Christmas and News Years are nothing but a distant memory, but the expenses of them are still fresh in our minds. A new year brings New Year resolutions, and I don’t know about you, but having better money management has been on my list for the past four years. I thought it would be beneficially, just for you as it would be for me, to have look at some of the money management mobile apps that are out there. Due to the ubiquity of the smart phone, you can manage your savings, moderate your spending and invest your spare change all through your smart phone. I’ll look at a couple of apps that I think are both easy to use, and extremely helpful when trying to budget in the new year.
One app that is currently running its marketing campaign is MoneyBox. You may have seen them advertising on Underground posters (happy 155th birthday by the way) or seen their televised adverts. But what do they actually do? MoneyBox is an application that gives you the option to invests any loose change. It rounds up transactions to an amount that you decide, and it invests them into one of three options. You can either invest your money into a Henderson Cash Fund, a Vanguard Global Equity Fund or a Blackrock Property Equity Fund.
Let’s set the scenario. You spend £2.65 on a cup of coffee in your café of choice. With MoneyBox, you have the option to round that sum up to £3.00, meaning that 35p will be invested into one of the funds stated above. Preliminary tests of MoneyBox showed that users made about 30 transactions a week, within the average range of 28p.
Of course, when it comes to anything money related, safety is of paramount importance. MoneyBox is authorised by the Financial Conduct Authority, meaning that your invested money is guaranteed to be safe.
The first 3 months are free, but after that you pay £1 a month to use MoneyBox, and it is available on both IOS and Android. A very productive way to use spare change wisely.
Money Dashboard gives you the opportunity to view all your incomings and outgoings including credit cards, current accounts, and Savings all in one application. It categorises your transactions automatically. For example; electricity bills, credit cards, mortgage payments, and food shopping all fall under commitments, but you can also manually categorise transactions if you want to start saving, or you spend money on commodities.
The app also groups together similar transactions to highlight what you spend the majority of your money on. It really helps when you can clearly see what are the small niggling expenditures that hit your account subtly.
All this data is shown through colour coordinated graphs and charts, making it quick and simple to look over your finances.
In regards to safety, Money Dashboard strongly recommends talking to your respective bank, as you have to link your debit/credit card details to the application. Although banks will have heard of Money Dashboard, you are giving away valuable details, and its always better to be safe rather than sorry when it comes to your personal finances.
Just like MoneyBox, this app is available on both IOS and Android but it is completely free to use.
Savings Goals Pro
Fairly self-explanatory from the name, this application enables you to set saving goals and deadlines for when you want to reach those goals. The app will calculate a savings plan with the details of how much you need to save within your set time limit, and comes up with a plan that will enable you to reach that goal. Extremely helpful when you are saving to buy a house or, if you’re like me, saving to go on holiday. The app includes visual graphics so that you can see your progress and how far you have until reaching your goal.
For £2.99 on IOS, it has become an instrumental tool for me personally, and out of the few I’ve mentioned, my favourite to use.
There are countless other applications that I haven’t mentioned, but are talked about in detail in ‘This Is Money’ website. They go through their top 10 money saving apps, and I would strongly recommend giving it a quick read.
With applications like ATM Hunter, where you can view all the ATM machines that don’t charge you to take out money, and Stocard, which digitally holds all of your loyalty cards that you may have lost of forgotten, there are seemingly endless little ways to save your money. Every little really does help, and saving even 30 pence a day can turn into over 100 pounds in a year.
Written by James Wales
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