5 Budgeting apps in UK helping users better manage their finances

By Gloria Methri

Money management, also called investment management, is the process of expense tracking, investing, budgeting, banking, and evaluating taxes on one’s money. The advent of various online banking, budgeting software, and personal finance apps has made the process easier, allowing users to categorize and track monthly expenses in a streamlined way.

In this time of uncertainty, a budgeting app can play a vital role in getting finances on track.

Here is a list of 5 popular personal finance management providers hailing from the United Kingdom.

• Monese

Monese is a personal finance and money management app that offers a budgeting tool as well as an expense tracker. Monese lets users set weekly or monthly budgets, categorise their spending, open separate savings pots, move money around and receive detailed transaction alerts and instant notifications upon making a purchase. For those looking for a savings account with interest, Monese has a marketplace where users can choose from several interest-bearing accounts with a wide range of UK banks. The budgeting and expense tracking features on Monese are free to download.

• Moneyhub

Moneyhub is a financial planning and budgeting app that consolidates a user’s finances in one place. With Moneyhub, one can connect their current, savings, joint, credit, mortgage, crypto, pension, and investment accounts and see all transactions in one place. The app also lets users create budgets, categorise spending, set and manage financial goals, view spending reminders, and access robust income, spending and investment insights. The app is available on desktop, iOS and Android devices.

• Monzo

Monzo is a digital bank that offers budgeting and money management in the UK. Additionally, it offers budgeting, interest-bearing savings accounts, short-term interest-free and interest loans, as well as phone and travel insurance. Monzo’s core budgeting features include connecting all accounts with Open Banking, categorising user spending, envelope budgeting using Monzo Pots, bill splitting, payday budgeting, and rounding up spare change.

• Plum

A money management and budgeting app, Plum builds a complete picture of a customer’s finances to help them save money and budget. Plum also lets users connect all their bank accounts and credit cards to see an overview of their finances in one place, analyse spending, keep track of expenditures, and compare household bills. Plum automates budgeting, saving, and investing and is available on iOS and Android.

• Snoop

FinTech Snoop, recently acquired by the Vanquis Banking Group, enables users to see all their bank accounts together in one place. With Snoop, they can track spending, categorise expenses and receive insights to help reduce bills and cancel unused subscriptions.  The app also helps users avoid bank penalty fees, reduce wasteful subscriptions, find vouchers and discounts at their favourite stores, track refunds, and spot unexpected price hikes. The basic version of Snoop is entirely free to use.

Also read: Wealth Management & Private Banking Systems Report Q3 2024