– Offers FSCS protection for any money held in savings or investments – Gives tips on how you can make your money work harder and gives a real-time view of your budget – Pays interest of up to 3.82% AER with an Easy Access Interest Pocket. This money is set aside in your Plum savings account, or can be invested through a stocks and shares ISA or pension – Automatically saves small amounts from your accounts. – Connects to your bank accounts so it can analyse your spending habits The app also offers the option to save for your older age through its Plum self-invested personal pension (SIPP). Plum* is an algorithm-based app that helps you save money and invest with minimal effort. – For more on savings check out our best savings account guide. – The option to save money automatically is only available through Chip’s paid-for accounts – Chip is covered by the Financial Conduct Authority and the Financial Services Compensation Scheme (FSCS), which means your money is protected up to £85,000 – Pays interest of 4.26% AER on its instant access savings account – Offers spending analysis and the option to set savings goals – Allows users to invest money through the app, through a partnership with investment provider BlackRock This money is then transferred from your linked current account into your Chip savings account – Calculates an amount you can afford to save without having an impact on your day-to-day expenditure. Chip is free to use, but its premium account ChipX costs £5.99 a month. Push notifications that will track incoming and outgoing payments, and alert you to when you are at risk of going over your budget.Īs well as being a budgeting app, Chip *offers its own savings account that pays interest of 4.26% AER (variable) on up to £250,000 in instant access savings, as well as the option to invest through the app.Some apps will offer alternative choices that can save you money. ![]() Suggesting where you can reduce your bills.Every time you spend money, the payments are rounded up to the nearest pound and the difference – the “small change” – is set aside in a separate savings or investment account. Many will give this information on their website. So if you want to link all your financial accounts, make sure your provider is covered. Some, for example, don’t include credit card provider Jaja or banks such as Metro or Virgin Money. Are you looking to save money for a particular goal (such as a holiday)? Or do you want to invest your money in the stock market?Īnother point to consider is whether your bank can be linked with the app. How to choose a budgeting appīudgeting apps will vary in what they offer, and it’s worth thinking about what is important to you. Some will offer more advanced features, such as automatic “round-up”, which we discuss below.Īny apps you use should be authorised through the City watchdog the Financial Conduct Authority, meaning they have to comply with strict regulations that protect the consumer.Īs energy costs rise, here are ways to lower your household bills. Send push notifications, for example when you receive a payment or are close to your budgeted spending limit.Categorise transactions, so you can see areas where perhaps you could rein your spending in.Track your income and where you spend money.You may have the best of intentions to put money away, but never seem to have the time to analyse where you can make cutbacks. Why should you use a budgeting app?īudgeting apps can help you get into the habit of saving without you having to manually go through all your accounts and stick the information into a spreadsheet. ![]() With a budgeting app, all your bank accounts, credit cards and investments will be linked so that you get a full overview of your finances. You can draw up a budget manually, using pen and paper or a spreadsheet, but you can also let technology do much of the work. ![]() It can help you stop you overspending, lower the amount of debt you owe or save for a financial goal. * This article contains affiliate links that can earn us revenue What is a budgeting app?īudgeting is a way to help you keep track of what you have going in and coming out of your account. Read more: Try our free personal budgeting tool
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