Money Saving Apps UK – Save Money with these Apps
The best money-saving techniques have often alluded many individuals. As such, the subject has been popular in many business conferences, with stakeholders always trying to convince individuals to adopt the best saving approaches available. Nonetheless, this has proven challenging for many years as computing individual expenditure to determine appropriate amounts to save has often been demanding and tedious. However, the advancement in technology has introduced Money Saving Apps, which could be utilized to meet an individual’s saving goals with much ease. This article thus explores some of the best money-saving apps available in the UK.
The Best Money Saving Apps in the UK
The challenging and seemingly unachievable money-saving process has been simplified in modern-day society by introducing and popularising money-saving apps in the UK and globally. There are currently several different saving apps in the market, with each contributing a unique function to the table. As such, this gives you the opportunity to choose the best and most appropriate to suit your saving needs.
Regarding the money-saving apps’ features, these apps have often been grouped into few categories, with apps of nearly similar function being brought together. Some of these categories include;
- All in one Money Saving Apps
- Automatic Money Saving Apps
- Bank Accounts
These constitute some of the most popular categories of money-saving apps to choose from depending on your saving needs, whether budgeting, plain saving, cutting back on wasteful spending or tracking overall expenditures.
All in one Money Saving Apps…
This category of money-saving apps in the UK often constitutes apps capable of performing all the saving tasks you need by offering you a comprehensive understanding of your spending while also availing yourself options on changing certain habits to save money. For instance, these apps will allow you to budget appropriately while also tracking and tallying your expenditures not only from a single spending account but all the multiple accounts you may have, such as bank accounts, credit cards, among others. As such, they not only save you money, they also break down and highlight some areas you may need to adjust to save more money. Listed below are some of the best money-saving apps currently in the UK market.
Yolt is among the best all in one money-saving apps in the UK. This application is usually recommended in case an individual has multiple accounts, including credit and debit cards. This is because it always bridges the gap bringing all the associated accounts under a single dashboard for the account owner to see what money is coming in and which is going out. The app further breaks down expenditures into categories such as fashion, food, transport, among others. This essentially allows you to track how much money is spent on any given area and whether this needs adjustment. With the in-depth understanding of your finances courtesy of Yolt, you then utilize some of their other amazing features like targeted saving for special events, utilizing the prepaid card for everyday spending, allowing you to spend only what you allocate.
Moreover, spending on the card automates your savings through the ‘Money Jar’ function. This feature allows you to save whenever you spend in that, Yolt will round up every purchase to the nearest pound and save the difference. Therefore, if you purchase something worth £4.50, Yolt will round it up to £5.00 and automatically save the 50p. With time, these savings would grow to significant amounts for further utilization.
Yolt is a great money-saving application with functional features that will guarantee a deeper understanding of your finances while also helping you budget, spend and automatically save your money.
Emma is usually a budgeting app that gives the user some vital spending insights to assist in managing one’s finances. Just like Yolt, it usually gathers information on all your multiple accounts and places them in a single dashboard for efficient viewing and analysis. Placing all accounts under one dashboard will essentially allow you to track all your incomes and expenditures effectively. The app further categorizes areas of spending, highlighting areas you are probably overspending, essentially helping you understand your spending habits better and decide whether they need some adjustments.
Emma is very popular in the UK money saving arena as it helps individuals manage their overspending. It does this by analysing all transactions and identifying all the recurring payments without any contemporary significance. This allows you to take control and prevent it. For instance, if you’ve got obsolete subscriptions, Emma will help you identify and cancel them appropriately to prevent avoidable money haemorrhaging.
Emma allows you to sync all accounts under one dashboard, making budgeting and saving much easier, more so for the overdraft spenders.
This another great all in one money-saving app in the UK. Like the earlier apps, Snoop also has the feature that allows you to sync all your accounts and cards under its dashboard. This is essentially important as it enables you to see all your incomes and expenditures on a single page. Subsequently, the app will also help you track your spending identifying areas that need cutbacks to save money.
However, Snoop differs from Yolt and Emma in the sense that they usually feature a function that analyses where you spend your money while trying to find and suggest better ways to spend and essentially save. As such, by tracking your expenditures, such as monthly bill payments, Snoop will always check the market for much better bill payment deals which will save you some money. For instance, if your gas bill creeps up or has been constant for years, Snoop will highlight this and help you find a much cheaper deal saving you the extra money.
Moreover, the application also often computes and gathers information on some of the frequented shopping stores alerting you to every money-saving opportunity they may present. As such, whenever the store introduces discounts, loyalty schemes, rewards, coupons, among others, Snoop will always alert you in time to help you save.
Snoop essentially ensures that you are not overpaying for services/products which are available at much lower prices while also enabling easy tracking of finances and expenditures from all your accounts.
Automatic Saving Apps…
This group of money-saving apps usually comes in quite handy whenever you find it frustrating to work out how much to save with every earning you make. Essentially, just thinking about what to save and what to spend is often tedious and very confusing at times. As such, these automatic money-saving apps will assist you with an easy and stress-free option to save your money. There are quite a number of them in the market, and listed below are some of the best in the market.
Chip is a popular automatic money-saving application traversing the UK. This application usually syncs with your bank account, analyses your expenditure and income rates and comes up with an appropriate amount that can be siphoned away every few weeks as savings. Chip usually presents with possibly the highest interest rates at 1.25% for a savings account. This will further increase your savings exponentially. However, their services are usually charged for a small subscription fee of about £1.5 monthly, which is usually insignificant and inexpensive compared to the prospective returns accumulated.
