Money Management

More and more Americans are using shopping apps to help them cut costs. Find out whether a price comparison app could be saving you money. 

As inflation and high prices continue to drag on our bank account balances, many of us are looking for new ways to save money. Price apps are an increasingly popular way to find the best deals on anything from hotels to your groceries or a new TV. Per Bloomberg, almost 37 million U.S. consumers downloaded price comparison apps in the first 10 months of 2022.

That said, it’s certainly not true that everyone is using price comparison apps. According to recent PwC research, around 1 in 4 Americans use price comparison websites when checking out products they plan to buy. Over half the people surveyed use search engines, and 28% say they get information the old-fashioned way — through good old word of mouth.

Will price comparison apps really save you money?

Regardless of how many people are using price comparison apps, the real question is whether they can save you money. And the short answer is almost certainly yes. It depends a bit on how you shop and which app you use, but in many scenarios, these apps make it easy to score discounts.

Comparing prices can be a great way to cut your costs, but it can also be time-consuming. I have a friend who regularly visits four or five different grocery stores each month to get the best deals. He saves money, but it takes him four or five hours more than me to do his monthly shopping.

This is where price comparison apps come in handy. Your time has value. According to data from the Bureau of Labor Statistics, the average hourly wage is around $30. If your shopping trip takes several hours to save, say $20, that may not be worthwhile. But if an app or browser extension can do the same work in a couple of minutes, it’s a whole different ball game.

How to use price comparison apps

Price comparison apps come in different shapes and sizes. Some are straightforward web pages, while others are apps or browser extensions that you’ll need to install. Cash back apps can also be a good way to compare prices and find discounts. A lot depends on how you shop and what you are shopping for.

I tend to shop from my computer rather than my phone, especially for big-ticket items, so I prefer web pages and browser extensions. I do use my cellphone to check online prices when I’m in a physical store to see if I can get a better price, which is one area where cellphone apps can be useful. Some apps like ShopSavvy make this even easier as you can scan barcodes and price check that way. It’s worth experimenting to see what works for you.

We tested a few different apps by searching for a new pair of black adidas Gazelles — one of Vogue’s top holiday gifts for 2023. The sneakers retail on the adidas site for $100.

Price.com

Price.com searched a number of different stores to highlight the potential prices and any special offers. For example, the lowest-price Gazelles are available from Amazon at $79.85. It also shows a 10% cash back offer from the adidas website. Plus, if you’re not in a hurry, it lets you set a price alert so you can wait for the best deal.

Google shopping

Google came up with a few options, including the Amazon deal. It’s worth paying attention to the shipping costs, though — I thought I’d found a bargain with a pair at $66 until I saw the $20.90 delivery fee. Google also showed some that were a slightly different style from eBay, priced at $44.99.

Amazon

Strictly speaking, Amazon isn’t a price comparison app. But given that all roads seemed to lead back to Amazon search-wise, it makes sense to include it. Amazon lists items from a huge range of vendors and is often where you’ll find the best deals. In this case, there are a couple of options around the $80 mark and a pair at $72.29.

camelcamelcamel

While we’re on the topic of Amazon, it’s worth mentioning price apps like camelcamelcamel that have sprung up around the retail giant. Camelcamelcamel tracks prices on Amazon over time, and shows that the Gazelles were available for around $66 earlier this year. That doesn’t mean prices will sink that low again, but it’s a useful indicator.

ShopSavvy

I installed the ShopSavvy browser extension because — in theory — it will check prices while you are shopping. So, for example, from the webpage where I was looking at Gazelles on Amazon, I could click the ShopSavvy extension. It didn’t find any lower prices. It also slowed down my web searching, so I’m unlikely to keep it running.

Shopzilla

In this particular search, Shopzilla was probably the least useful comparison app. It gave me several options for used adidas Gazelles, all from the same store. If I were in the market for used items, it might be a different story.

Key takeaway

You can often save money by checking prices from different retailers, but it can also be a time-consuming exercise. Using apps can generate the same savings in seconds, so it’s worth finding out which ones work best for you. In this case, we’d have saved $20 on a pair of sneakers. If you’ve already made a list of holiday gifts, try getting in on the price app action to see how much you can save.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Emma Newbery has positions in Amazon. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.

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Mortgage interest rates are trending downward. Learn how to assess your homeownership readiness. 

