The 7 best money saving apps

In an era where every penny counts, saving money has become vital for navigating today's economy. Here at Savoo, we have seen a greater number of people looking for discount codes and savings tips. But have you considered that the device in your pocket could be a powerful tool that helps you save more and spend less?

The digital landscape has dramatically transformed over the past decade, largely thanks to the expansion of smartphones and mobile apps. Apps have made it easier for individuals to take control of all aspects of their lives. Whether cutting down on daily expenses, finding the best deals on groceries, or saving on prescription medications, there’s an app designed to help. With real-time notifications, easy-to-use interfaces and features tailored to individual needs, money-saving apps have become indispensable for millions worldwide.

Apps offer a level of convenience and accessibility previously unimaginable, and I have witnessed the transformative power of technology in personal finance management first-hand. Money-saving apps have revolutionised how I track expenses, set budgets, and ultimately save some reddies. According to a 2023 report, 60% of UK consumers use financial apps at least once a day. However, that percentage drops to 14% for people using money management apps to budget, so the benefits of using technology to save money still need greater exposure.

Here’s a comprehensive guide to the seven best money saving apps to help you streamline your finances and achieve your savings goals.

1. Credit Karma

Credit Karma is a highly popular and widely trusted personal finance app from Intuit, a leader in financial software. With a solid track record within the industry, Credit Karma (formally Mint) has become a go-to for many looking to manage their money effectively. It’s a comprehensive personal finance and budgeting app to help users track spending, set budgets, and manage money in one place.

Features

• Budget Tracking: Set and stick to budgets with ease.
• Reminders: Never miss a payment.
• Financial Goal Setting: Set and achieve your savings goals.
• Credit Score Monitoring: Keep an eye on your credit health.

Benefits

Credit Karma offers a holistic approach to money management, helping users avoid overspending and identify opportunities to save. Its user-friendly interface and robust features make it an essential tool for anyone serious about financial health. I use the Credit Karma app to track every penny going in and out of my various accounts daily, so I can testify to the transformative effect of budgeting apps.

2. Plum

Plum is renowned for its innovative micro-investing capabilities, making investing accessible to everyone. Founded by experts in finance and technology, Plum is a micro-investing app that can round up your purchases to the nearest pound and invest the spare change, making investing effortless and automatic. It offers robust investment options and user feedback is very positive for usability.

Features

• Round-Up Investments: Invest spare change from everyday purchases.
• Various saving options: Choose from 8 automatic saving rules.
• Automatic Recurring Investments: Set up regular investments without hassle.
• Budget Smarter: Get the Plum debit card to group together your money.

Benefits

The Plum app provides an easy and consistent way to save and grow your money. Regularly investing small amounts makes it easier to build significant savings over time without feeling the pinch. Remember that investments can rise and fall, so only commit to a package you can comfortably afford. Some features are exclusive to subscription plans from £2.99 per month.

3. TopCashback

TopCashback is a trusted name in cashback rewards, with millions of users benefiting from its offers. It has a proven track record of delivering cash back efficiently, with the app focusing on grocery shopping and other retail purchases. Why wouldn’t you want to earn money back from everyday items you would buy anyway?

Features

• Cashback Offers: Get money back on groceries, clothing, electronics, and more.
• Bonus Rewards: Complete tasks for additional rewards.
• Exclusive Offers and Discounts: Access promotions exclusive to TopCashback members.
• Track Your Earnings: Real-time tracking of cashback earnings.

Benefits

The TopCashback app allows you to compare prices across different retailers before purchasing. You will also earn bonus cashback by referring friends and family to the app, making it even easier to enjoy a budget-friendly shopping experience. Users can quickly turn their shopping into savings with a simple redemption process. If straightforward savings are more your thing, find the latest discounts for thousands of retailers at Savoo.

4. Vinted

The Vinted app is revolutionising how people shop for and sell pre-loved fashion. Its marketplace allows users to buy, sell, and swap reasonably priced second-hand clothes and accessories. With Vinted, you can save money while contributing to a healthier planet through sustainable fashion. Whether you want to clear out your closet or hunt for unique, affordable fashion treasures, this app is a must!

Features

• Easy Listing: Quickly list items for sale with photos and descriptions.
• Buyer Protection: Secure transactions with buyer protection guarantees.
• Community Features: Engage with other users to swap or sell items.
• Zero Selling Fees: Enjoy the benefit of no selling fees.

Benefits

Discover a world of pre-loved fashion with Vinted and experience the joy of sustainable shopping. Use the cash-saving app to buy second-hand items at a fraction of the retail price. You may even find one-of-a-kind pieces that aren’t available in regular stores. The phone app also allows you to share tips and style advice and connect with others. Research conducted by the company suggests that regular Vinted shoppers save an average of £87 monthly! Savoo has tons of fashion discounts if you don't find what you're looking for.

