Dealing with finances can be pretty difficult; even something as simple as everyday bills can be a challenge, so you can use all the help you can get. Apps have simplified my life in many ways, and did you know that there are actually a lot of them geared towards helping you out with everyday tasks, such as managing your bills? It's now easier than ever to keep track of what you need to pay for, how much, and when, and make sure that you never pay them late ever again!
Money Saving Apps
If you're interested in pinching some pennies to have enough money to cover your bills, then you might look into money saving apps. An app like this is also good for just general saving for larger bills, expenses, and purchases, such as plane tickets, a vehicle, a household appliance, etc.
The way these usually work is that they automatically save money for you in a different account, or alternatively, by only releasing certain amounts of money for you to use in order to curb unnecessary and non-affordable spending.
Squirrel is an app with a funny name, but don't let that fool you; it's actually very good. If you're on low income, it's challenging enough to make your money cover all of your expenses; saving isn't even on your radar.
But if you use an app like Squirrel, you can set up a separate account for your salary (at Barclays), and you get the money into your current account little by little. Anything that's not covering basic necessities is issued in weekly instalments. That means you can't spend very large amounts and certainly not all at once, so it helps you save.
Don't worry about bills - you can take note of when payment is due and the money will be in your hands in time for you to pay them, but not before! If you've been struggling to hold onto your money and afford your bills, this may be your solution. To take note of the fact that this service comes at £3.99 per month. BUT - in emergencies, you can override the cost. Pretty good.
If you're particularly concerned about bills and getting deals to save money, it doesn't get any better than Bean. You can link your credit cards and bank accounts to it to track all payments and expenses, from everyday bills to subscriptions and it alerts you to opportunities to cut back on expenses by either cancelling some things or switching providers.
Because your online bank statements are linked to it, the app is aware of your recurring expenses and it can look for - and alert you to - better deals on things you regularly pay for or subscribe to, such as getting a better deal on your Internet bill by making the switch to something else or taking advantage of an offer. You can even keep track of several different cards and accounts, so you are not limited to just one.
Budgeting is always a good idea, but it may not always be the easiest thing to do. It's very simple to get distracted and side-tracked and end up impulse buying a lot of unnecessary items. Even the best laid budgets may not save you from that, but a well chosen app can actually help more than you thought it would. The budgeting apps allow you to set up different budgets, as well as saving goals.
Loot may not be the most user-friendly app in the world, which means that while Millennials will do fine, those of us who are over 21 may experience a learning curve. However, the benefits are worth it. Loot helps you keep ahold of your budget and encourages limited spending by linking a prepaid card (from Mastercard) with an app.
it can even serve as a good saving device, as you can set saving goals for yourself, as well as daily budgets. You've got numbers and pie charts, and all sorts of things that show you how you are progressing throughout the day. That's great motivation for the person who struggles with sticking to their budget.
You Need A Budget
We can't talk about budgeting apps without mentioning You Need A Budget (YNAB), because it's one of the best on the market and one of the most used - with good reason. YNAB follows the "envelope method" - which originated as literal envelopes in which you put different amounts of money for different purposes: bill money, rent money, fun money, gas money, grocery money, etc. The concept with this app is the same, except your envelopes - and your money, I guess - is virtual.
This method is successful because it forces you to really look at the limited amount you've got and spend within your means. If your budget is only £50, then you only spend £50.
Expense Tracking Apps
It's worth keeping track of your bills, and your spending, both to give you an overview of your yearly spending, as well as helping you to gain a clear picture of exactly how high your electric and gas consumption is. Of course, you can do this manually by either saving all your bills and punching the calculator, or by setting up a nice spreadsheet on your computer, but let's be real: who sits down at the end of the day to type in every little expense?
It's so much easier to have an app that does it for you automatically. All you need to do is connect your accounts and it will track everything for you, no time and effort necessary. Neat, huh?
Money Dashboard is one of the most popular finance apps out there, because it doesn't serve just a single purpose. You can link it to your accounts, so that you can find everything in one place - that enables you to have an overview of your finances, and stay on top of everything: how much you're spending, how much you're earning, and the best part is that you can even look back and track your spending for the last six months. The expense tracking is very precise and surprisingly clear, so it can give you an idea of how much you can save if you took up or dropped certain habits.
If you're a fan of the apps that bring everything together in one place, then Yolt may be the one for you. It's super helpful for gaining insight into where your money is actually going and how you are spending it; sometimes, that means some unfortunate surprises when you realise just how much of your money you leave at Wagamama every month.
Like others, this app enables subscription and bill management, so you are always on top of how much you've paid, how much you need to, etc. If you're not in the business of looking for better prices online or comparing deals, it does that for you! Deal comparison is part of the package and it helps you save money and get the most bang for your buck when it comes to services provided.
Moneyhub was created to help you gain a better understanding of your money, your spending, and have a realistic view of your finances and saving goals. You can input credit cards, pensions, investments, bank accounts, etc. and the app will let you know your total worth, as well as keep you updated with info from all of these different sources.
If you're unaware of how you are spending your money or where you can identify a pattern of unnecessary spending, the app tracks that for you as well, to enable more accurate budget planning and progress. With its help, you can identify that you tend to overspend on Wednesdays or during weekends, or just in certain shops. Use the app for long enough, and it can even give you cash flow projections and a net worth trajectory. It's a bit like having your personal financial advisor in your pocket.
Saving money, spending it, keeping track of it - it can all get a bit much, and if you're a busy person - or just really bad at maths - you can find the whole process challenging. As with most things, there's an app for that! Several, actually. They can help you with every aspect of your finances that you are struggling with, whether it's stretching your budget to fit your expenses, cutting back on unnecessary spending, or simply changing your spending habits to be able to afford your everyday bills. There are several you can choose from, so pick the right one for you!