Taking control of your finances is a common new year’s resolution, but some of us might need a little help to get our 2024 finances on track. If this is the case, don’t worry. Here are the apps you need to get your finances on track for the next year.
- Apps for budgeting
- Apps to help you save money
- Investing apps
If you need help budgeting (i.e. working out how much you can spend and save each month), there are some apps that can help.
Having linked your accounts, Moneyhub intuitively categorises your transactions, while the spending analysis feature shows you where your money goes each month. You can also set spending budgets and track your progress to help keep your finances in check.
Using the free version of Emma, you can connect two bank accounts and track your subscriptions and payday. You can also set monthly budgets and make payments within the app too.
If your budget indicates there’s room for saving, you may well be in need of an app to help keep your savings on track for 2024.
There’s a number to choose from, but here are some of my favourites:
If you’re short of time, Moneybox may be the app for you. It allows you to set up a savings account from your mobile phone in just a couple of minutes and you can start working on your savings goals straight away. The app can also help round up your spending to the nearest pound. The extra spare change will then go into a savings pot for you enabling you to save those extra pennies.
Chip is a great option if you don’t want to think about saving. Connecting directly to your bank account, its AI save feature will work out how much you can afford to save and automatically take it from your bank account.
You can decide on a level between one and five of how much you want to save.
There’s also a manual override and the option to skip saves, if you need to.
Chase and Monzo
While two separate banks, both Chase and Monzo offer a similar service on the app.
Both apps also come with the roundup feature too allowing you to save without thinking about it. As an extra incentive, with Chase you can earn 5% AER interest on your roundups.
Once you’ve paid off any debts and built up an emergency fund, you may look to start investing.
This doesn’t need to be complicated, once again, there are apps that can help you invest.
Wealthify offers a cost effective and hassle free way of investing passively in the stock market. This makes it a really good option for beginner investors, especially as you can start investing with as little as £1 (£50 if you’re using it for your pension).
Similar to Wealthify, with Plum you can invest with just £1. You have the option of a Stocks and Shares ISA or a general investment account.
The app also takes away some of the hassle for you. Simply select how much you want to invest and Plum will do it automatically for you.
Moneybox isn’t just good for saving, you can also invest with the app.
In addition to the usual investment offerings, it also boasts a roundup feature, where you can invest your spare change to help you reach your financial goals.
Remember, your capital is at risk when investing.