Reports show that mobile banking is set to overtake in-branch visits in the UK by 2021. In fact, 71% of customers are anticipated to be using banking apps by 2024. Of course, this makes banking so much easier but has resulted in the high volume of branch closures all across the UK. The head of Money at Which? has pointed out that this leaves a gap for consumers who are looking for a “full range of financial services”, including budgeting help. Additional money apps can now help consumers manage their money and achieve their financial goals; whether you are just looking to cut some costs or work towards a long-term goal, these apps could help you!
A simpler money app that could help users budget their finances is Money Dashboard. This easy-to-use app simply lets users view all their finances in one place, from current accounts to credit cards. The app is designed to help users better monitor their progress towards specific financial goals, such as buying a house or paying off a debt.
One of the best things about this app is that it allows you to compare month by month savings or financial progress, so users can see how far they have come! Budgeting with Money Dashboard is completely customisable, which means users can set budgets for things like food, entertainment, travel and shopping. Breaking down your budgets could even help identify where money is being spent unnecessarily. This could help users save money and get closer to their financial goals, whatever they might be. Money Dashboard is also free to use.
Cleo is another money app that could help users manage their finances. Cleo uses bank level encryption to access user bank accounts and provide helpful updates, via Facebook messenger, with the aim of helping users to be more mindful of their spending. Users can set budgets to get tailored reminders when they are encroaching on their spending limits which could help people practice better financial planning and budgeting. Cleo is also a free app for all users.
Bank Account Apps
In our technological world, banks are experiencing more and more customers manage their finances online, in fact, visits to traditional banks are down by 30%. As contactless payments continue to increase in popularity, mobile banking apps are now the quickest way to check to see if a payment has been processed. There is always a risk of ‘double tapping’ with contactless, which is where your debit or credit card is charged twice. Consumers can now check their mobile banking apps to see if a merchant has charged their card twice whilst the charge is still fresh in your mind. This could help to cut down on the 53% of customers who found they were overcharged when using contactless payments. Banking money apps could also help those who have lost their card or believe they have been subject to fraudulent spending as the account can be frozen (and reactivated) from the better banking apps.
Those who use banking apps should always ensure they are connected to a secure network to protect their data.
Other Apps That Could Help Your Finances
Money apps do not need to be super sophisticated to help you budget or keep on track with your spending. One of the best ways to budget could just be to only take the cash out that you are willing to – or can – spend. This strategy is ideal for saving on nights out or shopping trips. Money apps like ATM Hunter can help you find ATMs that won’t charge for a withdrawal, which could help keep precious pounds in the bank!
Although it might seem initially counter-productive, some shopping apps can be considered a cheaper alternative for purchasing. For example, Depop and Ebay sell second-hand clothing and homeware, which can save you money on items you need!
Voucher apps, such as VoucherCodes or Student Beans, can help you cut the costs off meals out, entertainment such as cinema trips and retail purchases. These are subscription-free, you just have to make an account (if you are eligible) and check the deals regularly. Wowcher and Groupon are also voucher-based money apps but are angled towards bigger or luxury purchases.
How To Make Money Apps Work For You
34% of millennials are expected to have some kind of money app on their smartphone. There is still a level of responsibility and maintenance involved in using money apps. Users can’t just download the app and expect their finances to be sorted, like taking out an instant loan and expecting your finances to be better. Getting into the habit of checking your balances and updating your money apps (if you need to do so) could be more helpful than the app itself. This is because it makes you more conscious of your money, rather than avoiding the numbers. It is harder to ignore apps that send you updates but still possible. Users should be committed to their budgeting goals.
To make money apps work for you, it is important to understand what you really want to achieve and what is realistic. Money apps are a great way to increase awareness of your finances, but the user still needs to make responsible spending decisions. It could be that a mix of apps help improve your financial status and get to where you need to be.
Here at Wizzcash, we hope that these money apps help you manage your finances. We are an emergency loan provider for those situations when your budgeting cannot accommodate an unexpected bill. Wizzcash only provide loans in financial emergencies; you can find out more about how it works here.