Are you always wondering where your money goes each month? Maybe you’re finding it hard to build up your savings or pay off your credit card? The answer could be in your hands – literally. Money management apps for your phone can help you get on top of your finances by showing exactly where you spend your hard-earned cash – on household bills, food, home entertainment or your local pub – and suggest ways you could save money. If you like the idea of investing to make your money go even further, they can even manage that. Now, more than ever, it’s crucial to get on top of your finances and an app can help you do just that.
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What is a money management app?
Like any other phone app, they are available to download from The App Store or Google Play and are then accessed with just a tap on your phone’s home screen. Some are free while others have both free and paid-for versions depending on how you want to use them. Whether you’re looking to save up the deposit for a home, pay off debt, manage your spending or start investing, there’s an app that can help.
How to I find the right app for me?
There are dozens of financial apps out there and it can be rather overwhelming. We’re picked five of the best apps out there to help get you started.
Calling itself “the AI assistant that grows your money”, Plum uses artificial intelligence to help you make your money go that little bit further. It rounds up your small change after tracking your spending patterns and puts aside a small amount every few days which can quickly mount up. Its Pro Plan include a 52-week challenge in which you save £1 in the first week, £2 in the second and all the way up to £52 in the final week, netting you a tidy £1,378 by the end of the year. Its subscription service is a great way for beginners to start investing, and you can choose from different funds such as ‘Tech Giants’ and ‘Clean and Green.’
MortgageScore from Mojo Mortgages
Mortgages can be bewildering, and Mojo Mortgages will guide you through more than 90 different lenders as well as giving free expert advice on your options from your own personal mortgage advisor. Its trade-marked MortgageScore combines your credit record and your banking history to find out whether you are mortgage-ready and, if not, will provide tailored advice on how to improve your score. Whether you’re looking to remortgage, move house, get a buy-to-let or step onto to the housing ladder for the first time, Mojo Mortgages will make sure you are in the best possible place for when you finally find your dream property.
If you thought finance couldn’t be fun then check out Cleo, the quirky free-to-use app that claims to make money management ‘sexy.’ With personalised budget and spending breakdowns, money tips and even quizzes and games, Cleo is your fun financial friend who answers questions like ‘can I afford it?’ If you want brutal honesty about your spending then select the ‘roast me’ option – and stand well back. More for those who are looking to tackle their day-to-day spending or short-term spending rather than major financial goals but a great way to dip your toe into financial management without being too serious.
One of the more recent arrivals to the financial app scene, Snoop helps you save money based on what your usual spending habits. It keeps an eye on your bills and alerts you if it thinks you can save money with another provider. It also tracks down vouchers for places you’ve shopped at so next time you can get money off and connects up reward schemes to your spending habits by recommending places where you could earn or spend them. There’s also an online community where users share money-saving tips.
One of the oldest and largest money management apps, Moneyhub has been going since 2009 and can be used by businesses to manage their finances as well as for personal use. Its handy forecast tool lets you see the impact your daily spending choices has on your future wealth and it can connect you to real-life experts for tailored financial advice.
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