The Albert savings app changed my views on money and helped me save $1,500 - here's how
For as little as $4 a month, Albert's paid version gives you access to features such as expert financial advice at the press of a button and an unlimited number of savings goals.
The app allows you to see savings goals clearly and even allows you to earn more interest than the average APY with a bank savings account.
Albert recently added an investing option as well.
Yes, it's true that a savings account with your bank with automatic paycheck deductions would accomplish most of the important features that Albert does, but Albert does it better.
First of all, you don't have to go anywhere or sign any paperwork to get started. Everything is done on your phone.
Second, you earn more interest saving with Albert. The average annual percentage yield or APY for a savings account with a bank is 0.09%. With Albert, however, you get a full 1%. Your savings are also still FDIC-insured, up to $250,000.
Last, and perhaps most important, you wouldn't be able to separate your savings out and see your goals fill up the same way you can with Albert. This is how the app really changed my views on money and savings.
The app provides a monthly spending budget calculated around your other expenses, and tracks your total spent in real time.
I may occasionally get the satisfaction of looking at my bank savings and seeing a larger number than the last time I saw it, but if I ever want to use it for something, I have to do a lot of math, and experience the guilt of watching the number go down when I take the money out to use it.
On Albert, I can open the app and instantly see how much money I have for each purpose. When I wanted to go to Puerto Rico, I opened up the app and saw that I had $653 dollars set aside specifically for a vacation, so I knew immediately how much money I had to work with. I was able to skip the stress of budgeting and immediately get to the fun part and start planning my trip.
Albert takes the added organization and stress that can come with financial planning and makes it accessible at the tap of a phone screen.
It was only then that I truly understood the old adage "pay yourself first." It's a simple thing, but you cannot underestimate the joy of having money accumulate into organized goals without you thinking about it.
I saved over $1,500 in the first six months of downloading Albert with absolutely no effort. It was like buying a pair of jeans that always has money in the pockets when I put them on.
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