If your bank account is always running on empty due to the many bills you have to pay every month, it can seem almost impossible to save any money at all. However, your smartphone could help you out thanks to the many money saving apps that are now available at your fingertips. Here are some of the best available right now for you to use.
The Monzo app keeps you linked to their current account so you can keep a close eye on your spending habits. You’ll be notified about outgoings from your account as it tracks your spending, breaking down everything into separate categories such as bills, cash withdrawals, travel etc. All of the data is presented in an easy-to-read pie chart so you can understand where your money is going. If you’re worried about spending too much you can set monthly budgets for each category and the Monzo app will warn you before they are exceeded.
For more informal assistance, why not try the Plum app? It includes a friendly digital chat bot assistant that helps you to set goals and achieve them – all the while remaining on-hand via Facebook messenger to offer advice and reminders. If you need to take out a quick loan to help with your finances, you can also use the app to manage the repayments so you never default. And anytime you want to save for bigger items, like a holiday or expensive gift for a loved one, simply change the savings ‘mood’ on the app and it will alter its recommendations on where to cut back on your spending.
As the name of the app suggests, Squirrel can help you tuck away those extra pennies and pounds you need every month. Move your monthly salary into a Squirrel account and let the app know what needs to be set aside for bills. It then releases the money back into your current account the day before the bill is due so it can be paid on time. Set up specific savings goals for holidays, Christmas etc. and the app will put aside money each money to help you reach them.
When you use the Chip app it has read-only access to your account so it can analyse how much comes in and out. It then gives you suggestions on where money can be saved and using the chat bot messenger it will encourage you to save money by placing money in the Chip savings account. You can also get an extra 1% interest on your annual savings which accrues on a weekly basis before being paid out every 3 months. There is a limit of £100 a day that can be placed into the interest account and if you get others to join the platform, you have the chance to earn up to 5% interest annually.
Moneybox works in a slightly different way. It takes the small change left over from purchases to invest them into stocks and ISA shares to potentially earn you more money. This is done by rounding up purchases to the nearest pound made by a linked debit card. The savings pot slowly increases over time, so every penny you add will eventually accrue to a larger amount. You stay in control of the level of risk you take with ISA – cautious, balanced or adventurous – so you are never investing more than you are comfortable with.