Money. It might be what makes the world go round but it’s still a hugely taboo subject for a lot of people. From how much you make and how you spend it to how much (or little!) you save…it’s hard to know where to look for advice if you’re not naturally money-savvy. Thankfully, the past couple of years have seen a rise in money apps designed to help you save, spend, and track your money effectively. If you’re the kind of person who avoids looking at their bank statements like the plague then this round-up is for you…
The app for people who think budgeting is boring, Pennies is basically an everyday money tracker. You can create as many budgets as you need (for instance you could have a section for everyday spending, a holiday tracker, and a wedding budget) and track them in a way that suits you. But, in essence, Pennies does the hard work for you and will tell you exactly how much you have to spend today. If you spend less, that’s fine, the app will just give you more to spend tomorrow.
Spotted people paying for their shopping with a neon coral card recently? That’s Monzo. Yes, the great thing about this app is that it’s a way to spend and manage your money in the real world. Coined as ‘the bank of the future’, it works exactly like your normal current account – but in real time. Just top it up and gone are the days of pending payments from forgotten Topshop sprees. As soon as you tap the card to pay for something, the balance in your app updates instantly. Not only is it great if you struggle to keep track of your spending but it categories your transactions into things like groceries, eating out, and entertainment so you see exactly where your money goes each month.
Harnessing the latest AI technology, Cleo is like a friendly (and super-intelligent) assistant for your money. Cleo works by securely accessing your transaction data and then using her AI bran to calculate and spot your spending trends and habits. It’s a highly intuitive interface and really simple to set-up and you can communicate directly with Cleo via text and Facebook Messenger if you have a question about your finances. Just like any AI, the more you use it the more ‘intelligent’ Cleo becomes – meaning you’ll get more in-depth insights into your spending.
Think of Moneybox as a beginner’s guide to stocks and shares – and a new way to save, without realising that you’re doing it. Just connect one of your spending cards to the app and Moneybox will round up the spare change from your everyday purchases to the nearest pound and invest it for you. That 2p from your morning Starbucks or the 40p excess from last night’s Uber home could be invested in companies like Netflix, Unilever and Disney. As with all investing, the value of your investments will rise and fall at times and you could get back less than you invested – but, if you’re looking for a new way to save (and track) your investments then it could be worth a go!