It’s almost 2025. Start saving smarter this year. Interest rates and inflation are unpredictable, so using the right tools to manage your money is key. Here are seven money-saving apps that can help.
Saving money is easier now with the right apps. Whether you’re experienced or new to saving, these tools can automatically save, track spending, and help you develop better financial habits. You won’t have to worry about constantly checking your budget.
Each app has unique features to help you save. All you need is a checking account, a smartphone, and a plan for your money.
1. Oportun
Oportun is an automated savings app that helps you save without thinking about it. It analyzes your spending patterns and transfers small amounts into savings when it detects you can afford it.
This feature is perfect for people who tend to spend more than save. Oportun takes the decision-making out of your hands, making saving effortless. After a 30-day free trial, the app costs $5 per month.
This gives you access to automatic savings and the ability to set savings goals.Oportun is not a bank but works with FDIC-insured institutions to ensure your funds are safe up to $250,000.
2. Qapital
Qapital's automated savings rules make saving a simple and fun habit. You can set up rules like saving a small amount every time you indulge in a guilty pleasure or rounding up your debit card purchases to the nearest dollar and saving the change.
The app also helps you visualize your goals with a digital vision board, making saving more engaging.
It's great for anyone who enjoys a goal-driven, visual approach to money. Qapital also offers multiple financial options, including a spending account, a savings account, and investment opportunities.
3. Goodbudget
Goodbudget is for people who prefer a manual approach to budgeting. It uses the envelope method, where you allocate money to different categories (like groceries, bills, and entertainment).
While this method requires more input from the user, it offers complete control over how money is saved and spent. Goodbudget is perfect for anyone who enjoys the traditional, hands-on way of managing money.
This app allows you to create an envelope system and track your expenses across devices. It's a great tool for those who want to actively manage their finances without relying on automation.
4. Chime
Chime is a popular digital financial platform for its automatic savings tools and competitive interest rates.
Chime also offers a round-up feature that automatically rounds each debit card purchase to the nearest dollar, with the extra amount saved. This helps users grow savings without even thinking about it.
Additionally, Chime’s early direct deposit feature lets users get paid faster. Although not a traditional bank, Chime partners with FDIC-insured banks to protect user funds, making it a reliable option for saving money worldwide.
5. Current
Current is a mobile app offering both checking and savings accounts. Users can set up multiple savings goals, called “pods,” to automatically transfer funds for specific purposes, such as a vacation or emergency fund.
The app also offers interest on savings up to $2,000 per pod. Unlike many banking apps, Current allows users to trade cryptocurrencies without transaction fees.
While Current isn’t a bank, it partners with FDIC-insured banks, ensuring funds' protection. Its savings features make it a solid choice for money management worldwide.
6. Acorns
Acorns helps users save and invest by rounding up each transaction to the nearest dollar and investing the spare change into portfolios based on their financial goals. It’s a great app for those looking to grow their savings while learning to invest.
Acorns is beginner-friendly and an excellent tool for new investors. It also offers a Mighty Oak Debit Card that integrates with its savings and investment system.
Acorns provides a simple, automated way to save and invest, making it a useful app for users worldwide who want to grow their money efficiently.
7. Rocket Money
Rocket Money helps users manage their finances by linking bank accounts, credit cards, and investment accounts.
It provides a clear view of spending habits and financial health. The app identifies recurring subscriptions and allows users to cancel ones they don’t need.
It tracks spending and sends alerts when balances are low. Premium features include subscription cancellation help and bill negotiation services for extra support.
How to Save on Utilities (Save 15% or More on Your Energy Bill)
Utility bills can take up a large portion of your budget, but there are simple ways to reduce costs. Proper home maintenance and energy management can lead to savings of 15% or more on your energy bills.
- Use a Smart Thermostat: A smart thermostat helps you avoid wasting energy. Please set it to adjust when you're not home or during the night so your system isn’t working harder than it needs to.
- Improve Insulation: Proper insulation is key to maintaining your home's temperature. A well-insulated home keeps heat in during the winter and cool air in during the summer, reducing the need for excessive heating or cooling.
- Seal Windows and Doors: Old, drafty windows and doors allow air to escape, making your HVAC system work harder. Replacing them or improving their seals can significantly cut your utility costs.
- Use Pipe Leak Detectors: Leaky pipes can increase your water bill and damage your home. Installing leak detectors can help you catch issues early and save on water and repair costs.
Simple upgrades and adjustments to your home can result in noticeable savings on your energy bills.
How to Save on Insurance (Save 5-25% on Yearly Costs)
Insurance is essential for protecting your assets, whether it's your car or home. On average, people spend over $4,500 annually on auto and homeowners insurance. However, it's possible to reduce these costs without major sacrifices.
1. Shop Around
Comparing plans from different providers can lead to significant savings. Prices vary, and finding the right plan could save you 5-25% on your premiums.
2. Bundle Policies
Many insurers offer discounts when you bundle multiple policies, such as car and home insurance. This is an easy way to lower your costs, especially if you’ve been with the same provider for a while.
3. Ask About Discounts
Contact your agent and inquire about available discounts. Many companies offer savings for things like being a loyal customer, having a good driving record, or installing security systems.
4. Improve Your Home
Upgrade your home to reduce risk. Adding security systems or removing high-risk items could lower your homeowner's insurance premium.
How to Save on Doom Spending and Other Expensive Habits
Doom spending is a common response to stress. A study found that 27% of Americans, especially Gen Z and millennials, turn to shopping as a way to cope with anxiety.
This cycle leads to overspending, which creates even more stress. Breaking out of it can be tough, but using the right apps can help curb these habits and put you on a path to financial stability.
Conclusion
Saving money starts with being intentional about spending. Only buy what you truly need or what adds value. If something doesn’t feel right, skip it.
Track your spending through money-saving apps. They help you monitor expenses on retail sites and impulse purchases.
Keep track, stay in control, and know where you need to cut back or earn more.
