One of the most popular areas of innovation this year has been within the budget tech sector. With inflation continuing to soar globally, many of us are looking for better ways to manage our money, shop and cut costs where possible.
Figures from Businessresearchinsights show that the global budget apps market size is anticipated to be 331 million euros by 2030. Not just apps but money-saving websites and various gadgets are growing in popularity, helping people curb their spending. A report from McKinsey shows we are all embracing e-commerce, stating that by the end of 2023, 73 percent of consumers had paid for something through a website or browser on a phone or computer after shopping around.
Budget tech
The pandemic was undoubtedly the key driver in the growth of tech that continues to teach people to manage and spend money more responsibly. An after-effect of COVID came with a tidal wave of inflation, meaning many consumers have turned to various innovation solutions to help combat the bills and help them get more bang for their buck.
With that in mind, we looked at some of the latest and greatest innovations to help you cut costs and save a few euros while you’re at it!
Spendee
Spendee is an app which connects to your bank account, meaning it assesses all incomings and outgoings. The basic version, which is free to use, features shared wallets for family and friends, and a utility bill tracker that alerts you when bills are due. You can also access the Spendee app offline and keep tabs on how much you are spending and exactly where you are using your money. It’s uber handy in that it also produces spending graphs, so you can use data to analyze outgoings and better understand your financial habits (regardless of how good or bad they are!) It’s available to download on iOS and Android and has a free and paid for version.
HUGO Energy
Moving to one of the bigger household expenses, energy. With the cost of electricity rising and falling and gas falling behind, why not turn to a smart meter app such as HUGO Energy? Available on iOS and Android, the smart energy app connects to most smart meters, collects energy usage and presents it to users in an easy-to-understand and interactive form. It’s free to use and helps you set budgets to keep spending on track. What makes it extra useful is its ability to send you automatic alerts when you reach the end of your energy budget. Thousands of people globally use this tool to create and share tips for saving energy with others. A truly electric concept!
Free stuff finder
Budget tech: With more of us being ‘price aware’ when it comes to clothes and grocery shopping, bargains are always welcome. The Free Stuff Finder website is a national savings and deal community that locates the latest deals, coupons and freebies from some of the world’s largest retailers. With thousands of users and over 50 new deals each day, you simply need to register and input your location, and the platform will then advise you of the best deals for you within the nearest distance. Catering for basic to hardcore coupon holders, it aims to ensure most people never pay full price on everyday essentials. It also directs users to other money-saving apps and websites, giving them more bang for their buck.
YNAB (You Need a Budget) app
An app that aims to help you better tackle your finances, YNAB is a tool that provides an all-in-one solution to help you organise, manage, plan expenses and wipe debts clean. Aimed at digitising budgeting for users, one of its strengths is its ability to design and share a financial plan with family and friends, making it great for larger purchases such as holidays, cars and household expenses. Available on Android and iOS, it has free and subscription versions and has been hailed as the go-to money management tool.
Receipt hog
Latest innovations have meant that cameras are no longer used just for taking selfies but also for tracking expenses. Receipt Hog is a clever, free-to-use app that helps you earn money as you spend in a wide range of stores. Simply sign up, use your camera to take pictures and answer questions about your shopping trip to earn cash back. What makes it more applicable to those watching their pennies is that it stores all of your receipts in one place and features a tracker. This enables users to budget more easily and have copies of their receipts for refunds or exchanges. Cash rewards earned come from PayPal, Visa, Amazon, and Receipt Hog, which can be used in a plethora of grocery stores, restaurants, gas stations, and convenience stores. It’s free to download and available on Android and iOS.
Visualping
Another must-use website for bargain hunters is Visualping. This clever price monitoring tool enables users to keep an eye on products, online stores and websites, providing alerts when a price drop or sale is announced. You just need to copy and paste the product URL or webpage into the Visualping site. You then indicate which section of the page you would like to price monitor and specify how frequently you would like the page to be monitored. Visualping’s clever software will email you notifications on any price adjustments, including an increase or a decrease in cost. This free-to-use website, which has over two million users globally, ensures you never pay full price for your favourite items in a cost-increasingcost-increasing world.
