Being wise with your money and knowing how to save is essential for living a debt-free life. But with our busy lives, scouring deals and cutting coupons may be more trouble than it’s worth.

So how can you save money and reduce your debt without spending hours at the kitchen table cutting out 50-cent-off coupons?

There are more practical systems available to us with apps and smart phones. Without further delay, here are the best debt reduction and money-saving apps for 2020.

1. Joy

Joy is a personal finance app to help you save money in a unique way. It asks you to rate your recent transactions as “happy” or “sad.”

It also connects directly to your bank account, in a FDIC-insured Joy savings account separate from your regular checking and saving accounts. The free app analyzes your financial situation to calculate how much money you can safely put away each day.

While other apps automatically transfer money into an account for you, the Joy app will simply send you a notification to transfer the amount they’ve recommended. You will need to make the decision every day whether to put the money into a savings account or not.

One of the best things about Joy is that it allows you to see which transactions are bringing you joy or not, forcing you to really think about your purchases and savings. Plus, it feels great putting away a little each day into an account that is mostly out of sight. When you finally do check your Joy savings account, you’ll be surprised by what you find.

2. Chime

Chime is a mobile-only, FCIC-insured bank with no monthly fees or minimum balance. Like Joy, Chime will transfer money to a separate savings account. Unlike Joy, however, it does this automatically every month (if you choose to add the feature).

There are two features you can choose to help you save:

  1. Automatically transfer 10% of your paycheck into your Chime savings account.
  2. Automatically round up all Chime Visa debit card purchases to the nearest dollar and deposit it directly into your savings account. For example, if you buy a drink that costs $2.50, Chime will automatically deposit 50 cents into your savings account.

The Chime app is highly rated. You can set up direct deposit (and get access to your pay two days earlier), transfer money, find an ATM, and review recent transactions. There are also no overdraft fees! Chime will simply decline the purchase.

3. Honey

Honey started out as a browser extension and most people use that, but they also have an app called the Honey Smart Shopping Assistant.

If you haven’t been online shopping with the Honey extension, you’ve been missing out on a lot of deals. All you have to do is click on the link above to install the browser plugin. Then, whenever you visit an online retailer, the Honey app tells you what codes and coupons are available. Just click on the extension and you can see how many coupon codes are available. It also automatically adds coupons to your shopping cart order for instant savings.

While you may be able to find better coupons and promo codes with your own research on sites like SlickDeals and RetailMeNot, Honey is great for those who don’t want to be browsing all day testing out various codes and coupons. It does the searching for you.

To top it off, you earn “Gold” every time you use the Honey app, which you can eventually redeem for free gift cards.

Honorable mentions:

FREE Debt Relief Consultation

For personalized advice on saving money and getting out of debt, contact DebtBlue for your free, no-obligation consultation. Our team of certified debt specialists can help you make the best decision for your unique situation.