Whether you are a small business owner or a consumer, saving more money is always a good thing. It means you have that you will have that much more money to put into other important things which will create more value with what you have.

The extra money you save from one place can also be tucked away in an emergency fund or retirement account to build and actually buy yourself a better future. This includes greater financial freedom and more opportunities to grow your business.

• Top 10 Money-saving Apps
• Are Savings Apps Safe?
• How do I Stop Spending Money?

Top 10 Money-saving Apps

The problem is that the decision can be challenging to know where to start making changes that will save you money. The answer will be to get help from apps that are designed to help you make better decisions about your professional and personal finances — like these 10 money-saving apps:

1. Chime

Chime is an Android and iOS mobile banking app. It includes a spending account and debit card that is FDIC-insured so you can safely deposit funds, see transactions instantly and track spending on the go.

Read Also: The Best Apps you can use for Budgeting

The mobile banking app also offers an automatic savings account, which allows you to start saving money without thinking about it by automatically setting aside 10 percent of every paycheck you deposit into Chime.

You can also enable rounding-up on your purchases and have the difference transferred to your savings every time you use the Chime debit card.

The banking app helps you both save money fast and stash it away in a savings account so you are not tempted to spend it on trivial things. They do not charge overdraft fees, foreign transaction fees or fees for monthly minimums and ATM use.

2. Digit

Digit does the thinking and acting on saving money for you. It may even do a better job plus it takes the effort off your shoulders. This app looks at your current income and expenditures. It then calculates what you can save and puts that amount aside in an FDIC-insured Digit account.

Typically, the app goes through and does this analysis between two and three times a week. It gives you the ability to earn a one percent savings bonus that is paid every three months.

What you get is based on the average daily balance in your Digit account during that same three-month period. There is a monthly fee that kicks in to use Digit after the 100-day free trial period runs out.

3. Clarity Money

Clarity Money clarifies wise spending from wasteful spending. The free app does this by cancelling subscriptions you are not using or just don’t need. It also looks for ways to negotiate your bills down to a lower rate.

The money-saving app also tracks what you spent to ensure you stay on budget. Plus, it recommends certain credit cards that may fit your lifestyle and credit needs, allowing you to learn how to use credit in a smart way. Additionally, you can create a savings account with Clarity Money because you’ll need a place to put all the money you can save.

4. Qapital

Qapital adds a learning component to the idea of saving money. It provides lessons on goal-setting and the value of even small amounts going toward achieving a much larger goal. Each purchase you make is typically an uneven amount.

Qapital rounds that transaction up to the nearest dollar and then puts it in an FDIC-insured account. You’ll just need to connect a checking account to the app. You’ll also be able to automate other savings strategies, including a lump sum amount at regular intervals.

The Qapital accounts also earn a small amount of interest and does not charge you any fees.

5. Mint

Mint helps you stay on top of your bills so you aren’t late and end up costing yourself more money than you need to spend on late fees and penalties. This money-saving app also helps you develop a budget to ensure you maximize what you can do with your money and allocate money for savings, an emergency fund, and retirement while covering all your other obligations.

You’ll also be able to get a free credit score to monitor how your savings and good money habits are giving you an opportunity to get a better loan rate should you want to buy a home or vehicle down the line.

6. Acorns

Acorns rounds up your purchases on the credit and debit cards you link to the app. The difference is automatically transferred to an Acorns account. This account is part of Acorns’ investing platform. Your money savings are then invested in exchange-traded funds. You get the option to invest in conservative or aggressive funds based on what you feel comfortable doing.

College students get to use Acorns for free for up to four years. Everyone else has to pay a monthly fee if your account is under $5,000 or a percentage fee on anything above that amount in your account.

The company partners with brands like Airbnb and Blue Apron, which means those companies give back a percentage of your purchase and place that in your Acorns savings account.

7. You Need a Budget

You Need a Budget is an app that helps you create an easy-to-use budget interface that teaches you more about the value of money.

As a result, you’ll learn to prioritize certain expenses, find ways to save more money for retirement and emergencies, handle unexpected costs, and live within your means rather than using credit.

