One of the best financial aspects of living in the digital age is the existence of money-saving apps. They can make savings a much easier task for every household in the country.
From goal setting to managing your money and providing you cashback and discounts on your groceries and other essentials, these apps are reliable financial partners!
This article will explore some of the best money-saving apps that will help you manage your finances.
We will also discuss their pros and cons so you can make a better decision about which ones to use! Let’s begin!
How Do Money-Saving Apps Work?
Before you think these apps are too good to be true and begin doubting them, let me share with you how they work.
You must first understand that it is not true that these apps are giving away cashback, discounts, and other services without getting anything in return.
Companies and brands pay these apps to do their promotion for them. They then share a certain percentage of their commission or payment to those who use their coupons or services.
Meanwhile, some apps that help you manage your budget, debt, and expenses earn from advertisements or when you buy their premium features or versions.
So do not be afraid to try these apps out. Understanding how these apps function can give you peace of mind that they are reliable tools for saving money.
1. Acorns ($20 Bonus)
What I Like
- Round up feature reinforces the desire to save
- Hands-off approach to investing
- Wide range of portfolio options — five risk-based portfolios and four environmental, social, and government-focused (ESG) portfolios
What I Don’t Like
- Very high monthly fees
- High transfer fee when switching to another brokerage ($50 per ETF)
- Does not benefit low-value investors
One of the best apps for start-up investors is Acorns, primarily due to its round-up investment feature.
As you connect your bank account and cards with Acorn, it rounds up your related transactions to the nearest dollar, and that difference is invested into your selected portfolio.
You do not need to make any stock market or investment decisions — Acorns does that for you!
However, as you gain money over time, take note that your earnings will also depend on the performance of your portfolio in the stock market.
One of the usual concerns with the app is that the fees are too high and may impact low-value investors.
2. Coin Out (Extra Cash Back for Daily Purchases)
What I Like
- Easy and simple to use
- No minimum amount is required for cash-out
- No need to buy specific products to earn cash back
What I Don’t Like
- Low returns per receipt compared to other cash-back apps
- Disadvantage for PayPal users who need at least a minimum of $10 to cash-out
- There is a limit to the number of receipts that can be scanned per day
Coin Out is one of the many available shopping apps that issue cashback as rewards.
What sets it apart? It is so easy to use! It became even more popular when creator Jeff Whiten appeared on the TV series Shark Tank.
As you download the app, you just need to register with your phone number and then select your preferred payment option.
You can opt to cash out through PayPal or direct deposit, or you can go for an Amazon gift card.
As you have these set up, all you need to do is scan receipts from your in-store or online purchases, then wait for your earnings to appear!
3. Ibotta ($10 Bonus)
What I Like
- Wide range — supports above 2,000 retailers
- Free to use
- Can earn cashback on gift card purchases
What I Don’t Like
- Need to add offers first prior to shopping
- A lot of offers are store and brand-specific
- There are a lot of advertisements
If you have read our feature on how to save over $5,000 in a year, Ibotta appears as one of the cashback apps you can use to help you reach this goal.
The app offers deals from more than 2,000 retailers where you can earn as much as 30% in terms of cashback.
Depending on what offer you redeem, your cashback can range from $0.10 to as much as $3 or more!
Just be patient with the app’s frequent ads, and you can redeem your accumulated cash back through your bank or PayPal account once it reaches $20.
Note: There are over 120 retailers in Ibotta that offer an average of 5% cash back on purchases of their virtual gift cards.
4. Qapital (Fun Approach to Savings)
What I Like
- The use of savings applets is fun and engaging
- Comes with a free debit card
- Allows you to set an automatic savings option
What I Don’t Like
- Costly for experienced investors and savers
- The number of tools can be overwhelming
- Not for those who are more comfortable with physical banking
As a digital or neobank, Qapital does not have any physical stores but functions like a regular bank.
What makes it fun is its use of applets or mini-applications. This type of gamification creates a more engaging approach to savings.
Here are some of the rules you can set automatically through the use of applets:
- Set & Forget: Set an amount to save daily, weekly, or monthly.
- Payday: A certain amount can be taken from your paycheck every payday.
- Round Up: Set a rule that will round up all your purchases to the nearest dollar, and the difference will go to your savings.
- Guilty Pleasure: When you fail to resist a particular guilty pleasure, like buying luxury coffee, Qapital will save a specified amount you set.
