Technology is a millennial’s best friend when it comes to saving. People are free to take advantage of the vast amount of apps dedicated to helping people save money. The key difference between millennials and the previous generation is the way they handle money. Growing up in the height of an economic downturn, millennials have proven to be more money-conscious than their predecessors, taking fewer risks and actively trying to save more. This is a great mindset to have in a generation where student loans often leave people new to the workforce crippled by debt. That’s why we, at MyZeroDebt.net, have provided a few tips to help millennials and young people starting off their career save money.
How Millennials are Saving Money for the Future: Apps to Save Money
- Acorns- To someone that can barely make enough to pay off their bills, the idea of investing money in businesses and government bonds can seem a bit ridiculous. The Acorns app takes the difference between every transaction you make and invests that money in a general Vanguard 500 based on your interests and age. If a can of soda costs you 90 cents, the app will invest the remaining 10 cents of that dollar in various stocks and bonds. Over time this could help to build you a more secure future
- Honey- Honey is actually a Chrome extension that scans the internet for coupons to items you have displayed on your computer. If you see a cool shirt you want to buy online, you can click your free Honey extension to instantly find any available coupons for that item and then you can apply it.
- Mint – Mint is by far the most extensive app that people can use for free. You essentially enter your banking information and the app keeps track of all your transactions, giving you a monthly analysis of your spending habits. You can also take advantage of the various tools offered by Mint to set up life goals. The app will show you how much to save and give you limits for your spending categories based on your income.
- ShopKick – Shopkick is an app that tracks you going into the stores that are supported by the app. When you walk into one of these stores (Target, Walmart, BestBuy, etc.), you receive points. You also get points for buying things, referring friends, and scanning items with the barcode reader on your phone. When you have enough points, you can redeem them for gift cards to that store.
- Groupon – This site has been around forever but it has a lot more features than you think. Think a 7-day vacation out of the country for 500 dollars a person isn’t in the cards, think again. Groupon has access to millions of coupons to get you 50-90% off whatever you need.
- Viggle – Entertainment isn’t just cheap, it’s free! As a millennial, you might be wondering how people pay over a hundred a month for even a basic cable package. In the modern world, you don’t really need cable or satellite between Hulu (7.99), Amazon Video,(Prime Membership) Netflix (8.99), and HBO GO (15.00), you can get everything you need and more for under 40 bucks. If you don’t want to pay even that much, Viggle is an app that lets you earn points for watching the shows you love. Your points go towards gift cards to stores like Barnes and Noble. If you earn enough points you can even offset that 30-40 dollar bill for all the services mentioned above by exchanging your gift cards for cash at a yellow CoinStar!
There are thousands of apps that find coupons instantly, let you take surveys for free coupons, track your bills, sets up a budget, and much more. Take a look at some of the cool apps listed above and learn How Millennials are Saving Money for the Future!