Last year lead to chaotic financial situations across the globe. Managing money, especially repayments, mortgages, fees, bills, etc., became challenging. According to a source, an average UK citizen spent an extra £800 in December for holiday preparation.
Some people borrowed the amount with a go for no credit check loans. Therefore, money-saving became crucial for clearing existing and new debts. Many people overcame this burden with a few money-saving apps.
These apps help to cut costs, build budgets, and save money. Additionally, they help achieve goals like opening a savings account, creating emergency funds, opening an account for dependents, etc.
Top 5 Money-Saving Apps of 2021
Besides existing bank account apps, Moneybox provides an ideal platform for saving and investing money. It incorporates a round-up feature that saves pounds in its account. The profile holder can use the amount for ISAs, stock market, etc.
Optionally, the account holder can utilize it as savings. For example, a user spends £3 for a coffee that costs £2.40. The remaining 60p goes into the Moneybox account. However, the app requires access to a bank card for functioning.
Unfortunately, the app puts investor capital at risk and consists of various charges. Therefore, only interested users must avail the feature of the app.
Another platform that caters to investing, saving, and budgeting is Plum. The app provides real money saving solutions by analyzing spending habits and income through AI. The money gets saved into the Plum account.
A user can utilize the amount depending on the “interest pockets” available with a free or paid Plum account. Optionally, the account holder can spend the savings in ISA, stock market, etc.
However, the app comes with a monthly subscription fee and other charges.
Additionally, the app puts the account holder’s capital at risk. But it can prove useful to save money, manage a budget, and build investments.
If you want to incorporate budgeting practices to save money, then Squirrel can prove very useful. It helps to build savings by setting an optional spending limit and separating it from necessary expenses.
For effective management, the app requires access to monthly income and overviews personalized finances. It incorporates a monthly fee of £3.99. A user needs to either deposit monthly salary into the Squirrel account or ask the employer to do the same.
Unfortunately, people can view income access as a budgeting virtue or monetary drawback depending on personal choice. Either way, it helps to build savings for its users.
Another app for building regular savings with small amounts is Chip. The app provides a realistic idea of saving its users by using smart algorithms and accessing current accounts. An account holder can set a savings goal through the app.
The chip app will deduct regular amounts from the user’s current account into the app savings based on the time criteria. Account-holders have the option of managing deduction time between days and weekly intervals.
The account holder can transfer the saved amount from the app to the current account after achieving the required goal. However, the Chip app can bear a maximum fee of £13 annually.
Cleo is also similar to a few of the apps mentioned above because it requires signup and linking bank accounts. Moreover, it reviews the spending data with the help of AI. A user can also obtain transaction overview and identify saving markers.
Besides providing necessary data through bank account access, users can link it to Facebook Messenger and SMS. The virtual assistance of the app would give advice and responses through these modes.
There is no charge for using the basic version of the Cleo app. However, users might want to switch to alternative suppliers available in its suggestions for better deals. The app provides a clear image to a user through a transaction overview and saving markers.
Therefore, it helps to build savings by gaining an insight into the user accounts and with the help of AI. Additionally, users don’t get tempted to make further investments.
● Other Apps
Besides the top five money-saving apps, there are many other options. These include Money Dashboard, Yolt, Emma, Oval Money, Bean, and Moneyhub. Most of these apps come with an optional monthly subscription.
Money Dashboard provides a complete overview of user savings, credit card balance, and current account on a single platform. Moreover, users can even predict future balances, expenditures, and incomes.
Similarly, Yolt facilitates access to thirty-five banks and financial institution. It showcases credit cards, bank accounts, pension investments, support, and more on a single screen. Moreover, it displays monthly expenses and past three-monthly expense history.
Emma is also another free budgeting and savings app. It helps to cancel unused subscriptions, track debts, avoid bank overdrafts, and more. Moreover, it provides notifications of received funds, salary, direct debits, expenditures, etc. Additionally, it helps in budget setting.
UK citizens who don’t feel comfortable using new apps to save, budgeting, and investment should rely on their bank apps. These provide special interest rates to savings and current account holders.
Besides this, many other challenger bank apps provide financial relief to people. A few renowned challenger bank apps of the UK include Neon, Nubank, Kakao, Revolut, Chime, Dave, Varo, Starling Bank, Monese, and C6 Bank.