EconomicsBudgeting Apps Can Change Your Life:

Budgeting Apps Can Change Your Life:

Fintech, or ‘financial technology’ companies, have transformed many areas of our financial lives in recent years. From banking to investing and beyond, hundreds of apps have emerged that have helped us to simplify our finances and open up opportunities that were previously out of reach.

One area that has been particularly transformed is budgeting. In past years, anyone who wanted to do an accurate budget would have to navigate multiple banking, credit card, investment and other website logins, and then collate all of the data into a spreadsheet (or even into a notebook!). However, a collection of fintech budgeting apps have been launched in recent years that take away much of that work.

All these apps use Open Banking. This technology framework allows licensed apps (such as these budgeting apps) to access transactions within your bank or other financial institution safely and securely. Once they have that data, they can display it all within their app so you can see an overview, and all have different tools you can then apply to the data, so you can see things like how much you can afford to spend, how much you spend on bills, subscriptions and any other spending category.

Below is a selection of the currently available budgeting apps:

Money Dashboard:

Money Dashboard is the oldest budgeting app out there, having been around since 2011 as a desktop computer program. Now updated to a smartphone app, Money Dashboard offers a simple and easy to use range of budgeting tools, and is completely free to use.

Emma:

Emma is one of the newer budgeting apps, and tries to appeal to a younger user with a gamified approach to budgeting. It is the most expensive of the apps currently available, with their Emma Plus costing £4.99 per month and Emma Pro £9.99 per month. They do also have a free version with fewer features.

Snoop:

Snoop is the newest of the budgeting apps, having launched in 2020. They provide a full suite of budgeting tools, plus also focus on their ‘Checkers’ which analyse your spending on things like mobile phones, broadband, utility bills, and insurances, then recommend alternatives that may save you money. For a full Snoop app review click here.

Moneyhub:

Moneyhub is a no-frills budgeting tool at a very low cost – £0.99 per month or £9.99 per year, and offers an effective suite of budgeting options.

Plum:

Plum have many budgeting features, but differ from the above apps, as they also give you the option to move some of your money into their app, and save and/or invest it via a series of different saving and investment accounts. A great way to grow your wealth with a minimum of fuss.

As you can see, there are a lot of options! It is unknown how many of these apps will be around for the long term, as there are a lot of competitors in a limited market. Indeed, some budgeting apps, such as Yolt, have closed down, and others, such as Cleo, have left the UK market.

Overall however, this wealth of apps means that people looking to take control of their finances and budget more accurately, have more options than ever before.

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