A common resolution for the new year is to take charge of your finances, but some of us might need a little help to get our finances in order for 2024. Don’t worry if this is the situation. The apps you need to get your finances in order for the coming year are listed below.
Budgeting
Software apps that help you cut costs Investing software Budgeting
There are a few apps that can assist you in budgeting, which is the process of determining how much you can spend and save each month.
Moneyhub
Moneyhub intuitively categorizes your transactions after linking your accounts, and the spending analysis feature shows you where your money goes each month. To assist you in keeping your finances in check, you can also establish spending budgets and monitor your progress.
Emma
You can connect two bank accounts and track your subscriptions and payday with the free version of Emma. You can also set monthly budgets and make payments within the app too.
Saving
If your budget shows that you can save money, you may need a savings app to keep your savings on track for 2024. There are numerous options, but the following are some of my favorites:
Moneybox
Moneybox might be the app for you if you’re short on time. It enables you to set up a savings account from your mobile phone in a matter of minutes, allowing you to immediately begin working toward your savings objectives. Additionally, the app can assist you in converting your expenditures to pounds. After that, the extra change will be put into a savings account for you, allowing you to save those extra dollars.
Chip
If you don’t want to think about saving money, chip is a great option. Its AI save feature, which connects directly to your bank account, will determine how much you can afford to save and automatically withdraw it from your account. The amount you want to save can be set at any level between one and five. If you need to, you can also manually override and skip saves.
Monzo and Chase
Despite being two distinct financial institutions, Chase and Monzo offer the same app-based service. The roundup feature in both apps lets you save without having to think about it. With Chase, you can get 5% AER interest on your roundups as an additional incentive.
Investing
You might want to start investing once you’ve paid off any debts and built up an emergency fund. Again, there are apps that can assist you in investing, so this need not be complicated.
Wealthify
Wealthify makes it easy and affordable to invest passively in the stock market. Because of this, it is an excellent choice for novice investors, particularly given that you can begin investing with as little as one penny (or fifty pounds if you intend to use it for your pension).
Plum
With Plum, you can invest as little as one penny, just like with Wealthify. A general investment account or a Stocks and Shares ISA are your options. Additionally, the application alleviates some of your stress. Plum will take care of everything for you automatically after you select the amount you want to invest.
Moneybox
The app Moneybox allows you to invest as well as save money. It also has a roundup feature, where you can invest your spare change to help you reach your financial goals, in addition to the usual investment options.