Saving money has never been easier thanks to the rise of mobile apps designed to help you cut costs, track spending, and set aside cash for future goals. Whether you’re looking to manage your budget, find better deals, or automate your savings, money-saving apps can be a game-changer. In this guide, we’ll walk you through the best money-saving apps of 2024, detailing how each one works and how to use them effectively to get the most out of your money.
Step 1: Automate Your Savings with Money-Saving Apps
One of the most powerful features of today’s money-saving apps is their ability to automate savings. These apps can analyze your spending habits, set aside small amounts of money from your checking account, and help you grow your savings without even thinking about it.
1. Acorns
Acorns is one of the most popular micro-investing apps that helps you save money by rounding up your purchases to the nearest dollar and investing the difference. It’s a great option for those who struggle to set aside money or want to start investing with small amounts.
- How It Works: After linking your debit or credit card, Acorns will round up every purchase to the next dollar and deposit the spare change into an investment account. For example, if you spend $3.50 on coffee, Acorns will round up to $4.00 and invest the extra $0.50.
- Key Features:
- Automatic round-up savings and investment feature.
- Customizable investment portfolios based on your financial goals and risk tolerance.
- Educational tools to help new investors learn about the stock market.
- “Found Money” feature, where partner brands give you extra money for shopping through the app.
Pro Tip: Use Acorns’ recurring deposit feature to automatically invest a set amount weekly or monthly in addition to the round-ups to boost your savings even more.
2. Chime
Chime is a full-service online bank that’s well-known for its automatic savings features. With Chime’s “Save When You Get Paid” option, it automatically transfers a percentage of your paycheck into a separate savings account.
- How It Works: Chime allows users to set up direct deposit, and a portion of your paycheck is automatically saved. Chime also rounds up purchases made with your Chime debit card and moves the difference into your savings account.
- Key Features:
- No monthly fees, overdraft fees, or minimum balance requirements.
- Automatic savings from paychecks and purchases.
- Early paycheck feature that allows you to access your money up to two days before payday.
- High-yield savings account offering competitive interest rates.
Pro Tip: Use Chime’s “Automatic Savings” feature to round up every purchase and funnel it into your savings account. It’s a painless way to build up your savings over time without much effort.
3. Qapital
Qapital is a unique app that allows you to save money using customizable rules, such as rounding up transactions or saving money every time you skip a bad habit. It turns saving money into a fun and personalized experience.
- How It Works: Qapital connects to your checking account and lets you set custom “rules” that trigger savings. For example, you can create a rule to save $5 every time you make a coffee purchase or save $10 each time you meet a step goal on your fitness tracker.
- Key Features:
- Multiple savings goals that you can customize with different rules.
- Investment options that allow you to grow your savings over time.
- Team savings, where friends or family members can contribute toward a shared goal, like a group vacation or wedding.
- Easy budget tracking to help you see where your money is going.
Pro Tip: Use Qapital’s “Guilty Pleasure” rule to set aside money every time you buy something you know you should cut back on (like fast food or impulse shopping). This way, you turn indulgences into opportunities to save.
Step 2: Track Your Spending to Stay on Budget
Tracking your spending is a crucial part of saving money. Many apps today offer automatic tracking of your expenses, categorizing them, and showing you a clear breakdown of where your money is going. This insight helps you identify areas where you can cut back.
4. Mint
Mint is a free, all-in-one personal finance app that helps you track your spending, create a budget, and monitor your financial health. With over a decade of experience, Mint has become a trusted tool for money management.
- How It Works: After connecting your bank accounts, credit cards, loans, and investment accounts to Mint, the app automatically categorizes your transactions, allowing you to see where your money is going each month.
- Key Features:
- Budget creation tools that allow you to set limits on spending categories like groceries, dining, and entertainment.
- Alerts for unusual spending, due bills, and low account balances.
- Free credit score monitoring.
- Customizable reports that break down your spending and savings.
Pro Tip: Use Mint’s goal-setting feature to track your progress toward specific financial goals, such as saving for a vacation or paying off debt. It visually tracks your progress, keeping you motivated.
5. YNAB (You Need a Budget)
YNAB is a paid budgeting app designed for people who want to take control of their money. Unlike traditional budgeting tools, YNAB uses a proactive approach by assigning every dollar a job, helping you prioritize your spending and savings.
