These free apps can help you beat back inflation

With Americans facing nearly $300 in additional monthly costs because of surging inflation, consumers are looking for ways to save money.

One way to cut grocery costs are apps such as Flipp or Ibotta, CNET Money editor-at-large Farnoosh Torabi told CBS News. 

"These are two free apps where you can store your grocery reward programs, but more importantly these apps will also tell you what's on sale and where the coupons are," she said. "The days of cutting coupons are long gone, and these apps have really replaced that behavior."

Most economists think inflation is likely to remain elevated for the rest of the year, putting pressure on households to get creative with their saving strategies.  

When it comes to cutting back on fuel costs, which earlier this month hit a record high, Torabi recommends GasBuddy, which shows the cheapest gas station in your area. Other apps for saving on fill-ups include Gas Guru or AAA Mobile. Buying the cheapest gas in town may save drivers up to 25 cents a gallon, according to GasBuddy.

Apps can also help consumers save on vacation travel expenses. As always, the best way to save is to pay far in advance for flights or car rentals and avoid booking for travel at the last minute, she said. 

"The one area in travel that I think might incentivize those who do want to play a little last-minuteness is hotel bookings," Torabi said. "There are apps, for example, like Hotel Tonight that can score you last-minute hotel deals."

U.S. Department of Treasury Secretary Janet Yellen warned earlier this month that there will likely be another year of high inflation due to market uncertainty as the Ukraine conflict rages on. 

Biden previously released millions of barrels of oil from the Strategic Petroleum Reserves to help ease high gas prices, while the Federal Reserve last week raised interest rates for the first time since 2018.