You can also set up “scheduled payments” that are set to come out of your account each month for things like rent, council taxes, utility bills, and more. The default setting is once per calendar year but you can set your paydays to whenever you want if you get paid more than once a month. Money Dashboard also has a useful feature where it will sync up with your payment schedule. Once you download the app and connect your accounts, the app will start recording and categorizing your purchases. Money Dashboard lets you connect all your accounts in one place including bank accounts, credit cards, investment accounts, pension accounts, and even store card accounts. Money Dashboard was founded in Edinburgh and currently boasts about 600,000 users, making it one of the most popular budgeting apps in the UK. Money Dashboardįirst up on our list is Money Dashboard. Lumio also will provide guidance on various aspects of your savings and investments so you can race towards your financial goals. Most impressively, you can add any other account that doesn’t connect directly through its offline and manual account adding feature. Connecting your bank account, credit cards, investments, and pensions. You can get signed up to Lumio and connected to Lumio in under a minute. While Money Dashboard has automatically generated categories, you can go over your transactions with a fine comb and manually assign them to more specific categories. It is not a traditional budgeting app as it does more than just track your spending and finances. It’s perfect for those of you who are tired of laboriously managing spreadsheet after spreadsheet to stay on top of your finances. With Lumio, you get an in-depth view of where your money is going, and provides you with tips on how to optimise your income and minimise spending. Thanks to advances in smartphone technology and the introduction of open banking, there has been an explosion in the popularity and availability of budgeting apps. Most major finance apps are available for download on the Google Play Store or Apple Store. They will offer your specific third party products based on your spending habits and financial history.įor example, an app might offer a credit card or personal loan tailored to your specific profile details. Some budgeting apps make their money through affiliate links. However, for the most part, you will not have to pay to download and use a budgeting app. Most apps also have premium services you can pay for that open up more advanced features like credit checks, extra budgeting options, and financial advice columns and articles. Yes, most finance and money management apps are free to download and use the basic feature. Simply put, finance apps are a simple and effective way to keep track of your budget and find ways to save money. You can also have all your accounts in one place so it’s easy to keep track of bank accounts and credit cards. You do not have to manually record your purchase and sort them into categories. The best part of a budget app is that everything is automated. Most apps will let you create custom categories for your purchases so you can get even more fine-grained details into your spending habits. The app will then track all your purchases and divide them into categories like housing, travel, food, and more. You download the app on your mobile device and connect your financial accounts. Luckily for you, we put together this guide on the best budgeting apps in the UK that can help you with your finances. There are a lot of budgeting apps out there so it might be hard to make a choice. Luckily for those out there who have trouble keeping track of their budgets, money management apps exist.Īs the name implies, money management apps will automatically keep track of your purchases and give you an overview of how you spend your money.īudgeting apps and money management apps like Money Dashboard offer a free and easy way to keep track of your financial behaviour while offering tips on how to best cut costs and save money. Moreover, some people just don’t want to take the time to sit down and manually record all of their financial transactions. Having the motivation to stick to is the difficult part. Strictly speaking, making a budget is not particularly hard it’s remembering to stick to it. Unfortunately, most schools do not teach anything about personal finance, so people have to learn by making mistakes and dealing with the consequences. Maybe you get a little take out here, a nice new pair of pants there, and before you know it, you are £300 in the hole for the month. If you are like most people, then you probably have a bit of trouble managing your finances.
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