One-time New York gubernatorial candidate Jimmy McMillan publicly commented on the state of the economy in the state, saying the rent is still “too damn high.”
We agree.
After seeing falling costs by as much as 20% in urban areas like Chicago in 2020, rent prices have come back with a vengeance.
For some, it’s challenging to get their rent paid in full every month, and still take care of the rest of their living costs. Over the last 30 years, rent prices have grown by 149%, while income grew only 35%.
“We call that combination stagflation, when there stagnant wages and salaries combined with high inflation,” analyst Donetha Doe said in an interview.
Rent prices have doubled in at least 25 of 50 of the most populous U.S. cities, with costs tripling in Nashville and San Antonio.
That double-digit hike is even more painful since inflation hit a 40-year high because of higher gas prices.
With everything being so expensive, it’s easy to suggest making more money. But rising work burnout rates, we’re posing an alternative: assess the money you already have and spend it more wisely.
Here are a few apps that can help you do just that.
01
Truebill
This incredibly helpful
app not only keeps track of all your big bills (rent, utilities and credit card payments) but also paid subscriptions like streaming services, late fees etc. Taking it a step further, this app can do the work of negotiating high bills down, and canceling underutilized apps to save you money over time.
They also have a function that autosaves money on your behalf as well keep track of potential investment opportunities.
02
Honeydue
This app is perfect for couples looking to get on the same page with their finances.
Honeydue analyzes both partners’ spending habits and allows for bills and other responsibilities to be divided equally.
And now the app recently announced its joint bank account service that includes free ATM access, a debit card for both partners and no monthly fees or minimums.
03
Splitwise
Splitting the cost of rent, utilities and other household costs between a group of people is not easy
Splitwise can help. It’s a tool that easily divides everyone’s financial responsibilities in a way that makes sense. The app is also integrated with Venmo and Paypal, making a transfer of funds easy.
04
Acorns
Acorns is a great way to start investing without giving much thought to the process.
The app will automatically invest your spare change once connected to your banking account, and it has analyzed normal spending patterns. It may not seem like a lot, but rounding up every purchase adds up fast. This can lead. to some major gains in the capital markets over time.
05
Our Groceries
Grocery prices are sky high, so every dollar spent should be allocated wisely. The Our Groceries
app is a great tool to add to your arsenal. The app allows multiple users share a grocery list as a group, and can add and cross off items as they shop for them.
06
Digit
Much like Acorns and Truebill,
Digit makes saving easy. This handy app takes a look at your spending habits and rounds up changes to save in digital savings.
You can instantly transfer to your banking account and even set it up so the savings can go toward a significant debt, like a credit card bill or student loan.
07
You Need A Budget
YNABwa launched in 2004 and has been heralded as one of the best on the market. YNAB not only allows individuals to create a financial plan, but also can helps grow your savings. According to them, the average new user saves more than $600 in the first two months of use and $6,000 in the first year.