This application has also rolled out some investment plans they have formulated intending to allow you to invest your savings in contemplation of much bigger returns. For instance, through a partnership with Black Rock, Chip will be giving you a chance to invest and earn up to 8% of potential returns annually. You should, however, note that choosing to invest implies placing your money at risk and thus should be ventured into after careful considerations.
Chip usually presents their clients with the best and highest savings interest rates in the contemporary market, thus guaranteeing immense returns.
This is also a great money-saving application with automated saving features. The application was primarily designed for money-saving purposes. As such, after connecting with the specified bank account, its software computes and analyses your earnings and expenditure, eventually coming up with the appropriate amount you could save without affecting your lifestyle. This is usually automated, deriving new amounts to save after every few days of analysis.
The estimated amount is usually automatically transferred to a savings account with interest-bearing capabilities of up to 0.4%. This money is always open to access whenever the need arises, essentially making it flexible.
Plum is essentially free for regular users; however, if you intend to spice things up, you may pay a small subscription fee for some premium upgrade features like cash back on expenditures and much higher interest rates on savings. Some of the monthly upgrade packages include Plus at £1, Pro at £2.99 and Ultra at £4.99. these are, however, usually fairly inexpensive compared to the benefits and saving potential presented by Plum.
Saving is automated and, most of all, free. You don’t need to get much involved giving you peace of mind and ample time to engage in other things.
Global financial giants have ranked Cleo as one of the best money managing apps in the market. Coupled with the AI component, Cleo allows users to set personalized budgets, identify and prevent overspending while saving your money in the process. All this is automatic, of course, requiring minimal to zero human interactions.
The app is further packed with features such as the estimation ability, which allows it to assess whether your financial status allows you to afford certain things of interest. If so, the app will notify you. However, if suppose you cannot afford such an item, Cleo will adjust your budgets based on your spending, allowing you the opportunity to purchase much appropriate products relative to your financial ability. The application also comes with autosave and goal setting functions to allow you to practice targeted saving such as those directed towards celebrations.
Moreover, Cleo is usually free for regular membership, allowing you all these great features at no cost. There is, however, an option for plus memberships, which costs about £5.99 monthly. The plus membership is usually associated with additional functional benefits like interest-free payday advance of up to £100, among others. Thus, the subscription fee is optional and well worth it for those intending to use Cleo as it presents tremendous benefits.
Looking to appropriately budget and manage your income and expenditures? Then Cleo is the best choice for you as it will ensure you do not overspend while also saving you more money.
This is another great money-saving application in the UK. This app often works much like Yolt in that it usually rounds up all the purchases you make to the nearest pound and deposits the difference to your savings account. Moneybox is, however, different from other money-saving apps since it usually assists its users to focus their savings in the most tax-efficient ways.
Therefore, Moneybox helps individuals focus their savings on ventures such as new houses with the Cash Lifetime ISA, retirements with personal pension plans or even invest your savings in stocks and shares ISAs. Essentially, Moneybox not only saves your money but allows you to grow your money for prospective future benefits.
The little spare change eventually becomes significant and utilizing tax-efficient techniques, your savings are guaranteed to grow exponentially, making Moneybox a great money-saving app.
Bank Accounts with Apps…
Most of the banks in contemporary society are also adopting online, app-based banking systems, which also comes equipped with money-saving features. Essentially, if having a separate bank to your money-saving app seems obnoxious, you can always look to register to a bank with a money-saving app-based platform. These bank systems essentially assess your incomes and expenditure and help you adhere to the budgeting and saving goals you may have devised. Some popular banks to check out in the UK include;
This is one of the most popular banking platforms used by many people in the UK and even globally for saving purposes. Starling was among the first to adopt the app-based banking system, essentially attracting many users. They incorporated fantastic features to assist with the saving exercise. These include the ‘saving spaces’ function, which is much like virtual piggy banks, often separating your savings from the main balance despite the money being in the same bank account. ‘Saving spaces’ ensures that you do not accidentally spend your savings.
Another popular feature with the Starling bank system is that, like Yolt, they also round up expenditures to the nearest pound and transfer the difference to the ‘saving space’ for safekeeping. Although little, they also accumulate to significant levels with time.
Starling provides you with money-saving options within your banking system, eliminating the need to clutter your phone with many alien apps.
Monzo usually comes highly recommended by its over 5 million users. Being an app-only banking system, it has proven to offer great services to save and manage many individuals’ money. Monzo’s banking app is usually equipped with features such as the ‘saving spare change’ where money spent is usually rounded up to the nearest pound and the difference deposited into a savings account. Another feature is the automatic saving system which analyses income and expenditure and determines a safe amount that could be saved separately without impacting the user’s lifestyle. Finally, they often establish separate savings account distinguishing overall earnings from personalized savings, essentially preventing any accidental spending of the saved money.
Monzo is usually free to utilize. However, they always offer a Monzo plus subscription package going for £5 a month. This comes with the added advantage of syncing multiple accounts and cards under Monzo’s dashboard for easy understanding. Essentially, Monzo does it all for the clients.
Monzo offers you everything you need in one single place.
In conclusion, the listed above constitute some of the best saving apps currently popular in the UK and even globally. As such, whatever your saving objectives are, we are sure you will find the most suitable application to assist you in your money-saving journey with a guaranteed positive review after garnering some user experience and benefits.