Budgeting Techniques: Apps
Here we look at some of the most popular Budgeting Apps. Open Banking laws have allowed companies to work with your bank account to help you save money without even trying!
So, Monday 20 January has been and gone – we survived Blue Monday. The day where, for most of us, the Credit Card bills land on the doormat.
As our Christmas Indulgence returns to haunt us now is the time to think about ways of saving the pennies.
Here we look again at budgeting techniques and follow on from our previous article Budgeting Techniques: Bucketing.
Top 5 budgeting apps in the UK
There are literally hundreds of apps out there designed to help you save your money, stretch your money or even invest your spare money!
With the open banking revolution taking hold there are lots of different ways you can make your money go further without you even needing to do anything!
1 – Money Dashboard
The biggest and most well-known Budgeting App, Money Dashboards allows you to hook up all of your accounts in one place.
Although you aren’t able to move money around, it does allow you to view your spending habits and displays where you spend your money in easy to view charts and graphs.
So, you’ll finally be able to see how much you’ll save over the month by taking a packed lunch to work instead! For me, personally, it was about £75!!
2 – Emma
Sync all of your bank and credit card accounts and assign each payment a category.
Emma will show you how much of each budget you have left for the month helping you cut back on wasteful spending.
Emma will also let you know if you are paying out on wasteful subscriptions and help you avoid overdraft charges too.
3 – Yolt
Powered by ING Bank and has “security at its core”. To be fair, it’s pretty similar to Money Dashboard in that you can add all your UK accounts onto one place.
However, it has a clever feature where you can track your money to see where you are spending.
For example, you can open up buckets for eating out, grocery shopping or household bills. Yolt will then let you know how much you’ve spent on these things so far this month based on the transactions you make.
Once it’s in black and white it can be much easier to resist that cheeky take away on your lunch break and stick to the packed lunch!
4 – Bean
Once all your bank accounts are paired up to Bean, it will highlight cheaper alternatives to the products and services you regularly use, potentially saving you hundreds per year.
Bean will scan your account for recurring costs and will make recommendations to help save you money.
You can also cancel any unwanted subscriptions directly through the app and so you don’t ever have to contact the company yourself.
Bean will also recommend better value products and can even switch you to an alternative supplier too.
5 – Chip
Uses Artificial Intelligence to work out an amount to save for you based on your incomings and outgoings.
Once you’ve registered your accounts Chip will analyse your transactions and work out the perfect amount for you to save this month without you having to do anything.
It’s designed to make savings for you “without you even noticing it”.
If you want to save more or less you can adjust the settings. Chip also allows you to create Buckets for your own personal savings goals.
What is the best budgeting app?
When we were looking around to find out about budgeting apps, Money Dashboard was towards the top of everyone’s list.
It’s been here the longest and has the most subscribers; so let the numbers do the talking.
It does, however, depend on what your personal needs are and what you want from the App itself. We have only discussed the features of these apps and have no affiliation with any companies listed above at all.
To find out more about online apps for budgeting or the new Open Banking laws enabling companies to design these money-saving apps then read out other articles;