Managing your finances has never been easier thanks to the convenience of smartphones and devices. Wherever you are at any time of day, the latest tech has made budgeting, tracking expenditure and checking your credit report simple.
Helping you gain control over your financial health like never before, whether you’re looking to create a budget, improve your credit score, or simply save for a rainy day, there’s an app designed to meet your needs. With so many to choose from though, it can be an overwhelming choice, so to help, below we’ll explore a variety of financial wellness apps that can make a significant difference, providing you with the tools and insights needed to achieve your financial goals and take charge of your finances.
Why Use Financial Wellness Apps?
There is an app for everything, and with your financial well-being particularly important, there’s no surprise there are plenty of financial wellness apps available to download.
These apps provide a range of services designed to help you achieve better financial health, from budgeting and tracking expenses to building credit and saving for future goals. Think of them as being a financial advisor in your pocket, helping you to make sense of your finances and provide guidance. As they usually integrate various financial tools into one platform, these apps simplify the process of managing your finances, allowing you to make more informed decisions.
Whether you’re looking to create a budget, monitor your credit score, or find new ways to save, there’s an app tailored to your needs. Financial wellness no longer needs to be a daunting task but can be a manageable and even enjoyable part of your daily routine.
Types of Apps for Improving Financial Well-Being
There are several types of apps designed to enhance your financial well-being, each catering to different aspects of personal finance.
- Budgeting apps help you manage your income and expenses by creating and tracking budgets.
- Credit-building apps offer tools to monitor and improve your credit score.
- Money-saving apps automate the saving process, making it easier to set aside money for future goals.
- Financial wellness group apps provide a holistic approach by combining various financial tools and creating community support.
Each of these apps serves a unique purpose, helping you tackle specific financial challenges and achieve a healthier financial future.
Budgeting Apps
Having a budgeting app is one of the simplest ways to track expenditure and can be essential for managing your finances effectively. Some of the best budgeting apps stand out for their functionality and user-friendliness. Here are a few to consider:
- Emma – Emma is a personal finance app that helps you avoid overdrafts, track your spending, and find subscriptions you might have forgotten about. It connects to your bank accounts and provides a comprehensive view of your financial health. Emma categorises your expenses, sets budgets, and offers insights to help you save money. There’s a free basic version as well as tiered, paid options (Emma Plus, Pro, and Ultimate) that give you even more such as cashback deals and smart reminders.
- Snoop – Snoop uses AI to provide personalised money-saving tips based on your spending habits. It connects to your bank accounts and helps you manage your budget by highlighting opportunities to save on bills, subscriptions, and other expenses. It’s free to use and you can also sign up for the Plus option for a monthly or annual fee that offers more helpful features.
- Monzo – Monzo is a digital bank that offers budgeting features within its app. It helps you manage your money by providing real-time notifications, spending summaries, and the ability to set budgets for different categories. Monzo also offers features like savings pots and bill tracking to help you stay on top of your finances. It’s free to have a basic account, whilst there are tired plans that give you advanced tools and better savings rates.
Whether you’re looking to track spending, set budgets, or find ways to save, these apps provide the tools you need to achieve your financial goals.
Credit Building Apps
If you want to improve your credit score or just keep an eye on your credit report, credit-building apps can help you maintain your financial health. Here are some apps that can help you build and monitor your credit:
- Experian – Experian offers a comprehensive credit monitoring service, providing access to your credit report and score. The app offers tips on how to improve your credit score and alerts you to any changes in your report. Experian Boost is a unique feature that can improve your score instantly by including your regular payments, such as council tax and subscription services, in your credit history. You can get a free Experian account whilst you also pay for CreditExpert which provides more monitoring features.
- Credit Karma – Credit Karma offers free credit scores and reports from TransUnion and Equifax, two of the main credit reference agencies in the UK. The app provides personalised recommendations to improve your credit score, as well as monitoring and alerts for any changes in your credit report. Part of the Intuit group of apps, previous Mint app users are now required to move over to this app instead which is free to use.
