Do you know what’s better than spending money? Saving it! Saving money is a crucial aspect of financial well-being. It can help you achieve financial goals, build an emergency fund, and ensure a secure future. In the current pandemic situation, it has become even more important to save money. With many people losing their jobs or experiencing pay cuts, saving money has become a necessity. But, how can one save money? Fear not, because there are numerous free apps available that can help you save money effortlessly.
Yes, you may heard it right! Saving money doesn’t have to cost anything. Thanks to technological improvements, downloading free apps can now help you save money. These apps not only allow you to save money, but they also provide crucial details about your spending patterns. They review your transactions and make recommendations for ways to reduce costs. Looking into the top financial management applications will now be done.
First off, why is it crucial to save money? Your financial objectives, such as purchasing a home, taking a vacation, or retiring comfortably, can be met with savings. Also, it can act as a safety net in the event of unanticipated events like sudden medical crises, job losses, or economic downturns. Saving money is more important than ever because of the COVID-19 pandemic. The epidemic has had a major effect on the world economy, causing job losses, salary reductions, and financial instability. Saving money and being financially ready for the future are so essential.
The most exciting part is now here: the list of the top money-saving applications.
Dingtone
The first app on the list is ‘Dingtone.’ It’s a free calling and texting app based on the valid phone numbers it provides. The app allows you to make calls and send texts to any number around the world for free via the Internet or cellular data. Dingtone helps you save money on your phone bill, one of the essentially necessary life cost.
Features
- Allows you to make free voice and video calls and send text messages to other users
- Provides low-cost international calling rates
- Offers a range of features, including call forwarding and call recording
Price
Dingtone is free to download and use, but some features require in-app purchases.
Mint
The second app is ‘Mint.’ It’s a personal finance app that tracks your spending and provides insights into your financial habits. The app categorizes your expenses and suggests ways to save money by creating budgets and setting financial goals.
Features
- Tracks your expenses and provides insights into your spending habits
- Helps you create and stick to a budget
- Provides personalized financial advice and recommendations
Price
Free to use
Acorns
Acorns is a micro-investing app that invests your spare change. The app links to your debit or credit card and automatically rounds up your purchases to the nearest dollar. The rounded-up amount is then invested in a diversified portfolio of exchange-traded funds (ETFs).
Features
- Invests your spare change from everyday purchases into a diversified portfolio
- Provides access to investment accounts like Roth and Traditional IRAs
- Offers educational content to help users learn about investing and personal finance
Price
Acorns charges a monthly fee ranging from $1 to $5, depending on your account balance.
Honey
“Honey” is a different app that is deserving of consideration. It is a browser add-on that searches for and automatically uses discount codes for your online purchases. The software assists you in saving money when buying online by locating the greatest offers and discounts.
Features
- Automatically finds and applies coupon codes at checkout
- Shows you the best available deals and discounts
- Provides price tracking and alerts for items you want to buy
Price
Free to use
Digit
This app analyzes your spending habits and automatically saves small amounts of money from your checking account into a separate savings account.
Features
- Automatic savings: Digit automatically calculates how much money users can save each day based on their spending habits and income, and transfers the money to a savings account.
- Goal setting: Users can set specific savings goals, such as saving for a vacation or a down payment on a house.
- Savings bonuses: Digit offers bonuses to users who save money consistently over time, such as offering a 1% annualized savings bonus after three months of saving.
- Low balance alerts: The app sends alerts to users when their bank balance falls below a certain level.
- Overdraft protection: Digit offers overdraft protection by automatically transferring money from users’ savings account to their checking account to cover overdrafts.
- Investment options: Users can choose to invest their savings in a variety of investment options offered by Digit, such as a low-risk investment portfolio.
Price
Digit offers a 30-day free trial, after which it costs $5 per month.
Trim
This app helps you save money on bills by negotiating better rates for services like cable, internet, and phone.
Features
- Analyzes your bills and usage patterns to find opportunities for savings
- Negotiates with service providers on your behalf to lower your bills
- Cancels unwanted subscriptions and recurring charges
Price
Trim charges a percentage of the amount they save you on your bills.
Rakuten
This app gives you cash back for shopping at participating retailers, helping you earn money while you spend.
Features
- Offers cash back on purchases at participating retailers
- Provides access to exclusive discounts and deals
- Allows you to earn rewards by referring friends to the app
Price
Free to use
Truebill
This app helps you monitor your bills and subscriptions, canceling unwanted subscriptions and negotiating better rates for bills. Truebill charges a percentage of the amount they save you on your bills.
Features
- Subscription tracking: Truebill monitors your recurring subscriptions, such as gym memberships, streaming services, and magazine subscriptions, and alerts you to any price changes or unexpected fees.
- Bill negotiation: The app can negotiate bills such as cable, internet, and phone bills on your behalf, potentially saving you hundreds of dollars each year.
- Budgeting tools: Truebill provides budgeting tools that help you set spending limits for different categories and track your expenses to stay within your budget.
- Credit score monitoring: The app monitors your credit score and provides alerts for any changes or potential fraud.
- Savings goals: You can set savings goals and track your progress towards them using Truebill’s tools.
- Automatic savings: Truebill can automatically save money for you by analyzing your spending and finding areas where you can cut back.
Price
The basic features are free to use, but there are some premium features that require a subscription.
Personal Capital
This app helps you track your net worth and investments, providing insights and recommendations for managing your money more effectively.
Features
- Investment tracking: Personal Capital allows users to track all of their investment accounts in one place, including 401(k)s, IRAs, and brokerage accounts.
- Retirement planner: The app provides a retirement planner that helps users to estimate their retirement income and plan for their retirement savings.
- Budgeting tools: Personal Capital provides budgeting tools that help users to track their expenses and identify areas where they can cut back.
- Net worth tracker: The app tracks users’ net worth over time and provides insights into how their investments and spending are affecting their overall financial picture.
- Fee analyzer: Personal Capital analyzes users’ investment fees and provides recommendations for reducing them.
- Financial advisor services: For users who have a certain amount of assets under management, Personal Capital offers access to a team of financial advisors who can provide personalized financial planning advice.
Price
Free to use, but users who want access to financial advisor services will need to have at least $100,000 in investable assets. The fees for financial advisor services vary based on the size of the account, but typically range from 0.49% to 0.89% of assets under management.
Ibotta
This app offers cash back on purchases of groceries, clothing, and other items at participating stores.
Features
- Offers cash back on purchases of groceries, clothing, and other items at participating stores
- Provides access to exclusive deals and discounts
- Allows you to earn rewards by referring friends to the app
Price
Free to use
In conclusion, it’s important to save money, especially given the epidemic situation we’re in. It’s crucial to be financially ready for unanticipated events. The best part is that saving money doesn’t require you to spend any. You may easily save money by using one of the many accessible free apps. Take action now and download these applications to start saving money!
