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Most of us are looking to pinch some pennies at the moment. But it can be difficult right? Well, if you are someone who struggles to budget effectively, budgeting apps can help you stay on track and reach your savings goals.
There’s a lot of budgeting apps out there and some of them are better than others. So, here are five of our favourite budgeting apps out there!
Monzo is a lot of people’s favourite budgeting app.
Since it launched in 2015, the digital bank has taken the personal finance world by storm. Over 6 million people now have a Monzo account. Do you?
The app offers what it calls “full financial visibility” – this means you can see all your other bank accounts and credit cards in one place. With this information, Monzo can help offer you personalised budgeting and saving help.
Monzo will also notify you of any upcoming direct debits you have and will warn you if any of the amounts are increasing so you can plan accordingly.
If you are new to the app, Monzo are currently offering £5 for FREE just for joining with them!
Tap here to download Monzo.
Chip is another great app that you can actually use to budget, save and invest!
Once you’ve securely linked your bank account, you can move money easily between the app and your account and start saving more.
The app also allows you to create separate money pots and goals, so you can create sinking funds or ‘pots’ for certain expenses – like buying Christmas presents for example.
One of the best features about Chip (in our opinion at least!), is the automatic saves. You can set the level you want to commit to saving and then you can sit back, relax, and let the app do the rest.
Chip calculates the amount to transfer into your in-app savings account based on how much is currently in your bank account. Using this feature, you can save over £100 a month without having to stress about it.
Tap here to download Chip.
Moneyhub is on a mission to improve your financial wellbeing.
The app has lots of features, but at its core, it is a money management app. It uses open banking to combine information from all of your bank accounts, savings accounts, investment and credit cards.
You can get insights into all your savings, and spending habits. Meaning, this budget app can help you track all your spending and spot where you need to make changes!
It’s worth noting that Moneyhub does charge a subscription fee. Although, you should be able to access a six month free trial so you can see if it’s right for you before committing to it.
Tap here to download Moneyhub.
Monese is a great budgeting app if you like to travel – which may be useful for a lot of us over Summer!
To help you while you’re on your travels, you can open online money accounts in multiple currencies. This means you can spend abroad like a local.
You can also transfer money for free between Monese accounts, regardless of the country or currency.
Monese offers on-the-spot accounts, instant top-ups and real-time spending notifications.
It has an in-app credit builder, which can also help you improve your credit score while you save more money too.
Currently you can get 1.5% cashback on the first £2,000 worth of qualifying card payments you make for the rest of 2022 – that’s a significant sum to add to your savings!
Tap here to download Monese.
Founded by two women, Juno aims to give women and non-binary people the financial knowledge and confidence to build their wealth.
It offers short, expert lessons about money on the topics you want to know but never got to learn about at school.
Your Juno has created a community of women and non-binary individuals who want to get clued up about their finances.
The budgeting app will help you build an emergency fund; save more; build passive income; get out of debt; and buy your first home, among other financial goals.
You may even spot a familiar face on the app too…
Tap here to download Your Juno.
Hopefully one of these five budgeting apps will be right for you. Do let us know how you get on with them! If you feel like you could do with further budgeting tips, check out the All Things Money podcast today!
The All Things Money Podcast is a personal finance podcast designed to help kickstart your personal finance journey.
Join me for light-hearted and chatty conversations as I cover a wide range of personal finance topics we weren’t taught at school from budgeting, saving, investing and everything in between!