The company offers the app and software that works on your Windows or Mac computer. It works for all mobile devices for iOS and Android as well as Apple Watch and Amazon’s Alexa.

8. FeeX

FeeX knows that a lot of people lose considerable money because they don’t regularly monitor their brokerage fees that comes with having an investment portfolio and broker to manage it.

This app links to your investment accounts like your 401K and analyze what you are paying for fees and costs associated with individual investments, such as a mutual fund. FeeX suggests lower-cost alternatives or make recommendations on how to make changes that will save you more money in this area of your life. This checkup app is free.

However, it is important to note that the app does receive referral fees when it makes suggested changes to another company and you switch.

9. HoneyFi

HoneyFi is a free money-saving app that helps couples work together to make the most of their money. Since couples tend to argue the most about money and how it should be spent, it makes sense that an app that was developed to take the animosity out of finances.

The money app simplifies how finances are organized and tracked to minimize those misunderstandings and eliminate mistrust. For example, you can create a household budget, label and comment on transactions, and share information on all accounts and statements.

10. Trim

Trim is a money-saving app that works like your very own personal financial assistant. You can link all your accounts securely so the app can analyze each transaction and suggest areas to cut back like subscriptions or all those trips to the coffee shop.

Then, the machine-enabled app goes to work on finding you more affordable service providers like cable, car insurance, and the internet. It will even cancel subscriptions for you.

You’ll be able to get text updates on how your accounts are doing and immediately see any automated changes that have been made. This is a great option for most self-employed people looking for a personalized financial assistant.

Are Savings Apps Safe?

In the age of technological advancements, we face risks online every single day. It is our responsibility to take the necessary measures to reduce that risk as much as possible.

By protecting your information, and following security tips, money-saving apps are a great tool to use. The benefits outweigh the risks, and you can benefit from learning a money-saving trick or two!

Despite their purpose to make our financial lives easier, banks have repeatedly warned customers to be cautious of these apps, particularly in regard to their security, and when providing personal information.

In light of their recent controversy, it is important to assess whether or not the majority of them are secure, and if you can trust them with your sensitive information.

How safe are they really? And what do you risk if your personal data becomes unprotected? Let’s take a look at their security threats and find out if these apps are safe enough to use.

Their Benefits

• Monitors your expenses

Budgeting apps are supposed to help you monitor your spending, so you can observe your negative spending habits and improve them accordingly.

They collect data about your finances, sourced from your bank accounts, to give you an indication of what exactly is going in and out, such as loan payments.

• Improved security

Apps are becoming increasingly more protected and secure. The majority of money-saving apps encrypt your data and use the same means of security as banks do.

So, the risks you take with money saving apps and the bank are nearly identical.

• FCA recommended

The FCA encourage the use of personal finance apps.

What Risks Do They Pose?

In reference to a survey carried out by Accenture in 2017, 85% of U.K. consumers are hesitant to share their bank details with third party providers due to the probability of online fraud.

Is this warranted?

Well, to use a money-saving app, you are usually required to log in with your bank details. Upon logging in, the app uses your details to access your account – a process recognised as ‘screen-scraping.’

Screen-scraping can be a huge problem if the money-saving app you are using is deceptive. It could not only render you accountable if your money gets stolen, but you may also violate your banks security regulations.

Fundamentally, sharing your login information can also leave you vulnerable to deceptive technology, posing as genuine and legal organisations to access your sensitive data.

Regardless of the fact, the FCA have overruled bank statements which proclaim that they will not cover the damage if one fell victim to fraud using a money-saving app. The FCA expressed that banks cannot simply pardon their responsibilities, and in their own words stated:

“Your banking terms and conditions should not prevent you from sharing your credentials with regulated AIS or PIS providers. Your bank cannot hold you responsible for unauthorized transactions just because you have shared your credentials with regulated AIS and PIS providers.”

What Can You Do To Increase Your Security?

1. Check that they are FCA-approved

Before downloading a money-saving app on your phone, you should always check that they are FCA-approved first through the Financial Services Register. The FCA regulates companies that provide financial services to consumers, such as loans, so the go-ahead from them means that they should be safe to use.

