Top 10 Best Free Money Savings Apps

 

Who says you have to spend an account to save money? 

Let us look at the data. From there, More than 50% of Americans use personal finance apps to manage their money, which has helped them save an average of $500 per year.

Before I dive into the tools, I have divided them into the following categories:

Some of their uses are discussed as follows –

• Budget limit
• Budget settings
• Track spending
• Purchases
• Savings goal
• Automatic Savings Plan
• Bill reminders
• Investment advice
• Convenience
• Goal setting
• Budget tracking
• Using an iPhone
• Free round up

The best automatic apps with interest and finances that help you save money for a goal are given below-

• Pocket guard
• Honey
• YNAB 
• Expensify
• Bill tracker
• Spending tracker app
• Good budget
• Ibotta
• Coupons.com
• Rakuten

So, are you ready to dive in? Let us get started.

Pocket Guard

 

The pocket guard has many different types of options, and free options to you can use it.

You know, it has some key features-

• Automatic categorization of transactions
• Personalized budget
• Bill reminders
• Syncing accounts
• Reports and insights on spending habits
• Setting goals
• Available on iOS and Android

In addition, its benefits include:

• User-friendly interface
• Automatic categorization of transactions makes it easy to track expenses
• The personalized budget feature helps users keep track of their finances
• Bill Reminder helps users avoid late fees
• Reports and insights provide valuable information about spending habits

Also, the Disadvantages of PocketGuard are discussed:

• Limited investment tracking options
• Some users may not find the budget feature as robust as other apps
• Limited integration with other financial apps

Honey 

I will probably use the "Honey" of all the tools on the list. I will check three to four times a week. 

I love using it because it looks in-depth and will now support multiple browsers(Chrome, Firefox. safari)and mobile apps. Besides that, it tells you.

The main attributes of Honey include the following -

• Automatic coupon and promo code application at checkout
• Price tracking for items
• Honey Gold rewards program that gives users cash back on their purchases
• Access to exclusive deals and offers
• Possibility to make and share personalized shopping lists.

Pros of using Honey include

Here are some pros of using Honey:

• Having access to cashback on a number of purchases
• Access to exclusive deals and offers
• The Honey Gold rewards program can provide additional savings

Cons of using Honey include:

• The app may only work with some retailers or websites.
• Some users have reported issues with the app's ability to apply coupons or promo codes automatically.
• Some users have reported that the app has caused their computers to slow down or crash.

Overall, Honey can be a helpful tool for saving money on online purchases, but it is essential to be aware of the potential cons and use the app cautiously.

You Need a Budget (YNAB):  You Need a Budget (YNAB) is a budgeting app that helps users take control of their finances by providing tools and resources to help them make a budget, keep track of their spending, and manage their money better.

Critical features of YNAB include-

• The ability to connect bank and credit card accounts to import transactions automatically.
• A "Four Rules" system for budgeting that focuses on giving every dollar a job, saving for a rainy day, living on the last month's income, and rolling with the punches
• The ability to create and track custom budgets for different categories of expenses
• Reports and charts to visualize spending and budgeting progress

Pros:

• YNAB's "Four Rules" system is a unique and practical approach to budgeting
• The application is simple to navigate and utilize.
• It offers a wide range of features to help users take control of their finances.
• The app offers a 34-day free trial and a 100% money-back guarantee.

Cons:

• The app is subscription-based, which may be a financial burden for some users
• Some users may find the "Four Rules" system too rigid or restrictive
• It is only available on the web and mobile, not on other platforms like Windows or Mac.

Expensify

 

Expensify is a mobile and web-based expense management application. It allows users to easily track and manage their expenses by taking photos of receipts, tracking mileage, and creating expense reports.

 

Key features include-

· Automated receipt scanning and data entry
· Mileage tracking
· Credit card integration
· Customizable expense categories
· Multi-currency support
· Reports and export functionality

Pros of Expensify include:

· Easy to use and navigate
· Automated receipt scanning saves time
· Customizable expense categories and reports
· Multi-currency support

 

Cons of Expensify include:

• Limited integration with other business tools
• Higher cost for additional users and advanced features
• Automated receipt scanning may not be 100% accurate

Bill Tracker

Bill Tracker is an app allowing users to track their bills and payments. It allows users to set reminders for when bills are due and track their expenses.

Key features of Bill Tracker include

• Setting reminders for bill due dates
• Recording payments and tracking expenses
• Viewing a summary of bills and expenses
• Option to add multiple accounts

Pros of using Bill Tracker include:

• Helping users stay on top of their bills and avoid late payments
• Allowing users to track and view their expenses easily
• Simplifying the process of managing bills and payments

Cons of using Bill Tracker include:

• Some users may find it difficult to input all their bills and expenses
• Some users may prefer a more detailed view of their expenses
• Users may need to check the app regularly to keep their bills current. 

Spending tracker app

A Spending Tracker app is a mobile application that allows users to track and manage their Spending. It typically includes budgeting tools, expense tracking, and reporting capabilities. Users can input their income and expenses. The app will visually represent their spending patterns and help them identify areas where they may be overspending.

1. Key features

• Budgeting tools: Users can set budgets for different categories of expenses, such as

1.  Food
2. Transportation
3. Entertainment

• Expense tracking: Users can input their expenses and categorize them, allowing them to see where their money is going.
• Reporting: The app generates reports, such as pie charts and bar graphs, showing users how they spend their money.
• Reminder: Users can set reminders to input their expenses on time

 

Pros

• It helps users stay on top of their spending and identify areas where they may be overspending.
• Provides a visual representation of Spending patterns, making it easier to understand and analyze.
• Budgeting tools can help users stay within their financial limits.
• The reminder feature helps users not to miss out on any expenses.

