5 Best Money Management and Budgeting Apps
Is sticking to a budget a struggle?
Is your money management all over the place, or do you simply not have the time?
Smartphones give you the ability to get your finances in order from the comfort of your couch. Using the latest money management apps can help ease the chore that is organising your finances.
Here are 5 of the best budgeting apps to take away your money worries…
Emma
Cost: Free, Emma Plus – £4,99 monthly/£41.99 annually, Emma Pro – £9.99 monthly/£83.99 annually
Emma allows you to sync all your current bank/credit card/investment providers into one app, so you can see all your finances in one place. Track your spending by inputting your total monthly income – the app suggests a budget and analyses your purchases and subscriptions so you can easily view where your money goes. The clear layout allows you to see which purchases are necessary and which can be avoided, saving you time and money!
Pros:
Connects to most major banks such as Barclays, Lloyds and NatWest, as well as app-only banks like Monzo and Starling.
Bank-grade encryption, ensuring your data is kept securely.
Emma does not share your data with third-party apps.
Helps you manage your subscriptions and gives comprehensive analysis of your spending.
Cons:
The unpaid features can be limiting, pushing you to purchase Emma Plus or Pro.
You can’t receive cashback on the unpaid version of the app.
Expensive additional features compared to other money management apps.
Plum
Cost: Free, Plum Plus – £1 monthly, Plum Pro – £2.99 monthly, Plum Ultra – £4.99 monthly
Plum combines money management with artificial intelligence by helping you create a bespoke spending report and automatically saving the right amount of money for you each month. Plum makes saving easier by creating schemes – such as the 52-week challenge (for Pro users) – that encourages you to save every week, starting from £1 and increasing by £1 each week. The app is unique in its use of automation and allowing users to save for their retirement with the app’s Self Invested Personal Pension (SIPP). Plum caters money management to you, allowing you to change your saving habits based on how you’re feeling on any given day!
Pros:
Earn up to 0.40% AER on your savings with FSCS protected Interest Pockets.
Easy, flexible savings management with AI automations and pension plan.
Cons:
You can only invest using the paid version of the app.
Investing chargers are expensive when investing a small amount of money.
Snoop
Cost: Free
Snoop aims to keep all your finances on one app, like Emma. The app suggests ways for you to save money by notifying you when you are overpaying on bills and purchases and providing you with a handy discount code finder. Snoop makes sure you are getting the best deals on your energy bills by allowing you to compare and switch energy suppliers in the app.
Pros:
Completely free of charge.
Unique discount/voucher code finder.
Cons:
Sells your data to third-party companies.
Not as effective for budgeting as other apps.
Koody
Cost: Free, Koody Pro – £1 monthly/£10 annually
Koody offers a simple approach to keep you on track of your finances. Unlike others, this app doesn’t allow you to connect your bank accounts, but instead you’ll have ability to take a picture of your receipts and store them for future reference. Koody also allows you to input monthly spending limits for groceries, rent and bills, as well as more customisable categories such as takeaways – helping you stay on top of your spending habits.
Pros:
You can keep track of your spending without linking your bank accounts or crypto wallets to the app.
Since you don’t have to give away your bank details, the app is safer.
Cons:
Doesn’t allow you to connect your bank accounts.
You can’t pay or withdraw money.
Moneyhub
Cost: £0.99 monthly/£9.99 annually
Moneyhub seeks to combine all you bank accounts into one open banking app, making it easier to manage your budget and spending. The app supports most UK banks, including app-only banks such as Monzo and Starling. A large selling point of Moneyhub is the ability to connect to a financial advisor through the app, providing you with expert money management advice to stabilise your finances. By adding in large payments such as rent or holidays, the app gives you a financial forecast and allows you to plan for the future!
Pros:
Won’t sell your data to third-party companies.
Make payments between your accounts in-app.
Financial adviser feature.
Cons:
No free version.
Limited in the number of linkable banks, compared to other apps.
Use your smartphone to take control of your finances!
With the use of smartphones and money management and budgeting apps – like the ones mentioned above – you can take control of your finances, develop a budget, clean up your spending habits, and start saving.
Instead of going through the hassle and cost of hiring a financial advisor or accountant, you can manage your finances through your own mobile phone. Apps like Emma and Plum, provide money management and budgeting advice for free. With a smartphone you are well on your way to being responsible with your finances.
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