5. Snoop

Snoop is a UK-based app that uses open banking to provide personalised money-saving tips and insights. Developed by former Virgin Money executives, Snoop is built on extensive financial expertise and makes it easy to analyse your spending habits while offering tailored tips and deals to help you save money on everyday expenses like energy and car insurance.

Features

• Spending Insights: Detailed analysis of your spending patterns.
• Personalised Tips: Custom money-saving tips based on your spending.
• Deal Alerts: Notifications of deals and discounts relevant to your lifestyle.
• Cut your Bills: Save money on your household bills.

Benefits

Snoop is among the best money management apps. The app helps users identify unnecessary expenditures and discover new ways to save money. Its personalised approach is a particular strength, ensuring that tips and deals are relevant, making it easier to manage finances effectively. Want to cut down the cost of broadband, pet insurance, or your mobile contract? Choose the bill you'd like to cut and let Snoop work its magic in finding you a better deal. When identiftying needless outgoings you should take a look at our tips for saving on gym memberships and discovering how much it costs to own a pet.

6. Olio

Thinking outside the box, Olio is a UK-based app that helps to reduce food waste by connecting neighbours and local businesses to share surplus food and household items. The app has garnered widespread acclaim for its combined impact on the environment and household budgets. I have some experience with the Olio app, and I found it a highly rewarding way to help others when you have food that is likely to be wasted.

Features

• Food Listings: Post or browse listings for free surplus food.
• Community Connections: Connect with neighbours and local businesses.
• Non-Food Items: Share or find other household items for free.
• Save Money: Lend and borrow items in your local community.

Benefits

If money is tight, the Olio app helps users save on grocery bills by providing access to free food. It also fosters a sense of community and encourages sustainable living by reducing food waste. Clothes, books, toys, and more can be donated, traded, or even sold on the Olio platform, perfect for anyone who wants to embrace the preloved lifestyle. As a bonus, two in three Olio users say sharing boosts their mental health.

7. Nectar

Nectar is the biggest loyalty card scheme in the UK, so it’s a good idea to download the Nectar app to keep track of your points and ensure that you never miss out on a bonus. With an extensive network of partners, the Nectar card is a versatile tool for saving money. I collect my points to redeem Sainsbury’s food discounts at Christmas, when finances are traditionally pushed to their limit.

Features

• Points Collection: Earn points from purchases at partner stores like Sainsbury’s and Argos.
• Reward Redemption: Use points for discounts, vouchers, and special offers.
• Partner Network: Extensive list of participating retailers and service providers.
• Take to the Skies for Less: Convert your Nectar points to flights with British Airways.

Benefits

Nectar provides an easy way to save money on everyday purchases by rewarding loyal customers. Once signed up, you will earn points across a wide range of retailers which can be redeemed for rewards and discounts on future purchases. According to company data, Nectar had 18 million members that year, but incredibly 38 percent were not using the app. Nectar app users rack up points 3x faster, so make sure you download the actual app to access 100s of bonus points and personalised discounts, which appear on the app every week. Access more food & drink savings today!

Further insights from financial experts

Imagine having a personal assistant dedicated to finding the best deals, helping you budget, uncovering discounts on your favourite items, and even investing your spare change. That's exactly what money-saving apps can do for you. Some industry experts have provided extra insight into the value of cash saving apps.

Fiona Peake, Consumer Money Saving Expert at Ocean Finance says,

"Budgeting, discount, and cashback apps offer an easy way to track spending, find the best deals, and even earn money back on everyday purchases, all from the convenience of your phone. These tools can help shoppers make better informed decisions, which can result in huge savings.

One of the greatest advantages of using money-saving apps is the automation they provide. Apps like Money Dashboard or Emma give you a clear overview of your finances by tracking your spending habits and categorising expenses. This eliminates the guesswork from budgeting and helps identify where you can cut back. According to our recent survey, UK households could save up to £1,400 a year by using these types of apps to manage their finances.

Another benefit is the access to exclusive deals and rewards. Cashback apps like TopCashback or Quidco allow users to earn back a percentage of what they spend at hundreds of retailers, including major UK supermarkets. For regular grocery shoppers, this can add up to hundreds of pounds in savings every year. Voucher apps offer discounts across a wide range of products, helping families stretch their money further."

We asked Liz Hunter, Director at Money Expert, what are the benefits of using apps to save money?

"Many apps are designed to improve financial management, offering features such as manual and auto-saving, budgeting and expense tracking. From a money-saving perspective, these kinds of apps can help you visualise your money and move it into various ‘pots’ depending on your savings goals, as well as allowing you to round up payments automatically, moving the difference to your savings. According to Monzo, using an auto-saving app could help you to save an extra £129 per year.

