Living within finances is the trick behind a stress-free, healthy life. But in this high-spirited living world, financial management is a skill that many people lacks. Shopping, entertainment, subscriptions eat up a lot of your money, increasing the gap between income and expenditure.
A budgeting tool can perfectly help you bridge that gap by letting you track your expenditure on different niches. Multiple tools help to collate all your spending in one place, making it easier to manage your finances effectively.
The Best Budgeting Tools In U.K.
Here, you can look at the best budgeting tools that will help get your money in shape. There are both free and paid apps, each with a distinct USP. Find out how they can help you in their unique ways–
Free Budgeting Apps In U.K.
- Emma – A perfect tool for identifying the wasteful subscriptions
- All your accounts can be grouped together in one place
- Allows to set budget goals
- Helps to avoid using your overdraft and pay off any debt
- Prompts about monthly savings helps to keep your budget on track
- Enables cutting down nonessential expenses by prompting about wasteful subscriptions
- Provides savings advice and recommend the amount you can save every month based on your expenses
- Yolt – An amazing tracker for your spending
- Enables viewing all your accounts in a single place
- Offers prepaid debit card for spending
- Keeps a tab of your spending and helps to set a realistic target for expenses using your monthly expenditure reports
- Evaluates charts that pinpoint your spending history
- Allows easy transfer of pounds between different accounts
- It helps to track your bills and set budget goals
- Money Dashboard – An excellent app to prepare budget goals for your future
- It has been voted as one of the best personal finance apps for the years 2017, 2018, and 2020
- Automatically categorizes transactions
- It has a dashboard that can help you see the categories of your expenses and related graphs
- Allows to set multiple budgets and displays notification of over-expenditure
- Enables budgeting for the future by planning and predicting your finances
- Shows all your transactions from different accounts in a single place
Paid Budgeting Apps In U.K.
- Moneyhub – Great for data privacy
- Helps to set realistic spending goals
- Makes use of spending analysis tool to gain insight into your expenditure habits
- Helps to see all your account details in one place
- Notifies you about upcoming bills, rents, and repayment of easy loans in the UK
- Offers financial advice and help when needed
- The cost-effective subscription that goes easy on your pocket
Budgeting Through Any Bank
Budgeting apps are no doubt the best way to manage your finances and track your expenses. However, there’s another way to protect your money which is through digital-only banks. Here, you can find a list of apps that offer similar or similar features like the tools mentioned above alongside fully functional personal bank accounts.
- Monzo – One of the best app for budgeting through a bank
- See your other accounts in Monzo
- Earn 1.00% AER/Gross (variable) interest on up to £2,000
- Budget your way with custom categories
- Divide single transactions into multiple categories
- Supercharge your savings by putting aside more spare change
- See your credit score and track how it changes over time
- Automatically export your spending to a spreadsheet
- Treat yourself with offers from brands you’ll love
- Starling Bank – This one is highly beneficial for round-up saving
- It has been voted as the Best Current Account and Best British Bank in 2020
- You can set multiple savings goals in one place
- Offers real-time updates on your income and expenses that helps you track daily spending quickly
- Notified about payment-related activities from time to time
- Gain clear insight into your spending activity by tracking the details
- Rounds up your expenditure to the nearest pound and transfer that savings to the emergency fund category
- Increases the speed of your savings by electing to increase the amount that can round up each purchase. You might choose x2, x5, or x10.
- Allows charge-less expenses when travelling abroad, and also enables cash withdrawals
- Revolut – This app is especially useful for those travelling abroad
- Built-in budgeting app
- Rounds up your expenditure to the nearest pound and automatically transfers that savings to the emergency fund category
- It gives instant spending notifications from time to time
- You can spend abroad stress-free, and there will be no fees included
- You won’t have to pay any fees for withdrawing cash while travelling abroad (a monthly limit applies here)
- Although Revolut operates as a bank, it is yet to receive its U.K. banking license. As the approval is still pending, hence your money won’t be covered by the Financial Services Compensation Scheme (FSCS)
Making use of these budgeting tools, you can easily save pounds from your income. To maintain good financial health, it is wise to use any budgeting software. Based on your income status, you may either go for free or paid tools. This can also help you track your upcoming repayments and deadlines. With better tracking, you can ensure faster savings and improved financial health.
The Bottom Line
In times of unemployment or loss of income, these tools are of utmost importance. By using these apps seriously, you can cut down nonessential expenses, thereby increasing your personal finances. The best way to handle your finances is through budgeting, and now is the time to start. As everything is now accessible through your Smartphone, including the world of banking, it means you can effectively budget through mobile as well.