Why the UK Loves These 5 Personal Finance Apps

If you ask Statista how many people in the UK use a budgeting app to help them budget, you might be surprised to find that most people under 30 in the UK use some form of app to help them budget regularly.

Some people use apps every day (14%) whereas others use them once a month. Only 4% of people say that they use a budgeting app a few times a day. Regardless, it is evident that using budgeting apps is picking up in the UK.

If you are conscious about your income and spending, you might want to keep an eye on your money management. People are so busy nowadays that coming home from a day at work and then having to spend time capturing money in and out and crunching the numbers can seem like a tedious task. In order to streamline finances and ensure that budgets are easier to stick to, many Brits are turning to much-loved personal finance apps.

According to an article published by the BBC, Do Money Apps Make Us Better Or Worse With Our Finances, it states that people who use finance apps generally tend to cut their spending by 7% in the following 6 to 12 months. We could all do with that kind of savings, right? Definitely! Which money apps are the best to get started with?

Below are just 5 of the top personal finance apps in the UK and a bit of an explanation as to why people love them so much.

  • Money Dashboard

Money Dashboard is a free budgeting app that is compatible with both iOS and Android devices. As far as budgeting apps go, this one is known as the cream of the crop. It is mostly popular because it gives users a complete overview of their finances. Users can link the app to their accounts so that it can put all the necessary info into one easy-to-use and easy-to-understand platform.

Money spending can be categorized into types of spending so that users can assess their spending habits over 6 months. The only downside is that this is an overview tool that shows you what is happening with your finances. It doesn’t allow you to actually move money or interact with your finances from the platform.

  • Emma

Emma is another app that’s freely compatible with iOS and Android devices. There’s nothing polite about Emma. In fact, Emma is that friend that tells you that you have spinach in your teeth! She tells you what you need to hear, even if you don’t quite like hearing it.

The app is designed with smart tech that rings up a suggested savings target for you, based on what you can actually afford each month. And if you start spending in a manner that implies you might not make your saving targets each month, she will happily buzz you to let you know about it.

  • Flexy Finance

Okay, Flexy Finance isn’t actually an app, but it is an online service that Brits can use to apply for unsecured loans via their mobile phone. The application takes a few minutes and approved amounts are paid out within just a few hours. What’s to love about this particular service is that even people with a less than perfect credit score can get a loan from Flexy Finance.

  • Monzo

Monzo is compatible with Apple Pay, Samsung Pay, and Google Pay services. Within the app, users can see an overview of their finances, set spending budgets, set up standing orders and direct debits, and pay people.

You can also draw cash abroad without any fees being incurred. Monzo is also the app that helps peoples save. It has a built in Penny Jar that rounds up spending to the nearest pound and stashes it aside as a form of saving.

  • Bean

Bean is an app that is free and compatible with Android and iOS devices. It’s a great deal-finding app that helps users suss out over-inflated prices within their spending in a jiffy. Bean is designed to flag up better deals on absolutely everything.

It will even tell users when they appear to be spending frivolously or paying for services that they don’t really need. When it comes to bean counting, Bean has it under control!

Last Word

When it comes to managing personal finance, these top apps and online services provide Brits with a helping hand and peace of mind. Use the above apps to find unsecured loans, better deals on services, and keep a close eye on your spending.