Gas prices leapt to new heights following the Russian invasion of Ukraine. The Consumer Price Index, even before last week, was already at 6.8%, the highest year-over-year increase since 1982.
While inflation is beyond your control, you may be able to reduce its impact with your smartphone. According to Million Insights, the global financial app industry is anticipated to reach $2-billion USD by 2028, suggesting that more people are relying on apps to help them manage their money.
Here are five apps that help fight inflation:
Swagbucks eases inflation by putting money back in your pocket.
Swagbucks works by rewarding you with points, or “Swagbucks,” for completing tasks such as taking surveys, watching videos, and online shopping. You can redeem your Swagbucks for gift cards to popular retailers like Amazon, Walmart, and Starbucks.
Swagbucks claims that users should expect to generate a few dollars per day, on average, for 15-20 minutes of usage.
GoBankingRates agrees with that estimate in their review of Swagbucks, which states that “casual Swagbucks users” could earn between $25 and $100 in PayPal Cash or gift cards each month. Cha-ching!
Inbox Dollars is another app that allows you to earn money, perfect for fighting inflation. According to its website, it has paid more than $2 million to its members worldwide since it launched in the year 2000.
Members earn money on this app thanks to the site’s partnerships with popular companies such as Harris poll. Like Swagbucks, the app allows you to earn rewards for doing things you would normally do online, such as completing surveys, watching videos, reading emails, playing games, and surfing the web.
The significant difference between InboxDollars and Swagbucks is that InboxDollars is an app that lets you earn real money. With Swagbucks, you have to convert points into gift cards or vouchers.
Aside from apps that generate revenue, there are budgeting apps that can help you manage your finances better, one of which is Mint. Investopedia named Mint the best free option in their round-up of the best budgeting apps of 2022.
Launched in 2007, Mint is a site and app that helps you to see all of your financial accounts in one place.
The budgeting app offers many features to help you control your finances, all for free. Mint connects with over 16,000 US banks, so you can keep track of all your transactions no matter where you bank.
You can set a budget to track your spending and bills directly through the app. Mint offers alerts when you are close to going over your budget, allowing you to take action before it’s too late.
This budgeting app is excellent in combating inflation as it will allow you to see where your money is going and make adjustments as needed.
Inflation means price rises across the board. According to the latest consumer price index, the price of groceries alone has risen 7.4% in the last 12 months.
Enter Ibbota, a cashback app that gives you cash back at popular grocery stores like Walmart and Target.
Ibbota is simple to use. Once you have downloaded the app, you will be presented with a list of offers from your local stores.
Simply add the offer to your account, purchase the item at the store, and scan your receipt through the app. The cashback is then added directly back into your Ibotta wallet and can be redeemed via PayPal once you hit $20.
Amy Mauser, an Ibotta user, says she has saved $1864 since January 2016. She says, “It may not be the most money saved, but I try not to buy things just for the discount! Cashback stops being valuable if food goes to waste!”
She gave two tips for anyone looking to make the most out of the app:
- Review the app before going into the supermarket and check for relevant offers.
- Scan items in store if you aren’t sure if it’s the eligible size/style. The app will let you know.
The last in our arsenal of inflation-fighting apps is ShopSavvy. This app allows you to scan any product barcode with your phone and find the best prices – both online and in-store!
ShopSavvy was founded in 2008 by Alexander Muse, Rylan Barnes, and Jason Hudgins after they realized the lack of mobile comparison apps available.
Today ShopSavvvy handles 50 million user requests a month, making it one of the world’s most popular comparison apps of all time.
The app is available on both Android and iOS devices. Once you have installed the app, simply open it up and scan the product’s barcode you want to purchase.
ShopSavvy will then show you a list of prices from various retailers, both online and offline.
The app boasts a database of over 50 million items and partnerships with 40,000 different retailers, including Walmart, Target, Best Buy, Sears, Nordstrom, and Barnes & Noble, making it the perfect app to ensure you are getting the most value for money.
The Bottom Line
Inflation is a reality that we all have to face. However, there are ways to help combat the effects of inflation.
We’ve shared five apps to help you save money and manage your finances. Whether you are looking for an app to help you keep track of your money or one that offers cashback on groceries, there is an app out there for you.
This post was produced and syndicated by Wealth of Geeks.
Featured Image Credit: Pexels.