Have you been wishing and hoping to become a homeowner sooner rather than later? I feel your pain — I have also been watching mortgage rates climb since early 2022 and wondering if I’ve missed the boat on getting an affordable mortgage loan. There’s been a bit of a bright spot recently, however. The average rate for a 30-year fixed mortgage loan is currently sitting at 7.44%, according to Freddie Mac — this is down from 7.79% just a few short weeks ago.

Cue the disco ball and the smoke machine! It’s time to shop for mortgage lenders and find a real estate agent, right? Well, it could be. Here’s how to determine whether the time is right for you to buy with a slightly lower rate than we’ve seen in a while.

Your finances are in order: Consider buying

I started 2022 thinking I’d perhaps buy a home in 2023, but ultimately I changed my mind about that. But what I gave up in the form of a lower mortgage rate, I gained in peace of mind and a better financial foundation to become a homeowner. Jumping into homeownership any sooner than I intend to could have ended disastrously for me (and I’ve had enough bad experiences with owning a home to last a lifetime). By waiting, I’m giving myself the chance to keep saving money, keep watching the market, and take my time choosing a lender and a real estate agent.

What about you? The factors to focus on most closely are:

Your credit scoreYour debt-to-income ratioMoney you have saved for a down payment

Your credit score will determine whether you’ll be approved for a mortgage loan, as well as the rate you’ll get. A 620 FICO® Score is considered to be the minimum for a conventional mortgage loan, but you’ll unlock a lot more savings if your score is 700 or higher.

Your debt-to-income ratio plays a role here, too, and ideally, you’ll be able to fit a mortgage payment into your monthly budget without becoming house poor (meaning all your money is going toward housing costs, to the detriment of your life and other financial goals). If you have a decent credit score and low debt, it might be a good time to buy.

The last bit of the puzzle is the state of your savings account balance. You don’t have to put down 20% on a home purchase, but your loan and monthly payments will be cheaper if you do (you’ll get to skip paying for private mortgage insurance). Aim to put down as much as you’re comfortable with — but don’t leave yourself broke! The expenses of homeownership can’t be underestimated in deciding if you can afford to buy.

Your finances are shaky: Consider waiting

But what if your finances aren’t quite so strong? Is it worth trying to buy a home now anyway, since you might be able to get a lower rate? Honestly, I say no. If your credit score could use some work or you have a lot of high-interest debt, you might not qualify for a rate as low as the average anyway. See what you can do to pay down debt and improve your credit score (and since one informs the other, you’ll see a higher score if you whittle away your debt). Then reevaluate your finances to see if it’s a good time to buy a home.

If you’re lacking savings, you might still be able to buy with a low- or no-down-payment mortgage (such as a government-backed FHA or VA loan). These programs help a lot of people who might not otherwise be able to afford a home, and if you qualify for one, they’re worth considering. However, going into a home purchase with little or no money down could see you end up underwater on your mortgage. This is when the home is worth less than you owe, and it’s not out of the question — home values fluctuate, after all. But you could be in real trouble if you need to sell in a hurry and can’t make enough on the sale to pay off your existing mortgage.

For this reason, it’s a good idea to make some kind of down payment on a home purchase. And don’t forget your emergency fund — if you have no savings when you get into a home, you’ll need to go into debt to cover an unplanned home repair.

Lower mortgage rates have a lot of people celebrating — personally, I’m hoping this is the start of a longer downward trend that has me saving a little money when I start the buying process in a few short months. But the decision of whether or not to buy remains a very personal one.

Our picks for the best credit cards

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Black Friday deals are soon to be everywhere, but how do you know if you’ve found the lowest price? Keep reading to learn about three apps that can help. 

Gone are the days when most of us thumbed through the newspaper to look for Black Friday deals. Today, we have apps for that. And the great thing about apps is this: As long as you have two or three really effective apps, you don’t need anything else to help you devise a shopping plan. Here are three free apps that are tough to beat.

1. Black Friday 2023

The Black Friday 2023 app is a compilation of the best sales out there. You can scroll through a list of retailers to find the ads you’re most interested in or type the name of your favorite stores in the search bar and check out everything that comes up under that retailer. You can also scan the “Top 10 Daily Deals,” a quick-and-dirty way to see if there are any deals surprising enough to blow your hair back.

This helpful app is available for iOS and Android phones. It’s also available through your web browser.

