Is your current bank balance a cause for concern? You’re not the only one.
Indeed, millions of people around the US are battling serious financial trouble at the moment. Consumer debt hovers at around $14 trillion these days!
That amount of money is almost unfathomable. Clearly, all too many of us could do with some extra money in our pockets.
Thankfully, the best apps for saving money and time can help you do it.
Technology is your friend when it comes to this kind of thing. Let’s face it: most of us lack the willpower or insight to scrimp, save, and budget as we should! Using an app for support can be the difference between getting out of financial trouble and not.
In this post, we want to highlight the best ones for the job. Keen to learn more?
Keep reading for 5 essential apps for slashing expenses and freeing up time.
Apps of this nature don’t get much better than Mint.
It’s the perfect all-rounder for anybody looking to track their spending and set more money aside.
Unlike other apps, you can use it with every single one of your bank accounts. You can link it with everything from your current and savings accounts to your retirement account if you so wish!
Do so and you gain an insight into your financial wellbeing in its entirety.
Everything you buy gets logged and tracked by the app. It then takes that data and shows you in both numerical and graphical form exactly what you’re spending money on. Better still, the app will then create a budget to match it.
In other words, it does almost everything for you (other than forcing you to stick to the budget!).
With mint on your devices you can, at a glance, better understand your finances and identify any issues (such as overspending) that are worth addressing. Want to know the best part though?
It won’t cost you a dime.
Shopkick will help dropkick your spending in stores.
This is a must-use app for anybody who shops a lot. You can see the products available in your favorite stores and check the offers they have on at any given time.
Want to know the best part?
You earn redeemable points from purchases you make. Add to those points the ones you get from referring friends and simply entering certain stores, and you can save significant sums of cash. How?
Because all those points get converted to gift-cards to use for future purchases in certain shops.
The hardest part will be stopping yourself from buying things you don’t really need. Remember: just because something is discounted doesn’t mean you have to buy it! Get into that habit and you’ll spend far more than you save.
3. My Budget Book
Few people know how to start their budgeting journey.
Personal finance is a mystery; tracking your spending sounds scary and laborious.
My Budget Book is a top of the line app that’ll take the leg work out of the process. You can see it as your personal financial expert in your pocket (with none of the costs you’d expect).
It’ll track your spending for you. That means no receipts, spreadsheets, or tiresome calculations. Simply log in and it’ll show you what you’ve spent money on this month.
Even better, it’ll reveal how your spending will impact your budget as a whole. Throw in a total lack of distracting in-app ads and you’re onto a winner.
Want to invest but don’t know where to start?
Or, want to invest but think you lack the funds to do so?
The Acorns app has your back.
This app is different from others on this list.
Rather than helping you budget or save in the traditional sense, it’ll get you investing instead. The way it goes so is awfully clever. That’s no surprise, though, given that it was designed in part by Harry Markowitz (a renowned investor on Wall Street).
Basically, Acorns takes the spare change from the things you buy and invests it instead.
What happens when you pay $5 in cash for something that costs $4.75? You might say “keep the change” to the vendor, leave it on the counter, or stuff it in a pocket and never touch it again. Right?
Acorns, though, would take that leftover 25 cents (it also rounds up to the nearest dollar) and invests it in a portfolio that matches your goals and income. Little by little, it all adds up and you can see a sizeable return.
The best way to save is money is to make it happen automatically.
Having to transfer money manually (be it in a banking app, or in an actual branch) each month is a recipe for not doing it. Consciously or unconsciously, it’s easier to keep the cash in your current account.
The money remains available in the process, which means you’re more likely to spend it. Savings? What savings?
Digit does it for you. Link it up with your account and it’ll do two things:
- Calculate an appropriate sum of money to place into a savings account based on your income, and
- Move it automatically into the savings account.
A bit like Set App (where you can remove duplicate photos from your photo library with ease), Digit takes a time-consuming, complicated process and makes it simple.
Pay $2.99 a month (after a free 100-day trial) and it’s hands-off saving that you won’t even notice. Continue with it and you’ll accrue a healthy sum without batting an eyelid.
Try the Best Apps for Saving Money and Time
Millions of people are in a monetary bind these days.
Rates of debt are spiraling out of control; many find it hard just to make ends meet each month. Thankfully, technology can help. Are you looking to improve your current financial situation?
Hopefully, the best apps for saving money (and time) that we’ve highlighted here will help.
Want to read more articles like this one? Check out related posts in the ‘Save Money’ section now.