The Best Budgeting And Finance Apps UK 2022
In these times, it is more important than ever to have a good budgeting plan in place. The cost of living is constantly on the rise, but with the right apps, you can make managing your finances a breeze. This article will outline the best budgeting and finance apps in the UK for 2022. We'll take a look at why budgeting is so important in our current society and what each app can do for you. So whether you're looking to get your finances under control or just want to find an app that does all the work for you, we've got you covered!
What is a budget?
A budget is how you plan your incoming and outgoing finances over a defined time period. A good budget ensures that you don't over spend or over extend yourself, which can lead to severe financial or mental health problems.
If you earn £3000 a month after tax, a good budget would ensure you haven't run out of money before your next payday. But a great budget would ensure, you keep enough money back per month to build savings.
How do you create a budget?
Your budget should include things you need or want over the month. For example, you must take into account your rent payments, council tax, car insurance, food, TV licensing - basically everything you need to pay each month. The items you want, could include trips to the cinema with friends, meals out, or gym memberships - these aren't requirements for your survival each month, but they do help you live a fulfilled life. Your needs should always take priority over your wants.
Best apps to help manage your budget:
Moneyhub enables users to manage their budgets and bank accounts securely through their app. It centralises you bank accounts, investment portfolios, financial assets and loans – giving fantastic insights into your habits and helpful ways to adapt them. It allows you to set and track spending goals, whilst automatically categorising transactions for you and analysing where your money goes each month.
Snoop is a fantastic budget management app, with a few additional features. It not only allows you to set and track spending goals, but it provides summaries of your spending across different time periods. There are also helpful tips and tricks to bring down you monthly outgoings, including a switching service for energy suppliers and insurances.
The Plum app connects to your bank accounts and constantly monitors your spending habits to give you better control over your budget. It allows you to build up savings with deposits, round-ups and investment features.
With Monese you can create savings pots, move money between your accounts and set your monthly budgets. The app has a couple of other extra features the others don’t offer, such as multiple currencies, localised payments and international transfers. It categories all your transactions and sends you detailed alerts and notifications with every purchase.
Revolut is a finance and budget management app that centralises all your accounts and financial information. Set budget limits with helpful alerts and predictions on your spending. It keeps you on track with weekly summaries and insights. See your subscriptions, bills and other outgoings all in one place.
Although not a budgeting app, Monzo does categorise spending and allow you to create savings pots. You can move money between accounts,quickly transfer cash and view spending reports.