- How It Works: YNAB operates on the principle of giving every dollar you earn a purpose. It helps you plan for upcoming expenses, including irregular ones like car repairs or holiday shopping, by assigning money to different budget categories in advance.
- Key Features:
- Goal-setting tools that let you break down large financial goals into manageable, monthly targets.
- Real-time tracking that syncs across all devices, helping you stay up-to-date on your spending.
- Educational resources like workshops and articles on personal finance and budgeting.
- 34-day free trial so you can test the app before committing.
Pro Tip: YNAB encourages you to “age your money,” meaning you should aim to spend money earned at least 30 days ago, allowing you to break the paycheck-to-paycheck cycle. Focus on extending this timeframe to build a buffer in your budget.
Step 3: Find Deals and Discounts with Money-Saving Apps
Finding discounts and cash-back opportunities is a great way to save money on everyday purchases. There are several apps that make it easy to find deals on groceries, online shopping, and even dining out.
6. Rakuten (formerly Ebates)
Rakuten is one of the leading cashback apps that rewards users for shopping at partner stores, both online and in-store. By using Rakuten’s platform, you can earn a percentage of your purchase back as cash, making it a smart way to save on things you already plan to buy.
- How It Works: After signing up for a Rakuten account, browse the app or website to find participating retailers. When you click through Rakuten’s link and make a purchase, you’ll earn cashback on that purchase. Cashback is paid out quarterly via PayPal or check.
- Key Features:
- Cashback offers from over 2,500 retailers, including Amazon, Walmart, Best Buy, and Macy’s.
- In-store cashback for select stores when you link your credit or debit card.
- Frequent promotions where cashback percentages are doubled during special sales events.
- Browser extension to automatically alert you when cashback is available while shopping online.
Pro Tip: Stack Rakuten cashback with other discounts or coupons to maximize your savings on each purchase. You can even combine it with cashback from your credit card for double the rewards.
7. Ibotta
Ibotta is a cashback app focused primarily on groceries and household products, but it also offers cashback for online shopping, dining, and travel. Ibotta is ideal for anyone looking to save money on everyday essentials.
- How It Works: Before heading to the grocery store, browse Ibotta’s offers to see which products have cashback available. After shopping, upload your receipt to the app to claim your cashback, which is typically credited within 24-48 hours.
- Key Features:
- Cashback offers for groceries at stores like Walmart, Target, Costco, and Kroger.
- Bonuses for buying specific brands or completing certain tasks, like purchasing a combination of items.
- Direct cashouts to PayPal or gift cards with as little as $20 in cashback earnings.
- Online shopping deals through partner retailers like Amazon and Best Buy.
Pro Tip: Combine Ibotta offers with manufacturer coupons or store discounts for even bigger savings. Double-check the app before each shopping trip to maximize your cashback.
Step 4: Save on Bills and Subscriptions
Cutting down on your monthly bills and subscriptions can lead to substantial savings over time. Luckily, there are apps designed to help you find better deals and negotiate lower rates on services.
8. Truebill
Truebill is an app designed to help you save money by canceling unwanted subscriptions, negotiating bills, and finding better deals on recurring services.
- How It Works: After connecting your bank account and credit cards to Truebill, the app analyzes your transactions to identify recurring payments and subscriptions. From there, you can cancel subscriptions directly through the app or have Truebill negotiate lower rates on your behalf.
- Key Features:
- Automatic subscription tracking and cancellation.
- Bill negotiation services for cable, internet, and cell phone bills.
- Budgeting tools to track spending and savings goals.
- Alerts for upcoming bill payments and due dates.
Pro Tip: Truebill offers premium features, including personalized bill negotiation. While the service charges a fee for successful negotiations, the long-term savings can be worth it, especially for high-cost services.
Conclusion: Start Saving with the Best Money-Saving Apps of 2024
The best money-saving apps of 2024 offer a wide range of features to help you automate your savings, track spending, and find deals on everyday purchases. By using apps like Acorns, Mint, Rakuten, and Truebill, you can take control of your financial future, build up your savings effortlessly, and reduce unnecessary expenses. Start using these tools today to maximize your savings potential!
