Technology has lots of great benefits, including making the way we manage our lives more efficient. Money management apps, in particular, are proving to be a really useful solution to a whole range of different issues, from problems budgeting through to motivation to save. You don’t have to move your entire financial life online but the features, such as push notifications and automatic access to balances, these apps offer can have all sorts of positive effects when it comes to motivating and keeping track. Use your smart phone to make a difference to your finances with these money management apps.
Knowledge is power when it comes to managing your money and this app works to simply show you what debts you have any what there is left to pay. You update the totals with each payment made and you’ll get the satisfaction of seeing them reduce, as well as the peace of mind of knowing that you’re on top of the situation. Progress bars will show you what you’re achieving and the goal and target setting is a great way to keep motivated.
Essential for anyone who is self employed, the UK Tax Calculators 2015-2016 app will give you insight into what your tax is likely to be, no matter how many income sources you have. You can calculate tax deductions for capital gains, dividend income and property rental profits and be safe in the knowledge that the taxman isn’t going to hit you with a huge bill at the end of the year that you weren’t expecting.
For a more integrated approach to money management, MoneyHub is a great option – this app combines a debt manager with options for budgeting and setting savings goals, as well as projected balances for your savings accounts based on data you provide. There are in-app upgrades that offer access to extra features, such as an automatic connection to your accounts.
An app specifically aimed at helping people to control their festive spending, Xmas Budget has plenty of Christmas cheer but a sensible approach to the season. You can use the app to work out what you actually want to spend vs what you need to spend and then gradually tick off items such as presents for overseas friends and family, once they have been bought, wrapped and dispatched.
Instead of trying to keep track of all your balances by going from one site to another, the Money Dashboard app offers you the chance to see everything together in one place. This can help enormously when it comes to making purchasing decisions or working out budgets. The app is compatible with UK credit card companies and banks and uses the same high level of security as most banking apps.
This is essentially a spending tracker app that allows you to keep an eye on what your outgoings are and to adjust your budget accordingly. Categorise spending into specific areas – use those that are preset or make your own. You’ll be able to use the app to see how much you spend on each category of your life over the month, which can be quite an informative experience, particularly if you’re not that great at keeping track or you tend to bury your head in the sand. You can set your own savings goals that you’ve calculated on the basis of what you want to have left at the end of each month and the app will send you a notification if you forget to input what you’ve spent on any given day.
This is a pretty simple app with an effective premise – visually demonstrating how well you’re doing in terms of reaching your savings goal. There’s very little to get to grips with when it comes to this app as it’s incredibly straightforward – just set your savings goal and input the date when you want to have completed it and the app will work out how much you need to save and when. It will then track your progress along the way to show how close you are to the target and keep you motivated.
Particularly useful for business travellers and/or freelancers and the self-employed, Expensify has innovative features that allow you to keep track of everything that you spend. You can take photos of receipts and invoices and these are automatically stored in your account. The clever app will also automatically fill in expense details or attach the image of the receipt to the relevant credit card expense, which means that you don’t have to do it.
Oliver Jones has written for Solution Loans since 2016. His passion for personal finance comes through in the 200+ blog posts he's written since that time. His talent for explaining all things money means he's covered topics as diverse as...Read more about Oliver Jones