Some apps can also work out what you can afford to save, then automatically transfer this from your bank account to a virtual savings pot before you’ve had a chance to spend it. Other apps, such as Emma and Snoop, are better for general budgeting and will help you save money by reducing your outgoings and preventing you from getting into debt. They analyse your outgoings and spending habits, and use this to calculate how much you could save if you reduce your spending. This analysis helps you see where your money is going, and more importantly, where you’re spending the most money to help you reduce non-essential spending, which you can then turn into savings. Others like Plum, will send you overviews of your spending along with alerts to see if there are cheaper deals on household bills."

Here are some of the main benefits of using these apps to save money:

Good for those who struggle to save

"The idea of using these apps is that you’ll be able to build up savings without really thinking about it or noticing that the money is leaving your account. They’re ideal for those who struggle to save money or don’t know where to start with savings. If you’re feeling like it’s taking too much, you can always tell the app to save less or move the money from your savings back into your account if you need it."

Flexible and quick to set up

"They’re fairly easy to set up; all you need to do is download the app, verify your details and link your accounts. The more accounts you have, the longer it will take but the process is generally quick and straightforward. It’s quite flexible too - you’re able to regularly keep an eye on your savings and spending information and make any necessary adjustments."

Provides a simple overview of your finances

"Most apps have a clear, easy to navigate dashboard sharing the most important information. These apps also gather all of your information together too so it’s in the one place. This makes it easier to see how you’re doing, where you can improve or where you’re succeeding. This gives you control and can help you focus on your long term goals."

Get real time alerts

"With most apps, you’ll be able to ask for notifications to alert you to possible fraudulent activity on any of your accounts. Plus, they’ll let you know when you have any payments due. In a more positive light, they can also alert you to big milestones, like reaching certain goals or spending below budget, which can help you feel good and like you’re on the right track, motivating you to continue."

Lately, Steven Kibbel, financial planner, entrepreneur, and Chief Editorial Advisor at Gold IRA Companies says,

"As a financial planner and Chief Editorial Advisor at Gold IRA Companies, I've seen firsthand how money-saving apps can revolutionise personal finance management. These digital tools have become game-changers for many of my clients, offering a blend of convenience and effectiveness that traditional saving methods often lack.

One of the most significant advantages of money-saving apps is their ability to automate the saving process. Many of us struggle with setting aside money consistently, but these apps take care of that for us. They can analyse our spending habits and automatically transfer small, manageable amounts into savings accounts. This seamless process helps overcome the mental barriers many people face when it comes to saving, making it feel almost effortless.

Another great benefit is the personalization these apps offer. They're not one-size-fits-all solutions; instead, they adapt to individual financial situations and goals. Some apps allow users to set specific saving rules, like rounding up purchases to the nearest dollar and saving the difference. This customization helps align saving habits with personal financial objectives, making the process more engaging and relevant.

Visual goal-setting features in many of these apps also make a big difference. By allowing users to attach images to their savings goals or providing graphical representations of progress, these apps transform abstract financial targets into tangible milestones. This visual approach can be incredibly motivating, encouraging users to stay committed to their savings plans.

Many money-saving apps go beyond just savings, offering comprehensive budgeting tools as well. These features help users get a clear picture of their spending patterns and make more informed financial decisions. By categorising expenses and providing insights into where money is going, these apps empower users to identify areas where they can cut back and save more.

Some apps even help users manage subscriptions and negotiate bills. In today's world of numerous streaming services and recurring charges, it's easy to lose track of what we're paying for. These apps can identify unnecessary expenses and even assist in lowering existing bills through negotiation, leading to substantial savings over time.

For those looking to grow their wealth, certain money-saving apps integrate investment options. They allow users to invest spare change from everyday purchases into diversified portfolios. This feature introduces many people to investing in a low-risk, accessible way, potentially increasing their wealth alongside their regular savings.

In my experience, the key benefit of these apps is how they simplify and demystify the process of saving and managing money. They bring financial management into the digital age, making it more accessible and less intimidating for everyone, regardless of their financial knowledge or background. By leveraging technology to automate savings, provide personalised strategies, and offer comprehensive financial tools, these apps are helping many people take control of their financial future in ways that weren't possible before."

Over the years, I've explored numerous apps, each offering unique features and benefits tailored to various aspects of life. Yet, they all share a common goal: helping you save money effectively. Integrating these tools into your daily routine will allow you to maximise your savings and achieve a more harmonious financial life. Our 11 Ways To Make Your Money Go Further blog is also packed full of tips on how to save money. Download my suggested money saving apps today to experience firsthand how technology can enhance your financial well-being.