Five top apps to better manage your money

With households feeling the inflation pinch, there’s never been a more important time to get serious about managing our money. And these five apps could be the tools you need.

Technology is transforming our finances. It’s changing the way we manage our payments, shape our household expenses, and even build our wealth through investing.

And with the cost-of-living soaring, it’s more important than ever to be on top of our spending, saving and investing for the future.

Here are five apps that can help your money go further, now and for the future.

Saving

Moneybox

This one is for big spenders. Moneybox rounds up your transactions to the nearest pound and collects the spare change in a savings account.

For example, a £2.40 morning coffee would add 60p to your savings.

While their savings accounts don’t provide a top interest rate, it’s good for you if you want to dip your toes into saving and investing. If you’re looking for the best savings rates, check Moneyfacts’s best buys.

Moneybox is a great choice for those who struggle with building a savings habit, encouraging smaller, frequent contributions.

Plum

Plum is a smart money app for those who would like to use automation to save and invest.

It sets aside automatic deposits for you – for a new purchase or for a rainy day. You can customise your interest pockets and change the savings deposits as per your ‘mood’.

Plum also provides the round up feature for savings, allows for weekly deposits or lump sums, tracks and manages your energy bills, Netflix subscriptions etc. Plum provides different AERs for free and premium subscribers.

It’s great if you’re actively looking to save, budget or even get started investing.

DIY investing

Dodl

Dodl is an easy, secure investing app run by AJ Bell, one of the UK’s largest investment platforms.

It offers ready-made portfolios, responsible investment options, direct share investments and various accounts such as Investment ISA, Lifetime ISA, pensions and general investment accounts.

It is a regulated and protected service app, charging users 0.15% of their investment value per year. It’s paid monthly and the minimum charge is £1.

Another similar app is Nutmeg– offering a much wider range of portfolios with desktop access too. However, Nutmeg’s annual costs of investing are higher than that of Dodl, with charges of up to 1.1%.

Credit applications

Mojo

With rising interest rates, getting a good mortgage can be tricky at the moment. Many homebuyers turn to mortgage brokers to help find the right deal for them. Mojo is a digital mortgage broker.

It looks at your income, spending, savings, and your financial commitments to calculate a mortgage score for you.

It looks at your financial behaviour and spending habits automatically and then runs a check to determine how much you’ll be able to borrow and the best deals available.

Other good digital-only brokers include Habito and Trussle. Depending on your circumstances though, you might want to go to a traditional broker if your situation is more complex.

Experian

Planning on getting a new credit card or a loan this year? An accurate credit score is a must.

Companies require your credit score to see your repayment ability and general creditworthiness. Experian allows you to get a better idea of your chances of acceptance via the credit score before you apply for a loan.

It helps you to boost your credit score over time. Experian can compare offers, quotes, or deals on different credit cards, mortgage plans, car insurances and more. CreditKarma is another popular credit score checker. It shows your credit scores and reports information to assist you in your financial goals.

Bonus: Comparison Websites

Comparison websites are an underrated saving hack for individual consumers. From energy providers and broadband deals to insurance companies, you can compare it all.

MoneySuperMarket.com and ComparetheMarket.com are among the best rated sites.

uSwitch is popular for energy tariff comparisons and broadband deals. at the moment there is unfortunately not much switching in the energy market, but this doesn’t mean you can’t look for better deals on other services.

GoCompare and Confused.com are well-known for insurance products.

SkyScanner, Booking.com and Kayak are great for booking hotels, flights and hiring cars for travelling.

Idealo is another popular eCommerce comparison site. It compares retail products such as electronics, clothing, health, gaming and much more.

Engaging with technology in your personal financing journey enables you to access opportunities remotely, make smarter money management decisions and improve your financial savviness.