The Top 5 Apps for Money Smart Millennials
There are way too many articles talking about millennials and how we’re piling on too much debt (i.e.: avocado toast). What people aren’t talking about is how we’re actually being smart with our hard-earned cash.
Yes, it’s true, we love to spend on Starbucks lattes, Instagram-worthy outfits, and the next revolutionary Korean beauty face masks. To balance it out, our tech savvy generation is always aware of the the latest and greatest apps that help us to earn free money, manage our spending, and save on purchases.
So for you non-millennials, here are the hottest apps we’re using right now that reward us for buying our latest Adidas kicks.
Say hello to free money! Drop allows you to collect points on top of your existing rewards program on everyday spends. All you need to do is link your debit and credit cards and you’ll seamlessly be rewarded for shopping at your favourite brands like Tim Hortons, McDonalds, Uber, Sephora, and more. Instantly redeem your points for gift cards at Amazon, Starbucks, lululemon, and Apple.
Shopping for groceries making you dread spending too much? Or do you end up buying unwanted items? Use Checkout 51 to earn cash back each time you get groceries and save money on every purchase you make. As well, keep an eye out on their daily offers to see which items you can earn extra savings on.
Want an all-in-one app that keeps track of your bills, daily expenses, investment, and more? Mint does all that. With its extensive array of services, Mint keeps track of your money and lets you make smarter decisions regarding your expenditures. Based on your spending habits, Mint can even let you know where and how you could save money.
Another reward point-based app, but specifically for those looking to stay fit. Carrot offers points for your existing reward programs like Scene, Petro-Points, Aeroplan, and more. Designed to help you make healthier life choices, you only get points if you complete their daily step challenges and health trivia questions. Bonus: it’s compatible with Fitbit, Apple Healthkit, and Google Fit. For those who live in Vancouver and Toronto, you can get rewarded even more for being fit by downloading Biko. You get points for every kilometre you pedal.
The smart and simple way for you to invest in your future. Wealthsimple is an easy to use robo-advisor that creates and actively manages your portfolio based on your personal risk tolerance. The app allows you to quickly review your portfolio performance, see how your money is being invested, and seamlessly manage your deposits. Pro tip: Sign up for Wealthsimple through Drop for $75 in extra cash!
Many of these apps are not only disrupting industries, but are also making it be super easy to be smart with your hard-earned cash. As millennials, we’re always on the hunt for convenient, seamless experiences from apps that help manage our daily lives and justify our sometimes, unscrupulous spending habits.
About the Author
Derrick Fung is a serial entrepreneur who is currently the CEO of Drop. Prior to Drop, Derrick founded music platform Tunezy which was acquired by SFX Entertainment in 2013. He graduated from the University of Toronto with a Business degree, and upon graduating, Derrick worked at CIBC World Markets, where he was a forex trader. It was during this time that he also started working on Tunezy with a former classmate and co-founder, Brandon Chu. In 2014, Derrick was listed on the Forbes Top 30 Under 30.
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