It’s hard to save money living in Boston.
With average rent hovering around $2,458 per month, and groceries and healthcare running 26 percent above the U.S. average, Boston has certainly earned its reputation for being an expensive place to live. In fact, the overall cost of living in Boston is over 39.7 percent above the U.S. average. Woof.
Luckily, with its thriving fintech scene, Boston has also generated quite a few startups geared toward helping you save money. Here, we’ve rounded up five to keep on your radar.
What they do: Goji is changing the way people shop online for auto and home insurance, making it easier for them to quickly compare and buy the right policy at the best price. Goji personalizes the insurance shopping experience but doesn’t sell or push one brand of insurance.
How you’ll save money: Consumers often feel they aren’t getting a fair deal when buying insurance, but Goji’s representatives aren’t salespeople; they’re licensed insurance agents who tailor each quote to fit your needs.
What they do: Think of AlphaPack as your own financial advisor, managing your wealth better than any professional could. Through AlphaPack, an automated investment adviser creates a portfolio that’s tailored to your values and finances, providing advice that could improve your financial outcomes.
How you’ll save money: Financial planning generally seems boring and scary, so AlphaPack focuses on your goals. To do this, they capture a holistic view of each user and provide personalized advice that’s easy to understand and apply.
What they do: BeFrugal.com is a website centered on frugal living. It features cash back, coupons, deals and bargains, in addition to web-based tools that help consumers save money.
How you’ll save money: BeFrugal’s free cash back offering launched in 2011 to save shoppers more money and reward them with cash back for certain online purchases. BeFrugal now offers an average of seven percent cash-back on purchases, which can be combined with their free online coupons for extra savings on individual purchases. Today, the company works with over 4,000 cash-back stores and provides coupons to 50,000 stores. Since launching in 2009, BeFrugal has saved shoppers more than $25 million dollars.
What they do: Uplift's online marketplace identifies and connects consumers with the financial tools and products they need to meet their specific financial needs.
How you’ll save money: The world of credit is a complicated one, but Uplift can help consumers strengthen their financial health. Uplift users can access information about their credit at any time, as well as use tools to help them budget, choose a credit card, save and more.
What they do: Covestor matches your portfolio to the portfolio of a money manager who invests their own money in the portfolio they offer, so you can be sure your best interests are their best interests. This results in a much easier and smarter way to invest.
How you’ll save money: Always wanted to invest but need some guidance? Covestor will give you unlimited access to a talented and vetted lineup of investors in their marketplace. If you don’t feel like your portfolio manager is a good fit, you’re always free to switch portfolios without fees or penalties.
Photos via Shutterstock
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