- Spend Less: You set a spending limit for particular things you want to buy. The difference between your actual spending and your limit will be automatically saved.
- Freelancer: For those with freelance jobs, you can set a certain amount that goes to your savings every time you are paid by a client.
- 52 Week: With 52 weeks in a year, you save the dollar amount equivalent to each week’s number ($1 for week 1, $2 for week two, and so on). By the end of the year, you will have $1,378.
- Apple Health: Save a selected amount every time you accomplish Apple Health goals.
Qapital also supports the creation of savings rules from apps and social media platforms, such as Fitbit, Strava, YouTube, and Facebook.
- Best for: Financial goal-setting
- Available on: iOS and Android
- Price: 30-day free trial, then $3 to $12/month
5. Shoeboxed (Manage your Receipts)
What I Like
- Easy to learn
- Effective in scanning and managing receipts
- Data can be synced to the Shoeboxed website for easy computer access
What I Don’t Like
- Charges $22 per month for 25 document scans
- Sluggish and outdated interface
- Does not track mileage accurately
Otherwise known as SquirrelSheet in Australia and New Zealand, Shoeboxed scans and manages your receipts to help you prepare for tax returns, file expense reports for reimbursements, or submit them to clients.
The process is so easy. You just need your smartphone to take a photo of the receipt.
The app should be able to extract and save all the critical data from the receipt easily, like the actual expense, payment method, date, and location.
This cloud-based app should be able to store the receipts for your inventory and future review.
6. Oportun ($5 Bonus)
What I Like
- Goals feature reinforces automatic savings
- Automation helps a lot in saving money and time
- Can allocate money toward savings, investment, or retirement account
What I Don’t Like
- Has a $5 monthly fee
- May not be appealing to veteran savers
- Single investment option — ETFs only
Formerly called Digit, Oportun takes advantage of artificial intelligence (AI) to come up with algorithms that study your spending patterns and then automatically set an amount that supports your arranged savings goals.
As you create an Oportun account, you need to link this to your bank account. You would next need to set up goals or retirement savings.
Once the initial setup is complete, you just need to watch Oportun do what it does best — automate your savings!
If you want to save more, you can easily transfer money manually from your bank account to your Oportun savings, too!
As you continue this automated savings, you also get to enjoy a 0.10% annual savings payout (0.025% per quarter).
7. Groupon (Free Coupons)
What I Like
- No charges for using the app
- Coupons are not limited to shopping but also to eating out, events, vacation spots, spas, and more
- Wide selection of deals and discounts across different cities and countries
What I Don’t Like
- App only works on Apple devices with iOS 15 and up
- Reported to have difficulties when contacting the support group
- Encourages impulse shopping
Groupon is a very popular app that provides free coupons and deals that can reach even as much as 70%.
Some of its key features include the following:
- Local Deals: Location-based discounts, typically ranging from 25% to 50%.
- Deals of the Day: Product or vendor-specific flash sales that lasts only for 24 hours or less.
- Goods: A digital marketplace for most consumer goods.
- Getaways: Groupon’s travel feature that includes deals on lodging, car, or air-inclusive packages.
- Groupon Live: Live events ticketing feature.
- Groupon Coupons: Wide selection of brand and retailer-specific digital coupons and codes.
- Movies: An extension of Local Deals featuring multi-ticket packages for cinemas.
- Groupon Select: A $5-a-month membership program that offers exclusive deals with higher discounts.
- Gifts: Select gift cards that can be used to purchase items on the Groupon website and app.
- Gift Shop: Select products as gifts for designated recipients.
Despite Groupon’s popularity and satisfaction guarantee, it is still difficult for them to control what happens post-purchase of products, services, experiences, or vouchers through their site.
8. SmartyPig ($10 Referral Bonus)
What I Like
- Can set personalized savings goals on multiple accounts
- No minimum deposit required
- Offers a very high APY of 4.25%
What I Don’t Like
- Not for those who are more comfortable with physical banking
- Offers only basic savings accounts
- Can link only one external funding source to a SmartyPig account.
If you like to keep your savings account simple and straightforward, then SmartyPig is for you.
An offshoot of Sallie Mae, you can set personalized goals for each of your FDIC-insured savings accounts, along with deadlines to reach a certain amount.
