Welcome to Money Monday! This is a weekly column where we discuss all things finance. From budgeting and saving to responsible buying and investing, we will share knowledge and help you think about controlling your finances differently so that you can achieve your financial goals faster. This week we are sharing best budgeting apps that will help you track and manage your hard earned cash better! DISCLAIMER: Please note that this column does not replace professional financial advice and it is intended for information purposes only. I try to give most accurate information on personal finance, but it may not be the best course of action for you, therefore, I recommend that you consult a finance professional before making serious financial decisions.
Oh how fun spending money can be! But if you find yourself singing “honey, there’s too much month at the end of the money” then slap that credit card out of your hands, sit down and make a budget. In my earlier Money Monday post – How to save for a property deposit in 10 easy steps I promised to share some of my favourite budgeting tools and apps that could help you manage your finances a little better. These are my top pics. Take a look and tell me what you think! Also please share any of your own tips in the comments section bellow.
An unconventional app to use for budgeting but one that will bring you back to the basics is the Notes app by Apple – available on iOS. It is ideal for those who are already quite mindful of how they spend their money. You will need to know how much you are likely to spend on monthly expenses and how much you allow yourself for things like going out, food, clothes, etc.
How I use it
- Create a checklist and bullet point each monthly expense e.g.:
- Salary +£2,000
- Rent – £800
- Council Tax -£100
- Electricity -£60
- Savings Standing Order/Direct Debit -£50
- Add due dates – when expect the money to leave your account e.g.:
- Salary +£2,000 28 June
- Rent -£800 1 July
- Council Tax -£100 2 July
- Electricity -£60 3 July
- Savings Standing Order/Direct Debit -£50 4 July
- In brackets add the balance of your account e.g.:
- Salary +£2,000 28 June (£2,000)
- Rent -£800 1 July (£1,200)
- Council Tax -£100 2 July (£1,100)
- Electricity -£60 3 July (£1,040)
- Savings Standing Order/Direct Debit -£50 4 July (£990)
- Tick off each income/expense daily and update the balance. This will help you track your balance.
If you have no idea where to start then check out Money Dashboard. It is a smart app that fetches financial information from your linked bank accounts and displays it in colourful graphs. It also has a budget planner that will help you set your financial goals.
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This smart money management app is rated #15 on Apple App store and similarly to Money Dashboard, it allows you to sync your bank accounts and credit cards in one place, see your spending, and set financial goals and actions to achieve them. It also offers a comparison service so that you don’t miss deal that will help you cut your bills down.
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Monzo is not a budgeting app but a new digital bank. It’s already breaking down stereotypes about what a bank is and what it should be. Monzo helps you track your expenses, set spending targets and receive instant receipt notifications.
What do you think of these apps and do you use any yourself? Let me know in the comments section bellow!