Saving money is important. Now, that doesn’t make us penny hoarders if we want to save and be smart with our money. There are different apps on the market that are tailored to help us save money so that we can invest, get great deals on groceries, find the best price for gas in town, and start to put money aside for retirement. Below are a few apps that I recommend that you can download and start saving some money. I use a few of these apps myself. Some suggestions on this list may have similar features and I will let you know which ones they are.
Disclosure: This blog may contain affiliate links below and I may receive commissions for purchases made through links in this post, but these are services that I highly recommend. I will not put anything on my blogs that I have not verified or personally used.
Digit- (Savings, General)
What is Digit?
Digit was launched in 2012 by Ethan Bloch. The Digit app connects to your bank account and analyzes your balance, expected income, bills, and spending. Through this analysis, the Digit app automatically withdraws money from your bank account and saves it in the app for trips, rainy days, or other saving goals that you may have. I have used the digit app for 3 years now and have been able to save money and use that money for car maintenance expenses.
How can Digit help you save?
Are you looking for a way to save money to invest, fund a vacation, create a fund for home improvement, or a savings account to help pay down credit card debt? Digit can help you do that. Also note that Digit does not share any of your personal information with financial, affiliate or third-party companies. Digit can also help those who don’t know how much they are able to save and want to start saving automatically, but doing the number crunching for you.
Potential Downside- The potential downside is that digit is not free, and you will be charged $2.99 a month. I still have my digit app and have been able to save, but if you are looking for a free app, I have some other options on this list!
Ibotta- (Cash back)
What is Ibotta?
Ibotta was launched in 2012 by Bryan Leach. Ibotta is an app that gives us cash back on purchases made at different retailers through the app or by uploading receipts. There are over 1,200 brands and retailers on the app. The retailers and brands include Lowes, Target, Petco, Amazon, Bravo, Macey’s, Super saver, Publix, and so much more! Ibotta also has options to save online as well. When you shop, you can scan your receipt to redeem cash back for purchases made at the store listed at the top of the receipt.
How can Ibotta help you save?
When you are shopping you can use Ibotta to help you save money as you spend. This is a great way to get cash back which will overtime offset some of your spending. Think of it like a rebate. Spend now, and get a percentage of your money back later.
Potential downside- In order for this money saving method to be effective, you have to do a little prep work before you are able to redeem cash back for items purchased. Through the app you have to select the store you want to redeem cash back with and select the items you wish to purchase before uploading your receipt. This can get a little tedious if you are in a hurry. Just make sure that you have good lighting when you are uploading your receipt so that you don’t have any issues with the submission process.
Rakuten- (Cash back) [Rakuten link]
What is Rakuten?
Rakuten was created by Hiroshi Mikitani, launched in 1997. Rakuten is a little like Ibotta but has a lot more online and in store shopping offers. Rakuten gives cash back to customers that shop online and at physical retail stores. You can get paid through PayPal or receive a check in the mail with no fees or forms!
How can Rakuten help you save?
Rakuten can help you save by giving you cash back from shopping online and making purchases through their app. If you aren’t always shopping online that’s fine. Rakuten also has a cash back credit card that you can use at the 2,000 plus retailers that they have partnered with.
Potential downside- Some users have become addicted to online shopping using Rakuten…Use at your discretion lol. Also, you have to make your online purchases through the Rakuten site. That can be difficult to remember if you are purchasing something in a hurry. They have an internet plug-in that is helpful in reminding you to activate your cash back when making purchases online.
YNAB- (Savings, Budgeting) [ynab link]
What is YNAB?
You need a Budget (YNAB) was created by Jesse Mecham and launched in 2004. You need a budget that is a GREAT app. YNAB has proven methods that can help you save money. The main goal of YNAB is to help you to cut spending so that you can start saving. YNAB has four rules for successful budgeting. 1. Give every dollar a job, 2. Embrace your true expenses, 3. Roll with the punches, and 4. Age your money. These budgeting rules have helped some people save money and get out of debt.
How can YNAB help you save?
Are you looking to organize your spending and create a budget that helps you to save money over time? This is a great app for you. YNAB also has some tools to advise customers about refinancing their mortgage as well as investing tips.
Potential downside- YNAB is a great app to help save money; however, it does cost 11.99 after your free trial ends. The yearly cost is $84. That may be a heavy cost, but it’s a great bargain for a great app!
GasBuddy- (Cash back, Gas back) [gasbuddy link]
What is gas buddy?
GasBuddy was created by Jason Toews and Dustin Coupal and launched in 2000. Gas buddy is an app that helps you to save money by finding cheaper gas prices near you. You can also earn cash back at the pump and save some cents using the GasBuddy credit card. It's free to join and you can also use your cash back “gas back” at local stores.
How can GasBuddy help you save?
Gas buddies can help you save by providing different locations to gas stations near you that offer the best gas prices. GasBuddy also offers cash back. If you have a GasBuddy credit card, you can get more “gas back” by shopping at stores that offer “gas back” on the app.
Potential downside- The app has experienced some issues during hurricane season in the southern states. If you are looking for gas during the time of a hurricane or storm some gas stations could run out of gas before the app updates to let you know.
Mint (Budgeting)- Mint was created by Aaron Patzer, now partnered with Intuit, Inc, and is an app that helps you to organize your spending. This app is great if you like the features of YNAB but don’t want to spend $84 on YNAB a year. One issue I found with Mint was that some of the purchases I made had delays when updating in the app. Mint shared on their website that they are working on the issues to fix it.
Qapital (Budgeting, Investing)- Was created by George Friedman and launched in 2012. I personally have not tired Qapital yet, but I will be creating an account soon to test out their features. The app has automatic savings and checking accounts available with no bank fees. You can invest through Qapital, track your spending, and budget. This company is like Chime but has a little more features I found were more useful.
Thank you for reading my post “5 Money Saving Apps that Can Help Keep Money in Your Wallet”. I hope that this post helped you to continue to save and invest or begin saving and investing. I use a few of these apps listed and they have helped me to save money and use that money for unexpected costs. What are some other apps that can be used to help save us money? Please comment below your experience using the app. Please feel free to share this post and if you are new to Millennial Oaks please subscribe!