💸 How I Saved $500 This Year Using Cashback Apps and Smart Budgeting
Ever feel like your money disappears faster than your phone battery on a TikTok binge? Same here. But what if I told you that with a few taps and swipes, you could reclaim some of that cash? Enter cashback apps and savvy budgeting tools. We’re not six months into the year and I’ve already saved $500. It’s crazy and now I want you to have this gem. Let’s dive into how I turned my spending habits into saving victories.
The Strategy: Combining Cashback with Budgeting
Who: A millennial navigating the financial maze.
What: Utilized cashback apps like Rakuten, Ibotta, and Fetch Rewards alongside the budgeting app Monarch Money. The Krazy Coupon Lady
Where: Primarily online and in-store purchases across various retailers.
When: Over the past 12 months.
Why: To maximize savings on everyday expenses and gain better control over personal finances. The US Sun
How: By strategically using cashback apps for purchases and tracking spending through Monarch Money.
Top Cashback Apps That Padded My Wallet
1. Rakuten
Rakuten offers cashback on purchases from a vast array of online retailers. Simply start your shopping journey through with Rakuten by signing up today!
2. Ibotta
Ibotta provides cashback on grocery and retail purchases. After shopping, upload your receipt to the app to receive cashback on eligible items. Wealthy Nickel
3. Fetch Rewards
With Fetch Rewards, you can earn points by scanning any receipt, which can then be redeemed for gift cards. It’s a simple way to get rewarded for your everyday shopping.
Monarch Money: The Budgeting App That Ties It All Together
My household uses Monarch Money, it’s a comprehensive budgeting tool that helps you track spending, set financial goals, and manage your finances in one place. Budgeting saved me $179 and it will save you money as well. Why? Impulsive buying cost the average person $750 annually. Period.
Monarch Money Review
Pros:
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- User-friendly interface with customizable budgeting categories.
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- Real-time syncing with bank accounts and credit cards.
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- Collaborative budgeting features for couples or families.
Cons:
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- Subscription-based model with a monthly fee.
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- Some users report occasional syncing issues with certain banks.
Overall, Monarch Money offers a robust platform for those serious about managing their finances effectively.
Tips to Maximize Your Savings
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- Stack Your Savings: Use cashback apps in conjunction with store promotions and credit card rewards.
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- Regularly Review Your Budget: Set aside time each week to assess your spending and adjust your budget accordingly. Business Insider
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- Set Financial Goals: Whether it’s saving for a vacation or paying off debt, having clear goals can motivate you to stick to your budget.
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- Automate Savings: Use apps or bank features to automatically transfer a portion of your income into savings.
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- Stay Informed: Keep up with new cashback offers and budgeting tools to continually enhance your saving strategies.
Final Thoughts
By integrating cashback apps with a solid budgeting tool like Monarch Money, I managed to save $500 over the past year. It’s a testament to how small, consistent actions can lead to significant financial gains.
FAQ
Q: Are cashback apps safe to use?
A: Yes, reputable cashback apps like Rakuten, Ibotta, and Fetch Rewards have security measures in place to protect user information. The Krazy Coupon Lady
Q: Do I need to link my bank account to Monarch Money?
A: Linking your bank account allows for real-time tracking of your finances, but you can also manually input transactions if you prefer.
Q: Can I use multiple cashback apps simultaneously?
A: Absolutely! Using multiple apps can maximize your savings, especially if they offer different deals for the same retailers.
Internal Sources:
Money Habits That Made Millionaires in Their 30s—Can You Copy Them?
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