These Apps Will Actually Save You Money By Cutting Expenses For You
You know that feeling you get when you find a deal on something you want to buy?
Or when you cut a recurring bill in half with a few simple steps?
That happy feeling can occur by cutting expenses. Here are three apps that can help you save, and to hopefully get that warm feeling again and again.
Mobile App #1: Truebill
Forgotten subscriptions can easily drain $1,100 a year from your wallet. Sign up and forget about three $30 monthly subscription plans that you don’t use, or forget to end a free trial that converts to a paid cost each month, and you can easily see a few thousand dollars slip out of your bank account in a year.
Truebill helps avoid that by canceling unwanted subscriptions for you.
The average user saves up to $729 per year by helping them identify subscriptions and cancel them in one place. It also gives a view of your finances after you connect your bank accounts to its app.
To lower your bills, you connect your bill to Truebill by either logging in or taking a photo of the bill. Truebill’s negotiators look for hidden discounts and promo rates that you’re eligible for.
They then work to negotiate your bill, though they never downgrade or remove your services. They either negotiate a better rate or get a one-time credit applied to your account. You’ll then get an email about how your bill has changed and how much you’ll be saving.
Truebill takes a 40% cut of your savings as its fee. If you save $100, it takes $40 by charging a credit card you provide when signing up.
Truebill also offers the option to manage your monthly subscriptions by monitoring your bank or credit card statements. Truebill informs you of any unwanted or fraudulent services.
You can either remove subscriptions on your own outside of the app, or pay $3 to $12 per month for Truebill to do it for you with its premium service.
Mobile App #2: Albert
Albert is another app that negotiates monthly bills to save users money. It also helps understand your spending by creating an automatic budget that shows where your money is going and how much money you have.
Other services include:
Instant cash: Albert advances users up to $100 from their next paycheck. No credit check is needed and no interest is charged. Alerts sent if you risk overspending after Albert monitors your balances, bills and spending in real-time. Automatic savings feature with free withdrawals and no fees. An annual cash bonus of up to 0.25% is given to savers. Guided investing that can start with just $1.
One of the biggest benefits of using Albert is that it analyzes your income and expense patterns to determine the right amount of money to save automatically. The more savings it finds for you, the more money you can put into a savings account without having to think about it.
Its basic budgeting and saving app is free. Its Genius feature, which is text-based to help with financial planning, costs a recommended $4 per month. Ask a financial question and it will text back an answer.
Mobile App #3: Tally
Credit card debt can be a big expense worth eliminating. Paying off a credit card can equal the amount of savings by canceling unwanted subscriptions.
The average consumer pays $1,045 annually in credit card interest, according to data from Experian. That’s calculated from the average credit card debt of $6,194 at the average interest rate of 16.88%.
Tally helps pay down debt faster, with users seeing an average lifetime savings of $5,300.
To start using this credit card consolidation app, you scan your cards into the app. Tally gives you a line of credit and helps manage payments for you.
Instead of having to decide yourself which credit card to pay off first — the one with the higher interest rate or the one with the higher balance — Tally does that math for you and pays them in ways that will save you the most money.
You can continue using your credit cards as you did in the past, though ideally you’ll stop using them for awhile.
One way Tally saves users money is by moving high APR balances to a Tally line of credit. That savings can then be used to pay down credit card debt.
You’re required to pay a monthly amount based on how much you borrow from Tally. The minimum payments that Tally made to your credit cards must be paid, and then it asks that you pay interest based on your APR.
Finally, it asks you to repay 1% of the total amount borrowed from Tally to ensure you’re making progress toward paying down your Tally balance.
There are no fees to use the app. Users will, however, need to qualify for a Tally credit line. Interest rates will vary from 7.9% to 25.9% annually, depending on your credit history.
Credit card statements detail how long it will take to pay off a debt with the minimum payment. That can take years. And that number is only based on the current debt and minimum payment.
Tally changes the outlook to an optimistic one by suggesting how much to pay every month to become debt free, based on your spending and details of your credit card. Set your debt-free goal and make the recommended payments, and you could be debt free a lot faster than you thought possible.
What To Do With Your Savings
Let your money make money for you. In the nature of digital savings, there are many digit savings accounts at your fingertips that allow of much more interest return than your commercial banks.
If you are still holding on to that rainy day fund, it would be stupid to not put your money in a safe place that you don't want to touch and earns more.
Money Market funds and High Yield Savings accounts are your answer. First, they allow you to put a certain amount away and some even pay you more for agreeing to not touch it.
See what your money can do for you by keeping it safe.