If you made a resolution at the beginning of this year – or even if you’re starting now – money management apps can help anyone to more proactively meet financial goals. As tech gets smarter and we become more focused on becoming better savers there is more drive than ever to improve what’s already out there. Whether you’re looking to upgrade from a money management app you’ve been using for a while – or try one for the first time – these are the best options in 2019:
Like many money management apps, Emma groups all your accounts into a single location. What’s distinctive about this particular app is that it will also help you to avoid going into your overdraft and proactively help you reduce your debts. It’s also a great tool for working out where you’re wasting money, for example by cancelling subscriptions that are bleeding you dry but you’re not really using.
Many of us have a wide range of accounts today, from savings to credit cards and investments. Money Dashboard is a fairly straightforward money management app that groups everything together in one place so that you can get complete perspective on your financial situation. You can categorise both accounts and transactions and see both right across your financial network. You can also set goals and plans, as well as create budgets that have automated notifications if you start to get off track.
Monzo is, strictly speaking, a bank but its app is also very popular if you’re looking to gain more control over your finances in 2019. It has many of the functions that other money management apps have, including the ability to set budgets and see a straightforward summary of your spending. What’s even more useful about opting for the Monzo app is that you can also use it to bank proactively, for example setting up standing orders or direct debits and paying people. Plus, if you’re using Monzo abroad you can avoid many of the fees that other banks and credit card providers tend to charge.
The Chip app incorporates artificial intelligence to apply machine learning to your financial transactions. This smart app will analyse your spending and then start helping you to put aside savings by transferring a small amount every few days into a separate account. It has read-only access to your transactions so can’t totally take over your banking – the idea is that it analyses what you’re spending to work out what you can afford to save. The savings account is 0% interest unless you start referring other people to the app – it increases by 1% for every friend you invite, up to 5%.
If there is one money management app that is really useful when it comes to removing the rose tinted screen we often see our spending through, it’s Yolt. This app not only shows you where all of your money is, by bringing all the accounts together in one place, but reveals where it’s going too. It can be quite a shock to see just how much you spend on a daily flat white over the course of a year. The app enables you to monitor predicted debt, bills and subscriptions and also uses your spending information to help you find better deals, for example when it comes to utilities like electricity and gas.
Moneyhub also provides perspective on all your financial accounts and allows you to set specific savings and financial goals. Unlike many other money management solutions it includes investment funds in the categories of apps that you can add into the app. It also has a very distinctive USP in that it can connect users with professional advisers over the phone, transferring over the data that has been shared via the app so that insightful advice can be offered.
Squirrel (£9.99 a month after first 8 months) – smart saving
Squirrel cleverly separates what you need for bills from your spending money so that you can see a clear distinction between the two. Many people find this incredibly useful when it comes to ensuring that they don’t overspend before they next get paid. It can also take control of the money that you have access to, releasing what you need for bills at the right time, as well as handing over spending money in amounts that will still help you to reach financial goals.
If you struggle with your finances then you no longer have to do it alone, as there are a wealth of money management apps here to help you get better at it.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read more about Amanda Gillam