With the sharp rise in the cost of living affecting many households, most of us will need to start paying attention to our finances. The Resolution Foundation forecasts that a typical household’s income will fall drastically by around £1,000 in this year alone due to inflation. This will be the biggest fall since the mid-1970s.
Undoubtedly, personal finance apps are becoming more and more popular. In fact, Google data shows that the average smartphone user has two to three finance apps installed. 73% also used tech to manage their finances during the past month. You can find an app for everything when it comes to money management. Whether you are looking for budgeting or trading, or to keep track of your spending when paying for video game micro-transactions and when playing some of the best online slots in the UK and elsewhere, there really is something for everyone.
The best budgeting apps can help you understand your income and spending to allow you to have maximum control over your money. Some apps even have the facility to connect to your bank account and credit cards to automatically download transactions and categorise your spending to match the budget you choose.
The best budgeting apps come at a reasonable price, some even free of charge. Here are some of the best budgeting apps to download to take control of your finances.
You Need a Budget (YNAB)
This app comes with a 34-day free trial, and it earns the top spot in most budgeting app lists. You Need a Budget app is known for helping new budgeters save $600 in their first two months using the app, and $6,000 in their first year. The app is quite costly but considering how much you will be saving; we think that it is completely worth the hype!
Mint
Mint is one of the most popular budgeting apps around. With 25 million users, the app is free to download, and it can help budgeters of all levels track their finances and cost of living. You can set up pill payment reminders, track your investments, sync your financial accounts, check your portfolio fees, and more. It also comes with its own educational resources like a home affordability calculator and a blog with various finance topics.
PocketGuard
PocketGuard will help you avoid overspending. The company uses an algorithm to track your income, expenses, and savings goals. It will tell you how much you should be spending every day. These limits will make it easier to avoid overspending and take control of your financial goals.
Zeta
Zeta is one of the few free budgeting apps made specifically for couples, joint finances or not. The app caters for married couples, people who are living together, new parents, and more You can sync various accounts to track your spending, manage bills, and see your net worth.
The rise in cost of living will affect the best of us. Invest in these budgeting apps to take control over your finances. Technology is a wonderful thing…use it to your advantage!