2. Avoid using your bank details

Money-saving apps sometimes require that you link your app account to your current bank account. However, banks warn their customers that this can be dangerous. By giving the app access to your sensitive information, you are, in effect, consenting outsiders full access.

3. Do not give the app access to other information

After you download any app, it tends to ask whether you give permission for it to access other apps or data that are on your phone. Some money-saving apps may take advantage of this and access the information that allows them to hack you.

So, make sure you think carefully about what you are giving the app access to before you do.

How do I Stop Spending Money?

You might ask, is it really possible to stop spending money? Well let us take a closer look at the issue of spending and saving money.

Before you start working with some of the tips and tricks outlined below, it’s a good idea to take a step back and evaluate what may have led you to this point. In other words, are there any specific reasons that you’re overspending? Let’s go over a few possibilities.

Spending Triggers

How did you feel the last time you had a budgeting breakdown?

Were you upset over something? Were you bored?

Start tracking how you feel when you splurge on a specific item. For example, if you buy a soda every day at 2:00 PM, write down how you were feeling.

Maybe you were bored or you ran out of things to do.

Maybe every day at 2:00 PM, two of your co-workers gossip about other people in the office and you just need to get out of there.

By identifying the underlying issue, you may be able to stop spending money you don’t have.

Trent Hamm has several good ideas to assist with handling these “bad days” and learning how to control spending.

Personally, I’ve started taking a short walk to handle my typical “afternoon snack syndrome”. When I have the craving, I just get up and go. It’s helped me refocus my mind and control spending.

Find out what your trigger is, and make adjustments to ensure you deal with it in a more budget-friendly manner.

Peer Pressure

Do you find yourself spending money every time [insert name here] is around?

As you may already know, it’s super easy to spend someone else’s money. So if you have friends that encourage you to spend money, they might be getting a nice rush at your (literal) expense. You need to find a way to tell them to knock it off because it’s making you broke.

You may also have friends that are making more money than you. It’s tempting to try and keep up, but it will only lead to financial stress. Learn to say no. Find ways to hang out with them in ways that don’t cost a lot of money.

If they only want to spend money and can see that you’re not comfortable with that, they should respect your wishes. If they don’t want to help you stop spending money, then they’re not as good of a friend as you thought.

Social Media

Social media can be a wonderful thing. It allows you to keep in touch with friends and family that have moved away, connect with people that have the same interests as you, and so much more.

But, it can also be a curse to your wallet.

By consistently only seeing the best side of everyone else’s life, you feel the urge to put up the same appearance. You want others to know you’re doing great too and that can often lead to overspending on food, clothing, vacations, and more. We want to craft that perfect Instagram picture to show the world we’re living large.

Social media also shows us advertisements for all the things we desire.

Have you ever checked out a pair of shoes on a retailer’s website only to find those same shoes following you everywhere you go on the internet? You start seeing them in your Facebook feed, on Instagram, and even on the apps you use on your phone.

You see, almost every website has a tracker on it so they can target you with ads almost immediately after you leave. So, you need to constantly be aware that you’re being advertised to.

To help avoid some of this tracking, you can use a web browser like Brave and you can adjust advertisements on specific sites you visit. For example, here’s how you can eliminate most of the ads you see on Facebook.

Unconscious Spending

In today’s world, it’s extremely easy to spend money. You swipe a piece of plastic, tap a button on your phone, or click the “Buy It Now” button on websites. Sometimes without even knowing which form of payment you’re using.

In many instances, these “conveniences” can make it feel like you’re not even spending money.

In fact, some individuals have reported spending 10-15% more per transaction just because they’re using a credit card.

If that’s the case, it may be best to stop using credit cards and switch to cash or debit for a period of time. The first tip below can really help you address this issue and stop spending money.

How To Stop Spending Money

Control spending habits using these tips.

1. Take Only The Cash You Need

Heading to the grocery store for your weekly shopping? Heading out to the mall to grab lunch with a friend? Only take the cash you need based on what you’ve budgeted.

