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Struggling to save money?
Well, you are not alone. After all, Americans have an average of $38 , 000 of personal debt, excluding their mortgage.
Today I am sharing the best apps that will help you to save money.
And the best part?
All 8 money saving apps are worth downloading as they provide different benefits.
What Benefits Do Money – Saving Apps Provide?
Money-saving apps automate the saving process and make it much easier to manage.
The main benefits of money-saving apps include:
- Cutting subscriptions you don’t use.
- Paying bills regularly, thus saving time.
- Negotiating the best deals on your bills.
- Applying coupons when you shop.
- Negotiating refunds after purchases.
- Compensating for late deliveries.
- Giving cold, hard cashback.
- Investing your spare change.
- Budgeting your income and expenses.
- Saving money for retirement.
Let’s dive right in.
Reduce Bills and Cut Subscriptions
Truebill provides you a picture of your cash, credit and investment balances. You can track expenses, set monthly spending goals, and see what bills are coming. Truebill also categorizes your expenses and keeps track of the largest and most frequent ones . A convenient graph shows spending and revenue month by month.
According to CreditCards.com, 35% of consumers signed up for accounts that enrolled them in auto-pay without them realizing it. Truebill steps in and separates all your subscriptions into one list. Then you can decide on what should be canceled. Truebill also helps with the cancellation process.
With Truebill you will not overpay your bills as they provide a negotiation service. They even get you refunds when the internet goes down.
Last but not least is the ability to set savings goals. Once you set a goal, it tells you how much and how often to transfer, and how soon you will reach the target.
Trim uses bank-level security to connect to your accounts. Once connected, it analyzes your spending patterns to find ways it can cut your expenses. Then Trim negotiates phone, cable, internet, insurance and many other bills. Their partners are reputable companies such as Verizon, Comcast, Time Warner, and many others.
In addition to negotiating your bills, Trim also gathers all your subscriptions in one place and allows you to easily cancel any of them with a single press of a button. Or should I say single touch of a screen if you’re using a smartphone!
Trim can also get you a lower interest rate on a current credit card, waive interest charges, and get refunds on unfair bank fees. It also usually has some great cashback credit cards on offer – just make sure to always pay off your credit card bills before the end of the month.
For more strategies on how to reduce expenses and eliminate the unnecessary spending, read our recent article: Reduce Expenses – Take Back Control of Your Money.
Honey already has 10+ million users on Google Chrome with a 4.8 out of 5 stars rating. This app is phenomenal as it automatically finds the best coupon while you are browsing on the Internet. On average, their users save $ 126 per year, with an average discount of 17.9% per purchase.
In recent years Honey added Droplist – a function to add a product to the list and get notified once the price drops or a new coupon appears. With 30 , 000+ participating merchants, expect many automatic discounts.
Paribus tracks your confirmed purchases via email. If the price of something you bought online drops, they will help you get a refund.
Late deliveries can usually get compensation, so you get notified by Paribus if that happens. Paribus also tracks return windows, so you can always check how many days you still have left to return the item.
If you are wondering which retailers their system supports – Amazon, Target, Gap, Macy’s, Nordstrom, and many other major retailers. If you are wondering how much it costs – it’s free.
Automate Cash Back
Dosh securely connects to your credit and debit cards. When you pay at any of 1000+ stores and restaurants, you get up to 10% cashback automatically. Cashback can be transferred to PayPal, your bank account or credit card and cashed out. Simple and straightforward.
Recently they launched Dosh Hotels, allowing you to book at any of 600,000+ hotels globally to get cashback on your accommodation. Useful if you travel a lot.
Personal Capital serves as financial aggregator, allowing you to connect all your accounts: credit cards, bank accounts, investments, savings, loans, mortgage, assets and even retirement plans sponsored by your employer. Projection shows your future net worth and predicted retirement wealth. But what about savings? Actually , this app does not directly save you cash, but provides your financial snapshot, thus improving your money decision making. You may think twice before making another purchase once you see your financial wealth dip. A powerful tool, and free of charge as well.
Personal Capital can be used as a budgeting tool as well, but I would suggest starting your first budget by reading our dedicated article: Budgeting – The Life Skill That Will Transform Your Finances.
Acorns automatically invests your spare change with so-called round-ups after every purchase you make. You can also choose automatic investments set daily, weekly or monthly.
Portfolio is a mix of stocks and bonds developed by Nobel Prize-winning economist, Dr. Harry Markowitz. Its structure is assembled using Vanguard and BlackRock ETFs ; therefore, the monthly fee is only $1 for up to $ 1 million invested. You can choose between Conservative, Moderately Conservative, Moderate, Moderately Aggressive and Aggressive portfolios.
The latest feature is Acorns Later, which allows you to save for retirement. You can connect your IRA account and it costs $1 per month in addition to your Investment account. However, I would suggest using Personal Capital for your retirement tracking.
Betterment is a clear leader among robo-advisors. The annual fees are only 0.25% of your portfolio – that ’s $25 for every $10,000 invested. No minimum investment required. It uses ETFs from about 12 asset classes. A great feature is goal-based saving, which allows you to set goals with different investment allocations. For example, your retirement goal could be set with less risky investment allocation, while saving for a car could have a higher risk and potential higher returns.
The Tax Impact Preview tool warns you about potential taxes when you want to change your portfolio. Betterment automatically does tax-loss harvesting on taxable accounts. The Tax Coordinated Portfolio tool minimizes the tax burden of reallocating assets between retirement and savings accounts. Also, if certain ETFs perform better than others, Betterment rebalances free of charge.
Which Money – Saving App is For You?
I suggest downloading all 8 apps, as they all provide different features and benefits. The only choice you will need to make is between Acorns and Betterment. But, then again, both apps are great for starting your money-saving journey.
Let me know in the comments below which app is your favorite. Do you have any other suggestions?