5 Apps for Better Money Management

Mobiles were once simple tools for communication. Now they’re pocket-sized multi-tools we can’t live without. While they are still used centrally for communication, mobiles are also a calculator, alarm clock, navigation, reminder list, date book, camera and so much more! We use our phones every day to make our lives simpler and more convenient — why not use them to make budgeting easier too?

From tracking your expenses to increasing your savings, we’ve compiled a list of five useful finance apps that help you improve your financial health!

 

For Tracking Your Finances…

 

Money Dashboard

Cost: Free

Available: iOS, Android

 

Money Dashboard is exactly what it sounds like: A dashboard to show you your spending trends and where every pound is going. Once you sync your accounts, you’ll be able to track your spending by category and easily pinpoint areas where you are doing well, areas where you can do better and other finance opportunities. You can even set up specific goals to pay off debt, save for a home, go on holiday and more.

 

You Need a Budget (YNAB)

Cost: £3.50/month or £35/year

Available: iOS, Android

 

YNAB is a favourite amongst finance tech circles — and for good reason. According to their site, the average user saves more than £2,300 after nine months of use. Divide your income into separate pots (rent, groceries, etc.) and see how every pound is accounted for. It even has line items for quarterly or annual expenses like car insurance, birthday gifts, etc.

While the spending analyser tool is helpful, direct import for banking is currently only available for US and Canadian banks, meaning you will have to log your purchases manually.

 

Goodbudget

Cost: £4/month or £40/year

Available: iOS, Android

 

If you’re familiar with the envelope budgeting method, you’ll understand the format of Goodbudget. Similar to YNAB, Goodbudget relies on dividing your budget into buckets, but it also provides the ability to sync with other people, making it a great option for those who divvy up the household budget with a partner.

 

For Your Savings…

 

Squirrel

Cost: £4/month

Available: iOS, Android

 

If the biggest challenge to your budget is your own self-control, Squirrel is a great app for you. Squirrel works like a bouncer for your bank account by splitting your paycheques into weekly allowances and holding back money each month for savings. This tough love technique keeps you from spending all your money right after payday and makes sure you have pounds set aside for your regular bills.

 

Chip

Cost: Free

Available: iOS, Android

 

You want to build up your savings but never seem to find the extra funds to do so. Chip, a savings app compatible with most UK bank accounts, uncovers just that. Chip analyses your spending patterns over time and uses that data to pinpoint the right moment to syphon off small amounts at a time. A pound here and there may not seem like much, but saving just £5 every few days could add up to hundreds of pounds by the end of a year!

 

 

 

 

About 

Babs is a content writer at Enova International, Inc. with a Bachelors in Cinema Studies and English from the University of Illinois (ILL-INI!). She loves binge watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos! Find out more about her on Google+.

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