4 Apps To Help You Save For A Down Payment

With the constant temptation to spend your paycheck, coming up with down payment for a home can put a damper on your budget.

Paying for a down payment may make you ask yourself: "How much house can I afford?" Before you consider downsizing or backing out, check out this collection of mobile apps that could help you save funds and even increase the returns on a down payment.

These apps are available on both Apple Inc. AAPL and Alphabet Inc GOOGGOOGL devices. It’s simple, quick and easy to budget this way with the tap of a finger.

Digit

Digit analyzes spending through your bank accounts and automatically sets the limit for your savings each day.

You can enter the amount for the down payment, when you need it paid by — and your expenses each day will be monitored. This way, you’ll be able to save money and pay for the down payment for that dream house. Better yet, the app does all of the thinking for you.

Acorns

Acorns connects to your bank accounts and rounds up the expenses you make to the dollar. It then saves the spare change for later investments.

Savings can be organized into portfolios: users make a “down payment” portfolio and save up extra money you overlooked to prepare for that big investment.

Mint

Mint connects to bank accounts and categorizes spending. This allows you to see where a majority of your money is spent and how to cut back on minor expenses.

You can also program the app to send notifications when you spend too much or if you are coming close to your limit for the day. Also, you can set the times when transactions need to be made — such as rent, bills or a down payment — and the app will notify you so you don’t forget.

Loftium

If you’re renting a house and planning to place a down payment on a new property, utilizing Loftium isn't a bad idea.

Although it’s not a mobile app, Loftium is an online company that offers heavily discounted rent for people who are willing to use their space as an Airbnb residence.

They divide the place where you live, creating a distinct living space for people booking the residence as an Airbnb. This will help save money on rent and maximize savings in order to assemble a down payment.

Photo courtesy of Acorns.