So, if you’ve budgeted $100 for groceries, hit up the ATM and get $100 cash out. Throw that $100 in your wallet and leave all of your credit and debit cards at home.

Yeah, you read that right. LEAVE YOUR DEBIT AND CREDIT CARDS AT HOME!

Why? Well, think about it this way.

If you take $100 in cash to the grocery store because that’s what you’ve budgeted and that’s all you want to spend, what happens when you get to the checkout and find out that your total is $120?

You’re going to whip out your debit or credit card to pay for the difference, right? You’re not going to put $20 of merchandise back at that point. How embarrassing!

But if you leave your debit and credit card at home, there is a guarantee that you’re going to grab your calculator and add up everything in your cart as you put it in.

If you find out that you’re over your $100 budget, you’ll prioritize the items in your cart and begin putting things back.

If you ONLY have the cash to work with, you have no other option but to make it work. There isn’t an out. You’re forced to make the right decision. It’s so much easier to stop spending money when you don’t have the option to actually do it!

2. Think About Sales Differently

“I only buy things if they’re on sale!”

Have you said that before? It doesn’t matter if something is on sale for 75% off. It’s still 25% on if it’s not budgeted for.

Here’s another way to look at it. If you buy ten items that are typically $100, but happen to be 50% off, that’s no different than buying five of those same items at full price.

If you’re “only buying things on sale”, that won’t matter much if the total number of items you’re purchasing increases as well.

This isn’t saying that you can’t buy something in the moment, but you need to be aware that the money is coming from somewhere. Something else is going to be underfunded if you purchase this item that wasn’t budgeted for.

3. Understand The Consequences

If you go through the steps of creating a budget you’ll stick with, you’ll find out that there are consequences to your overspending.

Many of your financial goals will go unmet. Your definition of financial freedom will never be reached. Your plan to eliminate debt will never get accomplished.

If you understand the consequences of your bad spending habits, you can stop spending money on the things that don’t matter and start focusing on the things that do.

4. Visualize the Prize

Once you create some financial goals, put them in a prominent place so you have to look at them each and every day. This will continually remind you of WHY you’re cutting back on expenses and/or sacrificing some things that are difficult.

If the list isn’t enough, add a picture of something you’re striving to achieve. Looking to buy a house? Print off a picture of something you like in your neighborhood and tape it on the refrigerator.

Want to be able to pay for your kid’s college expenses one day? Photoshop a picture of them with a graduation cap and place it in your wallet in front of your credit cards. That way you’ll always have to look at it before making a purchase.

5. Sleep On It

If you’re looking to make a purchase, force yourself to think about it before pulling the trigger. Put the item back and only come back to it after you’ve had time to let it sink in.

Some people have suggested 24 hours while others suggest even 30 days if it’s over a certain amount.

What you’ll find is that most purchases are impulses and you don’t really need the item. But if it’s something that you can truly fit in your budget, you’ll still be able to purchase the item, but only after giving yourself some time to think it through and make adjustments.

6. Shop With a List

What happens when you go to the grocery store mid-week because you ran out of milk? Do you come out with a rotisserie chicken, macaroni and cheese, grapes that were on sale, and several other items? You may have even forgotten the milk!

When you go shopping without a game plan, it’s really easy to go crazy. If that sounds like your life, you may need to start shopping with a list. The list will help you stop spending money on things you don’t need.

So before entering the store, write down the things you need and stick only to that list when shopping. If you need even more help, revisit tip #1 above.

If you have trouble sticking to a list, find someone who can. Send your spouse who follows instructions with great detail. Send your teenage daughter whom you’ve trained well.

7. Borrow or Trade

If you need something for a special occasion or will possibly only use it once, consider borrowing that item or trading something you no longer need with someone else that has the thing you want.

For example, if a tree fell down on your property and you want to take care of it yourself, you can rent a chainsaw from The Home Depot. Maybe ask your neighbor if you can borrow theirs.

If you get invited to a fancy gala event, you can borrow clothing, jewelry, handbags, and more online. You might have a good friend that will let you borrow something of theirs.

