Stop Using These 7 Notorious Apps in 2023: They’re Making You Poor
In today’s digital age, the convenience of apps has revolutionized how we live, work, and play. Yet, not all apps are created equal.
Some can be a drain on your finances without you even realizing it. As 2023 unfolds, here’s a list of notorious apps that might be making your wallet lighter without offering real value in return.
1. Instant-Loan Apps
Example: QuickCashNow, InstantBorrow
Gone are the days when obtaining a loan required a visit to a bank. Now, with just a few clicks, instant-loan apps promise quick money. However, many of these come with exorbitant interest rates and hidden fees. Often, users get trapped in a cycle of borrowing and debt, with the convenience of the app disguising the financial pitfalls.
Recommendation: Before taking a loan, always read the fine print. Consider traditional lending avenues or consult a financial advisor to understand the best borrowing options for you.
2. Vanity Augmented Reality (AR) Shopping
Example: VirtualFit, MirrorMeFashion
These apps offer an enticing AR experience, allowing users to virtually try on clothes, shoes, or accessories. While innovative, the ease and allure often lead to impulse purchases, many of which users later regret.
Recommendation: Use these apps for fun or to decide on styles, but make purchasing decisions with a clear mind and budget in place.
3. Subscription Sneakers
Example: MonthlyAppBox, PrimeDailies
These platforms lure users with free trials or premium features, but then initiate monthly subscription charges. Many users forget about these subscriptions, leading to months (or even years) of unnecessary payments.
Recommendation: Regularly review your bank and credit card statements. Cancel subscriptions you no longer use or need. Consider using subscription tracking apps to keep an eye on recurring payments.
4. Gamified Investment Platforms
Example: StockRace, InvestoPlay
Making investments can be a sound financial decision, but gamified platforms that encourage frequent trading and betting on stock movements can be dangerous. They often lead to uninformed decisions, driven more by adrenaline than sound financial reasoning.
Recommendation: If you’re serious about investing, opt for platforms that offer educational resources and consult with financial experts. Remember, long-term, informed investing usually trumps short-term, impulsive moves.
5. Ad-driven “Free” Games
Example: CandyFarm Saga, BattleMoney Royale
While they’re free to download and play, these games often come packed with advertisements, pushing in-app purchases or luring users to other money-draining apps. Players can end up spending significant sums on virtual goods or upgrades.
Recommendation: Set spending limits on your app store accounts and regularly review purchases. Remember, while in-game purchases can enhance your experience, they rarely offer tangible, lasting value.
6. Ride-Hailing Apps
Example: Uber, Lyft
There’s no denying the convenience of hailing a ride with a few taps on your smartphone. However, the costs of frequent use can accumulate rapidly. Additionally, during peak times, surge pricing can make even short trips unreasonably expensive.
Recommendation: Consider alternative transportation methods like public transit, biking, or carpooling. If you must use ride-hailing services, try to avoid peak hours or use apps that allow you to split the fare with others. Setting a monthly budget for ride-hailing can also help keep costs in check.
7. Food Delivery Services
Example: DoorDash, Postmates
While it’s delightful to have your favorite meal delivered to your doorstep, the convenience often comes at a hefty price. Between delivery fees, service charges, and often-inflated menu prices, you could end up paying significantly more than if you were to pick up the food yourself or cook at home.
Recommendation: Treat food delivery as a luxury rather than a routine. If you find yourself frequently resorting to delivery, consider meal planning or batch cooking. When you do order out, opt for pick-up or dine-in deals which often bypass the additional fees associated with delivery.
Apps are designed to be enticing — that’s their nature. However, by being informed and cautious about which ones you use and how you use them, you can enjoy the benefits of the digital age without jeopardizing your financial well-being.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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