If you do not reach your savings goals, do not worry! You won’t incur penalties. There are also no maintenance fees for holding the account.
One of the best features of SmartyPig is the high APY of 4.25% on all account balances, which motivates the consumer to save more.
However, take note that if you are used to traditional banking and would want to transact in a physical branch, SmartyPig doesn’t have any. You’ll need to reach someone through its customer service hotline.
9. Swagbucks (Earn Extra Cash and Gift Certificates)
What I Like
- Great selection of participating major brands
- Wide variety of activities for earning points
- Only takes 15 minutes or less to complete an activity and earn money
What I Don’t Like
- Some activities do not justify the payment amount
- Other activities require you to spend first before you earn
- Still need to qualify to participate in some surveys
Swagbucks has one of the most creative ways to earn a bit of money during your spare time.
Though it is not enough to replace your regular side hustle or part-time job, you can conveniently earn points by doing fun activities and converting them to gift cards or extra money through PayPal.
Here are some of the activities that can earn you Swagbucks (SB) points:
- Answering paid surveys
- Shopping online
- Searching the Internet
- Watching videos
- Playing games
- Completing tasks online
- Testing new products
You just need to be wise and practical about selecting tasks that can earn you bigger points versus time or effort to complete.
This is definitely a good substitute for watching TV at home or surfing the net and not earning anything!
Pro Tip: Complete Swagbuck’s daily poll to earn 1 SB in a few seconds. Just quickly answer a single multiple-choice question, and you get paid right away!
10. Chime (Second-Chance Banking)
What I Like
- Can automate savings for you
- No credit check is needed when applying
- Direct deposit gets paid two days earlier
What I Don’t Like
- Requires checking account to open a savings account
- Not for those who are more comfortable with physical banking
- Lower APY versus competitors
If you are frustrated with being consistently declined to open a bank account due to your bad credit or banking reputation, look no further!
Chime’s “second chance banking” program will help you open an account without running a credit check or looking at your ChexSystems report.
This free money-saving app takes care of all your normal banking services, including your checking and savings accounts.
You also get to enjoy no minimum balance requirements, no overdraft fees, and no monthly maintenance fees.
11. Dosh ($1 Bonus)
What I Like
- Easy to download and use
- Has both local and online options to earn cashback
- Can also be used for hotel bookings
What I Don’t Like
- Reported customer support issues
- Local options for earning cashback are limited
- Slow crediting time of cashback reward
If you have an existing credit or debit card, linking them to the Dosh app will be your key to cashback with your purchases from over 10,000 retailers!
Unlike other apps that require you to scan receipts, I love using Dosh because it automatically credits my cashback to my account.
When I reached $25 in cashback, I was able to cash out my Dosh wallet earnings via my PayPal account. This can also be done via Venmo or direct deposit.
Aside from shopping, you can also earn as much as 40% cashback from Dosh through bookings with its over 600,000 partner hotels worldwide.
Note: You can also get $10 for each friend and family member who signs up via your referral link.
12. Rakuten (Extra 10% Cashback Bonus)
What I Like
- Easy to use
- Over 3,500 participating stores
- Impressive referral program with $5 to $25 as cashback bonus
What I Don’t Like
- Cashback accruals are paid quarterly and with a minimum of $5
- Almost all stores have product exemptions from the cashback
- Account may be disabled without prior notice
As an app that helps you save money on groceries, Rakuten boasts over 3,500 participating stores and has paid out around $3.2 billion in cash back to about 20 million users.
As you log in to their website or by using their browser extension to purchase products, you can earn cashback anywhere from 1% to 40%.
Their partnerships include big names such as Amazon, Walmart, Target, Sephora, and Nordstrom.
As you accrue your cashback, you get paid every quarter so long as your cashback reaches at least $5. You can choose to be paid out via a physical check or through PayPal.
Rakuten is also very serious about having new clients, giving as much as $5 to $25 as a cashback bonus for each new referral.
- Best for: Earning cashback
- Available on: iOS, Android, and browser extension
- Price: Free
13. Fetch ($2 Bonus)
What I Like
- Great for branded grocery products
- Easy to use
- Has a variety of ways how to earn points
What I Don’t Like
- Fewer offers compared to other competitor apps
- Limited points for receipts without special offers
- No option for cashback redemption
Rebranding from Fetch Rewards to just Fetch in 2023, this cashback app accumulates points as you upload both digital and physical receipts.
