Maybe you've got to save up for a big purchase. Or it could be that rising bills means that you want to cut down on outgoings wherever you can. But whether you're looking to hit that target bank balance or just putting more aside for a rainy day, it can be tricky if you’re not keeping track of your expenses. Whether it's morning coffee, travel costs or that gym membership you're barely using, it all adds up!
But managing your spending doesn't mean having to hoard receipts or create spreadsheets. Thankfully there are apps that do the hard work for you using some truly clever tech. So, make saving simple with 4 of our favourite.
1. Monzo
With Monzo, you can save in a number of ways. To get started, all you need to do is create a Pot. It's a separate place to store money that doesn't get mixed up with your available balance. Even if you have a direct debit, Monzo won't dip into these savings. 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. So you're saving without even noticing!
There’s also automated savings, which puts money aside automatically every time you spend. And you'll get a spending report so you can see exactly where that money is going.
2. Chip
Chip is another app where you don't need to think about saving, as it’s all done for you. Chip connects to your existing bank accounts and even calculates how much you should be saving. 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.
Download Chip on Android or iOS.
3. Emma
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. 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.
4. Money Dashboard
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 your 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.