2. Flipp

As one of the best shopping apps, hands-down, Flipp does it all, from displaying area-specific sales flyers to cluing you in on the best deals. Flipp is also super easy to use. You allow your smartphone to auto-detect your location or manually type in your ZIP code. Once the app knows your location, Flipp gathers flyers from nearby stores. Tapping on the flame icon gives you instant access to the hottest deals of the day.

Once you become a Flipp user, it’s tough to give up. That’s because the app provides coupons ranging from 20% to 70% off regular prices, lets you clip coupons digitally, and easily integrates many retailer loyalty cards.

What’s more, it’s not just clothing and toys featured on Flipp. You can use it for everyday grocery shopping, digitally clipping coupons as you scroll through your favorite local supermarkets. But that’s not all. You’ll also be in the know about what’s on sale at your local pharmacies, pet stores, and more.

If you’re looking for an app that leaves you with enough money each month to build your savings account balance, Flipp should definitely be in the running.

Available for iOS, Android, and web browser.

3. ShopSavvy

ShopSavvy searches over 65,000 retailers to gather the best deals and give you cash back on purchases. Once in the app, you can easily compare prices of specific products across the web and then find the best deal available locally. Plus, the app checks third-party sellers and used items to help you find that hard-to-locate holiday gift.

There are several ways you can use ShopSavvy. If you’re in a store and interested in a particular item, scan the barcode to learn whether the price is lower elsewhere. Shop at stores featured in the app, or use the app’s search feature to find the stores you’re most interested in. Results are displayed in a way that makes sense — from cheapest to most expensive and nearest to farthest away.

ShopSavvy shares offers from its partners as well as product reviews. And as long as you make a purchase from a supported store, you’re eligible for cash back via PayPal or mailed to your home.

Available for iOS, Android, and web browser.

The value of these apps is how they help you find the items you need without draining your checking account. However, another perk you may find useful is how efficiently they inspire gift ideas. These apps offer hundreds of fresh ideas if you’re still determining what you’ll buy for someone. And let’s face it, as we move into the holiday season, we can use all the shopping inspiration we can get.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal. The Motley Fool recommends the following options: short December 2023 $67.50 puts on PayPal. The Motley Fool has a disclosure policy.

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It’s that time of year again. Discover a few options for spending less on a Christmas tree in 2023. 

It’s the time of year when many people look for the perfect piece of nature to bring indoors and decorate. But with higher inflation still holding steady (3.2% over the last year; while the Federal Reserve seeks to keep the inflation rate at 2%), the odds are good you’re looking to pay as little as you can for your Christmas tree.

The average cost of a real Christmas tree has more than doubled since 2012, according to a chart showcased in the subreddit r/dataisbeautiful created using data from the American Christmas Tree Association, National Christmas Tree Association, Bloomberg, and Finder. Last year, the average cost was $85, so it stands to reason that you’ll pay a little more than that this year if you head to your local tree farm and get one that way.

Another factor to consider is climate change; according to an article in Spectrum News for Central New York, this year’s hotter and drier weather has had an impact on tree farmers, and if trees are scarcer than usual, they’ll likely cost more. The law of supply and demand exists, after all.

Here’s the good news: There are a handful of ways to minimize the hit to your checking account and save at least $20 (and possibly a lot more) on your 2023 tree. Let’s take a closer look at them.

1. Buy a smaller tree

I know, I know — you want a full-sized tree, right? Well, stay with me here. A smaller tree won’t just be cheaper in money, but it will also take less time to decorate, and if you have pets, having a tree that fits on a small table or a shelf can save you a lot of space and hassle. (Trust me on this — I have cats.) But as far as the money goes, I hopped over to the Target website to see how much small artificial trees are going for.

Among Target’s selection of two- and three-foot artificial trees, there are many attractive and well-reviewed options for under $60. If you’re willing to go small, savings can be yours. The same is also true of a real tree, if you opt for a farm that charges by the foot.

2. Head to a national forest

If you’ve got a pioneering spirit and want to recreate the opening scene of National Lampoon’s Christmas Vacation (without the mayhem), you can purchase a permit to go cut your very own Christmas tree in a national forest. Head on over to Recreation.gov first to find a forest near you. many are scattered throughout the Western states, but even East Coasters like yours truly have a few options.

