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Nathan McAlone
Updated
2016-09-06T14:04:00Z
Even if you aren't a broke millennial, there's no reason you can't save money like one.
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With the rise of smartphones, there are now a bunch of ways to cut costs by embracing a more mobile lifestyle. There are apps that will let you invest with no fees and subscriptions that can helpyou rack up big discounts on everyday items like food. There is also a wealth of entertainment you can get without breaking the bank.
Here are 14 of the best ways to save money the way cost-conscious millennials do:
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Pick a checking account that refunds 100% of any ATM fees.
In 2016, there are plenty of options for free checking accounts that will refund any ATM fee you run into. This feature was popularized by online banks — like Ally—but now a slew of banks offer it. Being able to grab cash at any time without a second thought can save you time, money, and stress.
Check the Hopper app to minimize your flying expenses.
Hopper is an app thatanalyzes billions of flights and gives you data-driven advice on both when you should fly and when you should book your ticket — in order to minimize costs.
The app claims to have 95% accuracy in predicting flight prices and will monitor fares 24/7 to alert you when a good deal comes up.
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Use the Honey browser extension to see if there are available coupons any time you shop online.
Honey is a browserextension that automatically searches for coupon codes and sales whenever you are checking out online. All you have to do is click the Honey button, and it will search the web to find and apply coupon codes to your shopping cart. It takes no extra work on your part and can save you money.
Sign up for every "first order" bonus on apps.
Signing up for "first order" bonuses on apps is a no-brainer. Unlike "free trial" periods, you usually don't have to remember to unsubscribe from the service before getting slammed with a huge bill — though you should still always check. Restaurant delivery, alcohol delivery — any delivery, really. Many emerging categories of apps get into price wars with each other, so reap the benefits. You can always just delete them.
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Trade stocks without paying any fees with Robinhood.
Robinhood is an app built around one promise: no-fee stock trading. It launched in December 2014 and quickly became a favorite among younger people looking to invest without paying $7 per trade. Since its launch, Robinhood has facilitated over $2 billion in transactions and saved its customers an estimated $70 million in trading commissions, according to the company.
The app itself is stylish and simple, a big part of why it won an Apple Design Award. It makes stock trading cheap, intuitive, and mobile.
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Get free two-day shipping plus a growing video library with Amazon Prime.
At $99, Amazon Prime might seem like a lot up front — although it's $49 per year for students — but it really works out to only about $8 per month. And with that $8 you get free two-day shipping on everything. If you don't live near a big shopping area, the savings can add up over time, especially since you can find most any kind of item you could ever want on Amazon.
And Amazon is making serious strides in upgrading its video section to compete with Netflix, producing its own shows and movies, as well as stocking a surprisingly quality library of licensed content.
Price: $99 per year
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Buy organic foods for 25% to 50% off with Thrive Market.
Thrive Market is a website and app that functions like Costco for organic food and natural products. For a $60 annual membership fee, you can get 25% to 50% off what you would pay at the likes of Whole Foods. If you routinely buy organic, you should definitely check out Thrive Market's 30-day free trial — just remember to cancel if you don't like it).
Price: $60 per year
Sign up for smartphone alerts for your credit cards so you remember to cancel subscriptions.
Free trials and introductory offers can be great for saving money, but when you forget to cancel and get hit with a yearly membership fee, it's not pleasant. One way to avoid this is by setting up phone alerts for when something gets charged to your credit cards. You can even put aside one credit card that you use for subscriptions and trials so you aren't always getting alerts on your phone when you buy things.
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Bask in the golden era of free podcasts before they start charging.
While there has been buzz about a "Netflix for podcasts" subscription service for a while, none has, so far, made it mainstream. All the best podcasts are free and the quality has gotten outstanding in the past year or two.
And for an enhanced experience, ditch Apple's standard app and go for Overcast. Overcast gives you free access to features like "smart speed," which takes away pauses to speed up the podcast.
Overcast, Price: Free (iOS)
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Ditch your expensive cable subscription by using strategic password sharing (just check the terms first).
Twenty-five percent of millennials have never paid for cable, according to BI Intelligence, and ditching your $100-plus bill can be a great way to save money. The problem is that to get all the content you want, you usually still have to subscribe to a bunch of standalone services: Netflix, Hulu, Sling TV, HBO Now, etc. It can add up.
The way to get around this is strategic password sharing. Most services let you have a certain number of streams or users at once, depending on the plan, and splitting your subscription costs with roommatesor family can really limit your expenses.
The trick is to check the terms of use, manyof which explicitly allow multiple users who live at the same address to use the same account. Spotify has a two-person planthat is $14.99 per month, and a three-person one that is $19.99 per month.
And Netflix's CEO Reed Hastings has said he seespeoplesharing Netflix accounts as “a positive thing,” according to TechCrunch.
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Try the Couchsurfing app to completely eliminate hotel expenses when you're traveling.
Couchsurfing is the ultimate lodging tool for anyone on a shoestring budget. The app connects people who want to crash on someone's couch — or spare room — with someone willing to host them for free.
Gifts are appreciated, but no money ever changes hands. The worldwide community has over 10 million members and functions on the goodwill of its users. If you've never tried it, it is a remarkable feat that this type of community is possible.
Stop getting ripped off on glasses by getting Warby Parkers.
The market for consumer glasses has historically been a complete racket. There is no reason you should have to pay $400 to get a stylish pair of frames —plus more for lenses. Warby Parker sent shockwaves through the glasses industry with its $95 all-inclusive, no-insurance glasses that you could try on free through the mail. And they look pretty cool to boot. Now established players are rolling out similar deals, but Warby Parker is still leading the pack as far as value.
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Take advantage of free e-books.
There are lots of options for getting a cheap e-reader — you can even just install an app on your phone — and once you've done that, there are tons of free e-books floating around online you can stock up on. The old standby is Project Gutenberg, which houses all the classic books you could want. But an option people sometimes overlook is being able to "rent" e-books from your local library on your Kindle or other device. You can usually download them from the comfort of your home, and then read them for a few weeks before the files disappear.
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Use apps like Acorns to invest your spare change.
Investing your spare change can add up over the long term, and there are a few apps out now that help you get started. A well-designed option is Acorns, which lets you plunk a few dollars at a time into low-cost exchange-traded funds (ETFs) — you pick how much risk you want. After you connect debit or credit cards, you can set Acorns to "round up" your purchases and invest the difference — if you spend $8.46 on lunch, Acorns will invest the $0.54. You can also just put any amount of money into your ETFs if you want.
Price: $1 per month on accounts less than $5,000, or 0.25% per year on those over(iOS, Android)
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