They accept receipts from virtually anywhere, including groceries, restaurants, clothing stores, warehouse clubs, and gas stations!
As you accumulate points, which are at a ratio of 1,000 to $1, you can exchange them for gift cards from popular stores.
Fetch focuses on earning points from select name-brand products — about 300 of them!
Though every receipt earns a minimum of about 25 points, I have had chances where I uploaded receipts and earned about 200 to 300 points!
14. Trim (Negotiate Your Bills)
What I Like
- Free to sign-up
- Lowest pricing among competitors — 15% success fee with no monthly subscription
- Can get credits from cable or internet provider due to power outages
What I Don’t Like
- Success fee is charged right away after a successful negotiation
- Can negotiate lesser types of bills compared to other competitors
- No mobile application available
Trim is a helpful budgeting tool that will lower your monthly expenses significantly.
As you sign up for Trim, you will need to link it to your bank account and credit card accounts.
It will display different ways how to save money, but its main highlight will be in terms of bill negotiation, where users save an average of $256 a year.
It can negotiate in lowering your internet, TV, and phone bills for you, with a 15% success fee on negotiated amounts.
Trim can also cancel your unused subscription services for free, from your Netflix streaming services to your gym membership.
- Best for: Bill negotiations and subscription cancellations
- Available on: Web browser
- Price: Free to sign up; 15% success fee on annual savings achieved
15. Rocket Money (Hands-on Savings)
What I Like
- Easy to use and affordable
- Provides a lot of notifications to keep you updated
- Premium version offers credit score and net worth tracking
What I Don’t Like
- Free version has very limited features
- No debt pay-off planning
- No investment planning tools are available
Previously known as Truebill, Rocket Money is an overall budget app that you connect to your financial accounts.
In return, it helps manage your cash flow, set your savings goals, monitor your spending, and negotiate your bills.
It has both a free and a premium version, but the free version has very limited features. The paid version has a 7-day free trial and only costs $4 to $12 a month.
In terms of budgeting, Rocket Money sorts your transactions into different categories, from groceries to housing and anything in between.
It also allows you to set spending goals and track how much you’ve spent to date in each category.
The premium version offers advanced features like custom budget categories, automated savings, and credit report and net worth tracking.
- Best for: Overall budget planning and bill negotiations
- Available on: iOS and Android
- Price: Free; premium version has a 7-day free trial, then $4-$12/month; 30%-60% success fee of annual savings
16. Tiller (Spreadsheet Budgeting Assistant)
What I Like
- Highly customizable
- Provides excellent customer service
- Does not have advertisements
What I Don’t Like
- Limited to spreadsheets
- Only available via desktop
- There are fewer options for Microsoft Excel users
If you are very comfortable budgeting and seeing your financial plans laid on a spreadsheet, then Tiller is the perfect app for you!
Tiller features a wide variety of templates that are highly customizable to fit any budgeter’s financial situation.
As you connect your bank, credit card, and other financial accounts to Tiller, it automatically pulls your investment balances and bank transactions and uploads them to your Google or Excel spreadsheet software.
You can manually categorize the transactions or have Tiller automatically arrange these for you.
One of the best features of Tiller is the top-notch customer service you get that is ready to share tips, answer questions, and provide ideas on making the system work for you.
- Best for: Spreadsheet Budgeting
- Available on: Web browser for Google Sheets or Microsoft Excel
- Price: Free for 30 days, then $79/year
17. Undebt.it (Pay off Your Debts)
What I Like
- Provides multiple debt repayment strategies
- Allows you to export your chosen payoff plan to Excel
- Can customize your personal debt payoff plan
What I Don’t Like
- Does not connect to bank accounts, needing manual data entry
- Must manually enter each monthly payment
- No payment reminders on the free version
Undebt.it is one of the most useful tools if you are looking for help paying off all your debts.
Undebt.it features basic and advanced debt payoff strategies that you could use, including the following:
- Debt Snowball: Pays off the lowest balance first.
- Debt Avalance: Pays off the highest interest first.
- Debt Hybrid (Debt-to-Interest Ratio): Balances high interest rates and maintains momentum by paying off smaller balances.
- Highest Monthly Payment: Paying off the highest monthly payment.
- Highest Credit Utilization: Focuses on paying off debt with the highest credit utilization.
