Need Help managing your personal finances?
It’s fair to say we all need a bit of help with our personal finance nowadays. Making a budget and sticking to it is always harder than it sounds and decisions in regards to making the right investments can be a very daunting if not confusing one. However there are a variety of personal finance apps out there that can make things a lot easier.
Below is a list of the best finance apps that are currently out there to use to have you on your way to significantly improving your financial status and making better decisions with your Money.
Great for managing payments
By utilizing open banking and synchronizing your budget to your payday all whilst helping you keep track of your payments throughout the month, Emma is a great personal finance tool aimed at helping you keep on top of your finances by essentially amalgamating all of your savings accounts, bank accounts, credit cards and various investments giving you a birds eye view of your money all through a single application.
This app allows you to set budget goals which are integral to ensuring that you retain and keep as much of your money as possible and it also helps get rid of any subscriptions that you don’t need pushing you to saving even more money.
If you are someone who desires to take control of their finances all through the power of your smartphone then this app is most certainly for you and I would strongly suggest you give this app a go!
Very good for budgeting
Now, if you are a fan of setting yourself budgets (whether or not you stick to them is always up for debate) and having a concise summary of your spending (whilst weeping at the amount of takeouts you’ve had) then Monzo might be a great app for you to try. As someone who uses this app, it’s been great for ensuring I stay within my budget whilst it’s graphical user interface is incredibly easy to navigate through. It is possible to set up various ‘pots’ for saving and setting aside money for various reasons whilst making it incredibly easy and straightforward to send money to others.
You can also set up instant push notifications for when money leaves and enters your account (if you have the mental capacity to handle it) which is not only good for keeping an eye on the ins and outs of your account but also helps you keep an eye out for fraudulent payments.
Now you are probably wondering ‘Is Monzo a bank?’ Well yes, with the only difference being that it lives within your mobile device rather than branches on the street. If you would like some added security, Under the Financial Services Compensation scheme (FSCS) all of your money up to £85,000 is protected by the government so If Monzo was to ‘got to pot’ you would not lose your money.
Great for saving/spending insights
Some of us may have budgeting, saving and spending all down to a tee but there are some of us who could do with some help and insight into our finances in regards to how we could save money and spend less when possible. Very similar to Emma, Snoop also utilizes open banking but the main difference is that through it’s ‘clever robot’ it helps you to live smarter in the realms of your finances.
Through the use of insights and tips labelled as ‘Snoops’, the app carefully analyses your spending and provides insights as to whether you’re paying a high energy bill for example. It also not only suggests possibly cheaper tariffs but it can also help you switch to a new provider. The app also provides details of the latest deals with your favorite high street retailers such as discounts and offers.
To ease any security concerns you may have, Snoop is FCA (Financial conduct authority) regulated which ensures that their conduct/activity is monitored and controlled and the setup process along with the User interface make the app incredibly quick and easy to sign up and navigate through. I would definitely recommend this app if you would like a companion to help give ideas on how to get the most out of your money.
Amazing AI assistant
The thought of Artificial Intelligence can be a little unnerving especially when it comes to finances. However you might want to give Cleo a try. Essentially through the power of AI it’s like having your brutally honest but financially literate bestie by your side at all times in your phone. It provides spending breakdowns and gives you the opportunity to save towards particular goals which I guess is pretty standard across the board in the realms of money management.
However it’s unique selling point is the manner in which Cleo communicates this to you all through a messenger chat. Cleo is definitely the least robotic AI bot I have encountered on a money app but it in no way compromises on being able to efficiently provide warnings and it will most certainly tell you how it is through the ‘Roast’ function which essentially will have you rocking back and forth in the shower as it (very harshly) tells you how (really) bad you have been this month as it pertains to your spending. However if you have been financially sound it will most certainly let you know how good you are for ego stroking purposes.
Full of memes and very millennial-esque language, it’s pretty obvious who their target audience is but nonetheless it most certainly is a great tool for money management and definitely worth looking into.
Great for Investments
It’s one thing to save and be more efficient with the management of your finances but what do you do with the extra money left over? Of course there is always the rainy day fund (which is never a bad idea) but what if you could put that money aside and let it grow into something more for the future? Well Moneybox is definitely a great digital solution for this through it’s ability to effortless help you save and put those extra pennies (or pounds) to use.
Moneybox is one of the most popular round up apps around and it works by rounding up your purchases and then placing the spare money left over into an account of your choice. For example if you spend £1.50, the app will round up the purchase to £2 and will then place the extra 50p into your selected account. This could be in the form of a Lifetime ISA, stocks and shares ISA or even a personal pension.
This is a good way of setting money side for general savings or even for investments (via the stocks and shares ISA or the personal pension plan). One thing to be aware of is a small monthly cost but if you aim to literally turn your pennies into pounds from your expenditure then this app will most certainly be a good place to start ,