There’s an App for everything these days. Considering we are in the age of The Mobile Phone, it won’t surprise you that there are a few Apps out there that aim to help you with your money. Most UK banks these days have an app through which you can manage your money.
The main concern with Apps and personal finances is probably security. With cyber-crime losing UK victims £190k per day (per the BBC), it’s understandable that Apps which ask to be connected to all your bank accounts seems unsafe. Apps such as Yolt (plan budgets, monitor bills & track spending) are run by ING (banking & financial services), who are under a legal obligation to prevent and detect fraud and protect your data (FYI Squirrel, Pennies, and YNAB also all have similar App functionality).
When considering an App, check who is the developer and what placeguards they have to keep your money and data safe. Ideally they should be governed by the FCA (Financial Conduct Authority) like Emma, an App which as well as budgeting & expense tracking, helps identify wasteful subscriptions.
Convenience is the most significant benefit of using an App. Splitwise simply helps you and friends track how much you owe each other, ideal for holidays or apartment sharers. Wally lets you scan receipts and automatically logs them for you, making it easier to claim back on work travel. Curve links your cards into one, allows you to use the card from your phone and choose which account to pay from.
There are a number of ways you can track your personal finances. Using spreadsheets (like me, Excel lover over here), a notebook and pen, paying someone to do it for you (probably for an extortionate amount) OR via online tools like Apps (by the way if you can think of any others please let me know!). There’s no reason why you can’t use a combination of the above – Fudget allows you to track a budget, then export into spreadsheet format (paid version).
Overall I’m an advocate of anything that helps increase spending visibility. However because I track everything myself in a format that works for me, I tend to use finance Apps instead for things like online banking and checking if I’ve won anything on my Premium Bonds!
Let me know if you’ve found any finance Apps that really work for you?
Apps in order of icon: Emma, Yolt, Squirrel, Pennies, You Need a Budget, Fudget, Wally, Splitwise, Curve
Disclaimer: content produced does not constitute financial advice.
