If you’re on the lookout for easy ways to save some cash in the New Year, money saving apps should definitely be on your radar. These apps can help you cut your expenses and meet your short and long-term financial goals with less time and effort than many more traditional methods.
Since there are countless options available, we’ve done the heavy lifting for you and compiled this list of some of the best money saving apps of 2020. Here then, not in order of importance, are our suggestions for apps that can get you off to a great start managing and saving your money in 2021.
Coupon apps
Coupon apps can help you save money on groceries, clothing, household appliances, entertainment, and other items in your budget. With coupon apps, you won’t have to spend extra time scouring newspapers and websites for coupons to clip, print, save, and organize. Take a look at these suggestions:
1. RetailMeNot: Before you buy anything online or in person, it’s a good idea to check out the popular app, RetailMeNot. This app is full of coupons, discounts, and promo codes that can allow you to save on everyday expenses as well as nonessentials like restaurants. Since users rate each coupon, you’ll know how likely it is to work before you use it.
2. Rakuten: Rakuten is a digital coupon and cash back app that thousands of retailers accept. The app offers coupon codes that you may redeem at checkout for instant savings. With the cash back feature, you can earn cash just for shopping with selected retailers through the app.
3. Honey: Honey is ideal if you’re an avid online shopper because once you download its browser extension, the app will automatically find digital coupons and promo codes for you at checkout. Honey will also inform you if any item on your wish list goes on sale.
Savings Apps
So often, saving money is easier said than done. This is particularly true if you have a mortgage, rent, utilities, insurance, and debt payments to cover every month. Fortunately, savings apps can help you save your money, no matter what your financial situation may be. If your emergency fund and retirement account are not yet meeting your goals, these apps can give you the push you need.
4. Digit: If you’re unsure of how much you can afford to save, Digit is a good option. The app will analyze your spending habits and dedicate a certain amount to your savings. If it discovers you have extra money to save, the cash will be moved to your savings account automatically. In the event you don’t, no worries; the app won’t leave you without money to pay for your expenses.
5. Twine: With Twine, you can simplify the process of saving and investing with your significant other. You’ll be able to contribute to goals that you’ve made together and track one another’s progress, increasing your accountability. Twine gives you the choice to focus on saving or investing your money.
6. Peak Money: Peak is designed to help you track various savings goals. Once you set up your goals, the app will create a savings plan for each of them. From there, you can schedule recurring money transfers and hit your goals by a set target date. Peak also offers a round up feature where you may attach a credit or debit account and round up on your purchases to save even more.
7. Albert: If you’re not a numbers person, Albert might be a good choice. After you connect your accounts, the app will analyze your income and spending to explain how much you can save each month. If you agree to its savings suggestion, it will automatically transfer those funds into Albert Savings each month. The app also features an Albert Genius service you can use to receive advice from financial pros.
Budgeting apps
A budget is essentially a plan for what you’ll do with your money. Without one, you’ll be more likely to overspend and even steer yourself into a cycle of debt. Budgeting apps may be just what you need to create a budget and stick to it, making it easier to manage your money and meet your long-term financial goals.
8. Mint: You can use Mint to create budgets for different categories like “Food and Dining” and “Entertainment”. The app invites you to link your bank and credit accounts so that it can recommend budgets for your unique situation. The MintSights feature will show you trends based on your spending patterns and provide actionable insights that can set you up for success.
9. Goodbudget: If you’re a fan of the envelope budget, Goodbudget is a solid pick. You can use it to set aside portions of your income into different digital envelopes for various categories. As the month goes on, you’ll take money out of each envelope to cover your expenses. Once you’ve emptied an envelope, you’ll stop spending in that category. Goodbudget takes the hassle away from using physical envelopes to stay on track with your budget.
10. Empower: Empower was designed to “empower” you to stick to your budget. The app displays your progress toward hitting your limit in each spending category. You can use it to figure out where you may need to slow or even stop your spending. You’ll receive smartphone alerts and recommendations regarding your budget and spending.
Bonus tip: Save money by getting out of debt
It’s a lot easier to make savings apps work for you when you don’t have large debt payments hanging over your head every month. If you’re struggling with debt, download our free How to Manage Debt guide to learn about your options now. It offers free advice to help you start taking ownership of your money and work towards a more secure future.
Learn More:
- Beyond Coupons: How to Save Money Shopping (Freedom Debt Relief)
- Stay Debt Free This Holiday Season (Freedom Debt Relief)
- Best Apps to Help Pay Off Student Loans Faster (Freedom Debt Relief)
- Saving Money When You Shop (Consumer.gov)