Closest to me is the Green Mountain National Forest, in the beautiful state of Vermont. I could pay $5 (plus a $2.50 reservation fee) for a permit and be allowed to cut down two trees up to 20 feet tall! That is an absolute steal in exchange for doing the heavy lifting (but also getting a pretty drive). Just $7.50 and your sweat equity for a Christmas tree — imagine that.

3. Go all in on artificial

I mentioned artificial trees earlier, but now we’re going to take a deeper dive. It’s likely that you will actually spend more, rather than less, for the upfront cost of a nice artificial tree. For example, you can score a 7.5-foot pre-lit Amelia pine artificial tree at Home Depot for $299. This tree is well reviewed, and if you take care of it (meaning, pack it up carefully every year and store it in a safe place), it’ll last for years.

You may prefer a tree without lights, however, as the fewer bits there are to break, the less likely it is you’ll need to replace the tree before its useful life is over. If so, you can score a well-reviewed unlit 7.5-foot Dunhill fir tree for $227.99.

Let’s say the average cost of a real tree is $90 this year. If you keep your Dunhill fir for three years or your Amelia pine for four years, you’ve saved money ($228 or $299 versus at least $270 to $360; everything else is going up in price, and we already know Christmas trees have more than doubled in cost in the last decade).

The winter holidays are an expensive time of year, and you may be resigned to a higher credit card tab with all the spending you’re doing. But when it comes to your Christmas tree purchase, consider thinking outside the box to save money.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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If you’re going to try to nab a sign-up bonus, you might as well do so at a time when your spending is likely to increase. Read on to learn more. 

The upside of using a credit card is getting rewarded for the purchases you’re planning to make. And in addition to the regular credit card rewards you can rack up on an ongoing basis, some cards also offer a sign-up bonus when you first open your account.

Usually, with a sign-up bonus, you’ll get a lump sum of cash back in exchange for meeting a specific spending requirement. For example, you might get an offer of $250 cash back for spending $3,000 within three months of opening your new card.

In some cases, though, a sign-up bonus can be hard to snag. If you’re someone who typically spends $750 a month on essential expenses and tries to limit spending outside of that, you’re talking about racking up $2,250 in credit card charges over a three-month period. If you need to spend $3,000 to claim your sign-up bonus, that may not happen — unless, of course, you expect to do an unusual amount of spending.

Such is likely to be the case for a lot of people during the holidays, though. And that’s why now’s a great time to chase a sign-up bonus.

When it’s easier to meet a spending requirement

Consumers celebrating the winter holidays expect to spend an average of $875 on gifts, decorations, food, and other key seasonal items, according to the National Retail Federation. So going back to our example, let’s say you normally spend $2,250 on your credit cards over a three-month period on essential expenses. If you expect to spend another $875 on top of that on holiday purchases, that gets you to (and even pushes you past) your $3,000 target.

Also, a lot of people tend to travel for the holidays. The bad news is that travel during this time of the year can be expensive. The good news is that you might have no problem snagging a sign-up bonus if you’re charging expenses like airfare and lodging.

Don’t land in debt on the road to a sign-up bonus

It makes sense to go after a sign-up bonus at a time when your spending is expected to increase. But one mistake you don’t want to make — during the holidays and in general — is overspending just to claim your sign-up bonus. What you gain in the form of cash back, you might lose in the form of costly interest, not to mention damage to your credit score, which can happen if you carry too large a credit card balance relative to your total spending limit.

Of course, there are exceptions to this rule. Let’s say you can afford to spend $2,900 over a 90-day period to get your sign-up bonus, but you need to carry your remaining $100 balance forward a month or two. If you’re getting $250 back from your credit card company, you can use that money to pay off that $100 balance plus whatever interest has accrued on it over that brief period, and you’ll still be ahead financially.

But you don’t want to carry a multi-thousand-dollar credit card balance forward to claim a sign-up bonus. If you rack up a $2,000 balance to snag a $250 sign-up bonus and it takes you two years to pay it off at 20%, you’ll end up spending $443 on interest. That’s more than your $250 bonus cash, which means you lose out financially.

All told, it’s a good idea to go after a sign-up bonus during the holidays if you’re planning on extra spending and know you can afford that extra spending. But if that’s not the case, then you’re better off passing on that sign-up bonus and setting priorities to avoid overspending on holiday expenses.

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If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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