Why spend extra money on something you’re only going to use/wear once? Why take up extra space in your home to store it? Stop spending money on wasteful items!

8. Know Your Weaknesses and Avoid Them

When you go to the mall, do you always end up spending way more than anticipated?

Maybe you went to meet a friend for a smoothie but ended up buying some shoes, a nice new jacket, a soft pretzel, an ice cream cone and to top it off, you had your eyebrows threaded. That’s definitely NOT what you went there for.

So if your weakness is the mall, avoid it at all costs. Why put yourself through that?

This is not to say that your weakness is the mall. Heck, yours could be the cheese deli at the grocery store for all I know.

Just know what makes you weak in the knees and stay away.

9. Unsubscribe

If you have a weakness for marketing, it may be a good idea to unsubscribe from as many email lists and catalogs as you can.

To unsubscribe from promotional emails you get from companies, click on the “Unsubscribe” button you’ll find at the bottom of every email (they’re required to have it).

Catalogs are the tough ones as it can be hard to figure out how to get rid of them. Try a site like this to simplify your task.

10. Tell Your Family and Friends

If you’re trying to avoid your weaknesses, letting your family and friends know is a good idea. Trying to avoid the mall and having your friends want to go there all the time makes things tricky.

It’s even more difficult if you’re watching them spend money when you’re trying to figure out how to stop spending money.

Having a quick conversation with them about your issue is no big deal. You can even phrase it to look like you’re being responsible.

Try this:

Hey Jane. Do you mind if we start hanging out at my house instead of the mall? I’m trying to save for my kitchen remodel and you know how I get at the mall! 

Pretty easy right? If they’re truly your friend, they’ll understand and support your decision.

11. Inventory What You Own

Have you ever gone to the grocery store, bought something and then discovered that you already had it in the pantry at home? Yeah, it happens.

To control spending at the grocery store, take an inventory of the items you already own to ensure you’re not duplicating purchases.

A good tip is to take a picture of the contents of your refrigerator and pantry with your phone before heading to the store. Not sure if you’re out of ketchup? Check the pictures! You should also keep a running inventory of the fresh stuff in your refrigerator.

Use a site like Still Tasty or Eat By Date to create a list of the fresh items you have so that you can make sure you eat everything before it goes bad.

So if you’re trying to figure out what to cook for dinner, you can check the list to see if there’s something you need to use ASAP before you can no longer eat it.

If you struggle trying to figure out what to cook based on what you already have, try a website like Supercook. Supercook is a recipe aggregator that searches multiple recipe sites to help you create a recipe based on the items you have in stock. It can also help you piece together ingredients you didn’t think about.

12. Place Reminders In Your Wallet

When you’re learning how to stop spending money, you need to realize that you’re creating new financial habits. So in the initial stages of making a change, bombard yourself with reminders.

For starters, try taping reminders on your debit/credit cards.

Take a piece of paper, put the phrase “Do I Really NEED This?” on it, and then tape it to your credit and/or debit cards.

Read Also: The Best Personal Finance Apps

It will make you second guess the impulse purchase you’re about to make.

It’s also a little embarrassing if you have to hand it to the cashier. They might ask you if you really need it.

13. Reward Yourself

If you’re working on eliminating some bad spending habits, start rewarding yourself for a job well done.

Every time you find yourself not spending where you would have in the past, take 10% of the money you would have spent and put it in a jar.

After a few weeks, take that money and spend it on whatever you want. It’s something to look forward to!

14. Budget In The “Fun Money”

Fun money is defined as guilt-free spending. When you create your budget each month, be sure to budget for “fun money” and then spend it on whatever you like.

You could even use the money from the previous tip as your “fun money”!

This process will help because you’ll realize that you can still spend money on things, but you just need to limit your spending so you can meet your other goals.

Finally

Many of the apps offer incremental changes that add up to large savings over time. Plus, these apps help change your mindset about money and provide valuable ongoing lessons about fiscal wellness that can keep you out of debt and on the road to saving more money for today and tomorrow.