Sunday, 13 October 2019

Best apps for organising your money

Building up savings, starting up an investment account and organising your money can all seem like a massive faff and big time-sucker when you have zero free time thanks to small humans, work, cooking for what feels like 27 meals each day. 
But a bunch of apps make it really easy to sort out your finances, cut your debts, and/or build up a nest egg, all with one thumb, via your phone. 

Here's our pick of the best:
* Money Dashboard: you can see all your current and savings accounts and credit cards in one place with this app - making it easier to work out how much you're spending, how to cut back, and boost your saving power. No need for endless mental maths as you log into all your various accounts - and it has an in-built budget planner where you can plan your spending based on your history. And it's free.
* Splitwise - no more awkward bill-splitting when you're out for dinner or away with friends or joint-booking childcare for your kiddos: this app splits bills for you, works out how much each person owes and sends notifications to remind people to pay.. saving you from being #awk. It's free.
*Chip is a microsavings app which uses AI to work out what you can afford to squirrel away, and shifts small amounts from your current account to the Chip account every few days. The average automatic save is around £20 - so your pot adds up, but not so much that you’ll notice your bank balance dropping, or miss any of your direct debits. You can cancel an automatic saves before any money exits your bank account, and you can move your Chip account money at any point. Be aware, though, that your Chip money isn't backed by the FSCS protection that major banks and institutions have (which means if the bank collapsed, you'd get your cash back) - so remember to then move your cash from Chip into a savings account or investment. This app is also free.
* Moneybox 'rounds up' spending on your linked cards, so if you spent £4.20 on a soft play entry, 80p would go to your Moneybox investment fund. You pick between three options - cautious, balanced or adventurous investor - and the app invests your savings in a corresponding stocks and shares fund. It isn't free - it has a monthly £1 fee plus 0.45% of the value of your investments per year, and fund management charges. 
* All fees correct at time of writing, please check terms, conditions and details before opening any new accounts or moving your money.
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