I saved over $650 in 3 months without thinking about it—here's how via CNBCMakeIt
Saving isn't always easy. But I recently found myself putting away hundreds of dollars without even having to change my habits.
Turns out I racked up more than $650 in savings over the course of 12 weeks. The app aims to save 5% to 10% of your total monthly income when possible, according to the company. For me, that averaged around $57 per week.Experts say automating your savings is the best way to put some money away for emergencies and other spending goals. But what does that really mean?
Once it has a handle on your spending rhythms, it will determine an amount that is safe to put into savings and automatically initiate the transfer on a regular basis. When I actually dug into the details, there were several aspects of this app's Smart Savings that sold me on downloading it: Albert also automatically categorizes your transactions. This is usually where I get frustrated with budgeting apps because I hate manually labeling each expense. But Albert was far more user-friendly than others I've tried: It's able to recognize patterns and figure out what each expense is, then categorize it as a bill, transportation, rent, etc. That way, you can see where you're spending — or overspending — the most.
I didn't really explore the other aspects of the app, but they could be useful. For example, Albert partners with Billshark to identify bills you may be able to lower. Billshark says I can lower my current monthly Internet bill by $8 a month. I haven't tried this yet, but if I did and Billshark were successful, they'd charge a fee that equaled 40% of my savings.
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