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5 best money-saving apps in 2024 from spending trackers to AI technology
With the high cost of living currently affecting millions of people around the world, ensuring that were making the most of our money has never been more important, so weve compiled a list of five money-saving apps that could help.
Before signing up with any money-saving app or digital bank, its always worth remembering to take a look at its features, terms and conditions, user reviews and subscription fees to make sure that the service in question is reputable and suited to you and your moneys needs.
Chime
Founded in 2012, Chime is a good all-in-one app that offers checking and savings accounts with the latter offering competitive interest rates of 2.00% APY (annual percentage yield).
The app does not require a subscription fee and also includes a fee-free overdraft (called SpotMe) of up to $200 for certain members.
Chime is a great way to save and includes two automated savings plans. The first is Save When You Spend which can round up purchases you make to the nearest dollar with the difference being tucked away into your savings. The second is Save When I Get Paid which automatically sends up to 10% of their deposits into your savings.
Qapital
First developed in Sweden and launched in the US in 2015, Qapital is a great choice among the many money-saving apps if youre the type of person who likes to set multiple savings goals at once as it lets you have as many as you want – whether thats saving for a vacation, a new car or a downpayment on a house.
Qapital also allows for shared savings goals so that multiple people can put money aside for the same thing. For example, if two partners were saving for a house or a group of friends were planning to splash out on a vacation.
One of the apps more unique features is its Rule-Based Transfers. If youre a keen runner, you might agree to put some money aside for every mile you run, or if you’re a caffeine addict, you might decide to save a dollar or two each time you buy a coffee.
Like Chime, Qapital allows you to round up on purchases made with its Visa debit card and its spending account includes an interest rate of 0.05% APY.
The service comes with a 30-day trial before you have to select one of three plans, costing $3, $6 and $12 per month respectively.
Oportun
Formerly known as Digit, Oportun has been operating in one form or another since 2006.
Its Set and Save app features AI-driven budgeting and savings tools that analyze how you spend and allow the service to automatically move money you can afford into your savings.
Opportun comes with an initial one-year free trial and is priced at $5 per month thereafter. Customers who successfully save money with Opportun for three months in a row are rewarded with a 0.10% savings bonus which is paid quarterly.
Rocket Money
Rocket Money is a great app to have if youre paying for multiple streaming subscriptions as it collates all of the services you pay regularly for, helping you to decide if any unused subscriptions can be canceled.
Through the use of Open Banking, Rocket Money can access all of your different accounts so you can keep track of your spending in one place.
As well as offering several budgeting and savings features, the app also includes a Bill Negotiation tool that attempts to get refunds and discounts on your regular bills.
The Rocket Money app is free to use but certain features are only available in its premium subscriptions which are priced between $4-$12 per month.
Allo
And finally, we end with Allo which is one of the more unique money-saving apps within the very competitive market.
As well as offering numerous traditional saving and budgeting tools, what stands Allo out from the crowd is that it prioritizes a more mindful approach to money.
Rather than simply dealing with your finances as traditional hard numbers, Allo also takes into consideration your mental well-being and how your own spending values relate to your budget.
The app offers an introductory course from an expert who helps you to feel more confident about your finances. Then through everyday use, the app will ask for your values – such as healthy eating, working out and planning for the future – which will help to inspire you to put money aside for things that matter to you the most.
Allo has an initial 14-day free trial before charging a subscription fee of $49.99 per year.
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