. This includes all prepaid and postpaid services, managing your profile, buying airtime, checking your data usage and even saving your money. Safaricom app allows you to keep track of your spendings and transactions and also gives you an avenue to access your daily and monthly reports when you need them.
With Safaricom, you can save your money on M-PESA under the Mshwari option or the KCB M-Pesa saving option. You can start saving on Mshwari with as little as Kes. 1.00 for up to 12 months and earn 6.3% interest per annum on the savings deposited. Safaricom App is easy to use and navigate. It is a reliable platform to save for an emergency fund because of the ease of access of money kept in the locked savings account.
3. KCB Mobile App
KCB mobile banking app is a mobile application platform that allows both KCB and KCB bank users to benefit from KCB bank services at the comfort of their phones. You can do everything on the app, including making deposits, cash transfers, withdrawals, paying bills etc. without visiting any branches.
This app has a great and friendly user interface and design and very strong security features. It is a very convenient and reliable way to manage your funds as it also gives you access to KCB Mpesa. With the KCB mobile app, you can start saving with as little as Kes. 1.00. Your savings earn up to 6.3% interest per annum. You can also access instant loans via this app and reliable and fast customer response.
Final Thoughts
It is important to note that before you link your financial accounts to a third party money saving app, you must go through the saving apps safety and security information. Do your due diligence and make sure the money saving app you have chosen has all the features you are looking for and is able to serve you well in the long term. These mobile saving apps are available on both Google PlayStore and iOS AppStore. You can download them on your phone, install your selected app, create your account, set your saving goals and start saving.
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