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One thing that technology has done is make managing your finances much easier. Even with simple mobile banking apps, we can see what has entered and what has left our banks. However, personal finance has taken it to the next level, helping you create savings pots, and investment portfolios and making it simpler to manage debt.
There are numerous apps which you can use that will help you manage your finances on the go. Here are several apps which are great for controlling your finances and improving your money management skills.
Best Budgeting Apps To Use In The UK
There are numerous money-management apps which are suitable for controlling your finances. Let’s look at some of the best!
Moneyhub
The moneyhub is one of the first apps on this list but that doesn’t make it the best. Nevertheless, it has several positives and is very affordable compared to other apps.
Moneyhub is not only £1.49 per month but it also provides numerous budgeting options. It also offers round-up savings which automatically rounds up your transactions and transfers the money you rounded up into a savings account. This is perfect for those who struggle to put money away into a savings pot themselves.
Emma
Emma is another great app which you can use to help you invest your money and control your money. It is also capable of telling you the basics such as how much money you are spending, similar to your mobile banking apps.
Emma allows you to connect all of your banking apps including your investment account. You can also create your payday, making it easier to track your spending from paycheck to paycheck. It automatically creates a monthly budget based on your monthly expenses.
There are many things you can do with this money management app so make sure you find tutorials and review videos to discover new features.
Money Dashboard
The money dashboard is very similar to Emma’s but can have fewer features. It shows how much you have spent in the different categories of your expenditure. It helps create an in-depth budget planner and offers quick loan lending. Not to mention you can connect cryptocurrency accounts. Plus, there is a desktop version if you ever want to sit down to review your expenditure in further detail.
Monzo
Monzo is another common budgeting app that people use in the UK and it is easy to understand. Additionally, you can create additional savings pots for different things. One could be for a deposit on your home, and the other could be to put money away for your next holiday.
There are many features that Monzo shares with the other budgeting apps but it also gives you a bank card. This card can be used abroad with no exchange rate fee. Plus, if you share the app with friends, Monzo will automatically give you five pounds.
Plum
Next up is Plum and this is another great app to use and it is great for investing. Again, you can connect all of your bank accounts, including credit cards so you can see your money all in one area. Plum is capable of creating automatic savings, and investments and creating a budget. Plus, if you are worried about forgetting to pay your bills then Plum can give you a friendly reminder.
What Should You Consider Using A Money Management App?
There are numerous benefits to using these money management apps which are all great for different reasons however, some of them share the same features.
Track Expenses – One of the main reasons you should have a money management app is to track your expenses. It is much easier to not only see how much you are spending but also where you are spending.
Easy Budgeting – These apps make budgeting easier for your apps. You can create simple budgets and create spending limits for the various categories. You can also track the progress of your finances.
Set Financial Goals – You can also set financial goals with your savings pots. This could be a limit to paying off your debt, holiday or just building an emergency fund for when the going gets tough.
Set Reminders – You can set reminders through these money management apps to alert you about an upcoming bill if there is no direct debit.
Automatic Synchronisation – Finally, automation synchronisation is also available for most of these budgeting apps, helping you keep track of your finances all in one area. They can also automatically update your transactions and make saving hassle-free.
To Conclude
There are numerous benefits to money management apps and they do help make controlling your finances much easier. Additionally, you can use these apps to help pay off your debt providing you with information to contact financial debt advisors if you require. Not to mention they are investing in stocks and ETFs much more efficiently to help grow your wealth.
