Apps to help you save money
Planning a wedding, round-the-world trip or saving for a house? These handy apps can help you build your savings much faster.
31 Jan 2020
So, you’ve got something big to save for this year. That’s great! Only, getting to that target bank balance can be tricky if you’re not keeping track of your expenses. Fortunately, these great apps mean you can do away with receipts and spreadsheets, and put yourself in a good position to make that dream a reality.
Online banking has completely changed the way we handle our finances, but the way we receive bank statements has not. We can still access them online, but trawling through a long list of transactions is time consuming and gets you no closer to that dream wedding or first home.
Money Dashboard takes care of the hard work. With this app, you can connect your current credit card and savings accounts from any UK bank. Thanks to clever AI, Money Dashboard categorises your transactions to let you know exactly how much money you’re spending and what it’s going towards. It’ll even organise your payments into charts, so you can see exactly how best to save your money.
Best of all, you can create a realistic budget for that big event or purchase and set income and outgoings predictions to make sure you stay on track.
Monzo was founded in 2015 and since then, has grown to 3 million UK customers. And there’s a good reason. It’s not just a money saving guide, it’s a bank on your phone that encourages saving.
With Monzo, you can save in a number of ways. To get started, all you need to do is create a Savings Pot. Then, with Roundups, every time you spend more than £1 with your Monzo account, the app will round up the change to the nearest pound and add it into the pot. You’ll be well on your way to that dream holiday without even noticing!
There’s also automated savings, which puts money aside automatically every time you spend. Plus, you can pay bills out of a savings pot so that you don’t accidentally spend your rent on your phone, energy or water bill.
Are you worried that with all the money you put away to save, you won’t have enough left to spend? With Chip, you don’t even need to think about saving as it’s all done for you.
Just like Money Dashboard, Chip connects to your existing bank accounts. It uses the average data from its users and cross references it against your account to work out how much you should save. Then, using AI, Chip analyses your transactions to work out exactly how much you can afford to put away.
But the best bit? It does the saving for you, so you don’t have to manually move money around. Every few days, Chip automatically transfers just the right amount of money from your regular bank account to your Chip account. And, you can set goals and track your progress towards them.
Do you find yourself flicking between all your banking and finance apps, getting more and more confused? Emma makes saving easier by putting all your accounts in one place.
It’s not just about making it easier to navigate your banking apps, though. Emma analyses your finances to help you make better decisions, as well as letting you sync your budget between pay days. You can also set as many budgets as you like, so you’ll never spend more than necessary at the supermarket, on entertainment or when you’re out shopping.
What about those free streaming service trials that sneakily turn into paid subscriptions? Well, with Emma, you can cancel all of them from the app. No need to go from site to site! That’ll get your saving plan off to a great start.