Cons:

• Users need to input their expenses manually, which can be time-consuming.
• It may be less effective for users who have irregular income or expenses.
• Users need to be consistent in using the app to see the benefits.

Goodbudget

Goodbudget is a budgeting app that helps users manage their finances by creating and tracking a budget. Users can set up budget categories and track their Spending to stay within budget limits. The app also allows users to track their income and savings.

Critical features of Goodbudget include:

• Envelope budgeting system, which allows users to set budget limits for specific categories
• Ability to track income and savings
• Ability to create and track shared budgets with others
• Ability to sync data across multiple devices
• Reports and charts to help users understand their spending habits

Pros of Goodbudget include:

• The envelope budgeting system can be helpful for people who have trouble sticking to a budget
• The ability to create and track shared budgets with others can be helpful to couples or roommates
• The app's reports and charts can provide insights into spending habits

Cons of Goodbudget include:

• Some users may find the envelope budgeting system too restrictive
• The app does not offer investment tracking or financial advice
• The app is not free and subscription-based model for advanced features

 

Ibotta

Ibotta is a mobile app that allows users to earn cash back on their purchases from various retailers, both online and in-store. The program is available for download on iOS and Android smartphones.

Key features of the Ibotta app include:

• Having access to cashback on a number of purchases from a wide variety of retailers, including grocery stores, department stores, and online retailers
• The ability to link store loyalty cards or scan receipts to track purchases and earn cash back
• The ability to earn bonuses for completing specific tasks or reaching certain milestones within the app
• A referral program that allows users to earn cash back for inviting friends to join the app
• The possibility of exchanging prizes for money or gift cards

Pros of using the Ibotta app include:

The ease of linking store loyalty cards or scanning receipts to track purchases

Cons of using the Ibotta app include:

• Just the US and Canada are home to the app.
• The app supports not all stores
• Some users have reported issues with the app not tracking purchases or rewards not being appropriately credited.

 

Coupons.com

Coupons.com is a mobile app and website that offers digital coupons and discounts for various products and services. Users can search for coupons by category or brand and browse featured deals and local offers. Once a coupon is selected, it can be redeemed in-store or online.

Key features:

• A wide variety of coupons and discounts for various products and services
• Easy search and browsing by category or brand
• Featured deals and local offers
• In-store and online redemption options
• Option to link loyalty cards for automatic savings
• Ability to create a shopping list and track savings

Pros:

• A wide variety of coupons and discounts are available
• Easy to search and browse for specific deals
• Convenient in-store and online redemption options
• Option to link loyalty cards for automatic savings
• Can track savings and create shopping lists

Cons:

• Some coupons can have expiration dates or be only usable in some places.
• Specific coupons have limitations or restrictions on their use.
• Some offers may be limited in quantity or availability. 

Rakuten

Rakuten is a cashback and rewards app allowing users to earn money back on online purchases from various retailers. The app also offers coupons and deals on products and services.

Cashback on purchases, access to coupons and promotions, and the ability to manage earnings and payments are all essential components of Rakuten.

The program also has a browser extension that automatically applies discounts and points when paying for items.

Pros of using Rakuten include the ability to earn money back on purchases, access to discounts and deals, and the convenience of tracking earnings and payments in one place.

Cons include the limited selection of retailers and the fact that cashback and rewards may only sometimes be available.

Additionally, not all purchases are eligible for cashback.

FAQ

Are budgeting apps secure?

Most budgeting apps safeguard user data with robust encryption and other security features, but it is crucial to research and pick a reputable program that takes security seriously. Search for apps that employ encryption to secure your data, conduct frequent security audits, and have a clear privacy policy. Enabling a two-factor login and using strong passwords is a good idea for additional security.

Why should you use budgeting software?

You can manage your income and expenses with budgeting software, spot potential areas of overspending, and establish and meet your financial objectives. It can also aid with future planning, such as debt repayment or saving for a down payment on a home. Financial management can be simplified by using budgeting software to automate much of the tracking and analysis that would otherwise take much time and effort.

How much money should I have saved up?

The quantity of money you ought to have set aside depends on your unique financial objectives and situation. Financial professionals typically advise building an emergency fund to pay for three to six months' expenses. Additionally, you should put money aside for particular objectives like retirement, a down payment for a home, or a child's education. It is crucial to set reasonable goals and save regularly over time.

Are savings accounts worthwhile in light of inflation?

Savings accounts can be a secure place to keep your money while earning interest. However, during high inflation, the interest rate may not keep pace, which might cause your purchasing power to decline gradually. Savings accounts are still valuable, though, if you want to save money for an immediate need or as part of a larger investment plan that combines a variety of securities with higher potential returns. When choosing how to distribute your funds, it is crucial to consider your unique financial objectives and risk tolerance.

Conclusion 

 

Summary of the top 15 free money-saving apps:

• Coupons.com: finds deals and discounts
• Botta: I cash back on grocery purchases
• Honey: finds online shopping deals
• PocketGuard: budgeting and financial tracking
• Goodbudget: envelope budgeting
• (YNAB): budgeting and financial tracking

Recommendations for selecting the best app for personal use:

Determine your specific needs, such as budgeting, saving, or investing.

Consider the app's user interface and ease of use.

Look for apps that integrate with your bank or credit card accounts for easy tracking.

Research app reviews and ratings to see what other users have experienced.

Additional resources for learning more about free money-saving apps:

• Forbes: "The Top Budgeting Apps for 2020"
• The Balance: "The 8 Best Budgeting Apps of 2021"
• Lifehacker: "The Best Budgeting Apps for 2021"
• Consumer Reports: "Best Budgeting and Saving Apps"
• US News & World Report: "The 7 Best Budgeting Apps of 2021"