- TotallyMoney – TotallyMoney provides free access to your credit report and score from TransUnion. It offers personalised tips to help you improve your credit rating and alerts you to any significant changes. The app also features eligibility checks for credit products, ensuring you can apply for products that best suit your credit profile.
- Loqbox – Loqbox helps you build your credit score while saving money. You save a fixed amount each month into a locked account, hence the name, which Loqbox reports to credit reference agencies as a loan repayment. This helps build a positive credit history without taking on actual debt. At the end of the term, you unlock your savings. Just like a loan though, you will need to maintain the plan to avoid missing payments and impacting your credit score. It’s free for a Lite Membership, whilst you can sign up for a full membership for a fee.
These credit-building apps can help you take proactive steps towards improving your financial health and gaining better access to credit products in the future.
Money Saving Apps
Money-saving apps can be powerful tools on your device that help you set aside funds for future goals with minimal effort, making them one of the easiest ways to save money. Here are some that can automate savings and provide smart financial insights:
- Chip – Chip is an AI-driven app that helps you save money automatically by analysing your spending habits and setting aside small amounts that you won’t notice. Chip also offers competitive interest rates on your savings and allows you to set specific savings goals. Free for a basic plan, with ChipX plans available for a monthly fee.
- Plum – Plum connects to your bank account and uses AI to analyse your spending, automatically setting aside small amounts of money into a separate savings account. Plum also offers investment options, savings goals, and budgeting features, making it a comprehensive financial tool. A basic plan is free, whilst Pro, Ultra, and Premium plans are available for a fee that opens up more features.
- Moneybox – Moneybox helps you save and invest by rounding up your everyday purchases to the nearest pound and investing the spare change. You can also set up regular deposits and one-off payments to boost your savings. Moneybox offers various savings and investment products, including Lifetime ISAs and pensions. It’s free to download but fees apply for investment products.
- Tandem – Tandem is a digital bank that offers high-interest savings accounts and fixed-term savings products that help customers make greener choices. Tandem helps you set savings goals and track your progress, making it easier to save for specific objectives whilst reducing your carbon footprint. The app is free to download and also provides budgeting tools and insights to help you manage your finances better.
These apps provide effective and user-friendly solutions to help you save money effortlessly. It can be a good idea to automate your savings as it will enable you to build a healthy savings habit and work towards your financial goals with ease.
Financial Wellness Groups
These apps offer a holistic approach to managing your finances. They are designed to provide comprehensive support, education, and community engagement to help you achieve better financial health:
- YNAB (You Need A Budget) – YNAB is a budgeting app that helps you take control of your money. Whilst it is a US app, it does work with select UK banks. It uses a proactive budgeting approach, encouraging users to allocate every pound to a specific purpose. YNAB offers educational resources, workshops, and a supportive online community to help you stay on track with your financial goals. The app offers a free trial before a subscription monthly or annually.
- Moneyhub – Moneyhub is a free comprehensive financial management app that connects all your financial accounts in one place. It provides detailed insights into your spending, helps you set budgets, and offers personalised financial advice. Moneyhub also provides a sense of community by connecting you with financial advisors and other users for support and guidance.
- Lumio – Lumio is a personal finance app designed for couples that helps you grow your money together by connecting all your accounts in one place. It provides a clear overview of your finances, helps you track your spending, and offers personalised financial insights. Lumio also features community forums and expert advice, making it easier to stay informed and supported in your financial journey. It’s free to use and also has Pro and Premium plans with added features.
Pros of financial wellness group apps include comprehensive support, community engagement, and a wide range of financial tools. However, the potential costs of these apps may be a drawback for some.
So, as you can see there are many different options out there, with some providing all-in-one solutions that can help most people. Hopefully, you’ll find one that works for you. For more from our blog, read about how to have a financial detox and saving strategies that actually work.