- Highest Monthly Interest Paid: Similar to Debt Avalanche, but looks at the highest actual dollar amount of interest.
- Custom Plan: Personalize your own debt payoff plan suited to your financial situation.
Since Undebt.it doesn’t have a feature that automatically links it to your bank accounts, expect to manually enter your payments and transactions.
On the other hand, since it is a web app, you can easily use it from your phone or laptop.
The premium version also allows integration with your You Need a Budget (YNAB) account and lets you track your bank accounts from Undebt.it.
- Best for: Debt payoff
- Available on: Web browser
- Price: Free; $12/year for the premium version
18. Empower (Ultimate Savings and Budgeting)
What I Like
- Offers cash advance of up to $250
- Offers a free Visa debit card
- Allows you to set up an Autosave feature on your account
What I Don’t Like
- Low annual percentage yield (APY)
- Charges a 1% foreign transaction fee
- Does not accept cash or check deposits
Empower is an all-around savings and budgeting app that boasts a lot of features.
Once you sign up, you need to link your bank account for Empower to track your spending. You can also create a budget and set a weekly savings goal and an autosave on your account.
It also offers a free Visa debit card that earns you 10% cashback through special deals.
However, if you are looking for higher interest rates, Empower only has a 0.01% APY. They do not accept cash or check deposits as well.
- Best for: All-in-one money savings and budgeting
- Available on: iOS and Android
- Price: Free; premium only for clients with $100,000 in savings, 0.49%-0.89% of the investment amount.
19. Gazelle (Electronics Buy and Sell)
What I Like
- Easy to locate discount codes
- Fast and convenient shipping
- Has a higher offer than competitors
What I Don’t Like
- Has a lower value than carrier trade-ins
- Frequently receives revised offers
- Fewer payout options than most competitors
When purchasing electronics products, there are two things that you must consider from a practical perspective — their high cost and how quickly their value depreciates.
Hence, getting a used gadget sometimes becomes a better option, especially if you are on a budget. This is where Gazelle comes in.
Gazelle is a popular choice for the buying and selling of electronic devices, like iPhones, iPads, Macbooks, and other popular brands.
When buying, you get to select from a wide range of devices at affordable rates.
Do not forget to look for coupons that can earn you a further discount of 5% to 10%!
If you plan to sell your device, you need to send all its details. Gazelle will send you a cash offer that is good for 30 days.
Once accepted, you send over the device and choose to be paid via Amazon gift card (1.5% bonus), PayPal, or check.
- Best for: Buying and selling used electronics
- Available on: Web browser
- Price: Free
Is It Worth Paying for a Money-Saving App?
Paying for a money-saving app is worth it if it has a lot to offer you that you usually have difficulties doing on your own.
For example, if you have issues with monitoring your own savings, budgeting your own expenses, or determining how much to deposit to your savings account, then consider the convenience this can give you.
Sometimes, paying for the expertise in accomplishing a certain goal, like paying off debt completely or negotiating to lower your bill, more than makes up for the monthly fee.
However, if you are paying for a premium service that you can get from other apps for free, or you can otherwise do it yourself, then it’s not worth it!
Is There a Completely Free Money-Saving App?
Yes, there are a lot of completely free yet effective money-saving apps!
These apps do not just offer services for free, but they deliver on their commitment to help the user with their purpose, from budgeting to shopping discounts.
Here is a run-down of some of the completely free apps from this list:
- Coin Out
- Ibotta
- Cushion
- Smarty Pig
- Swagbucks
- Chime
- Dosh
- Rakuten
- Fetch
- Gazelle
Many of the other apps featured will also provide you with a certain number of days for the free trial before you pay for the premium version.
How to Get Started
When starting out to use these apps, always ask yourself first, “What is your purpose in saving money?” This will help you determine what app to go for.
If you need help in determining the right approach to saving money, then apps like Qapital, Oportun, or Empower will help you accomplish your goal.
If your goal is to save money on shopping and earn a lot in the process, then don’t forget to bring Ibotta, Dosh, or Rakuten with you.
However, if you plan on raking in the ultimate savings strategy with these apps, nobody should be stopping you from using as many of these tools as you can.
Have you tried using any of these apps to track, budget, save, and invest money? Share with us your best practices in using these apps, whether free or paid, in the comments below! Do not hesitate to ask your questions, too!
