5 personal finance management apps in the UK that ease budgeting

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The significance of personal finance management apps has increased since the beginning of the pandemic. Tracking our daily, weekly, or monthly expenses and saving periodically is a beneficial habit and enables us to maintain a healthy financial condition.  However, tracking expenses, income, and investments consume a considerable amount of time and involve miscalculations.

Here are 5 personal finance apps that help customers digitally manage finance and reach savings goals.

1. Yolt

Yolt is a smart money platform with two offerings, including the Yolt app and open banking platform, Yolt Technology Services. The company has offices in London and Amsterdam.

The company recently announced that it is heading into a beta period. This will allow the company to test a new update of its smart spending and savings-focused application. Yolt stated that it would be testing a series of new and free features for catering to the shift in consumers’ financial priorities and help users during the pandemic.

The company also established a new API connection with American Express as well as with digital wealth and investment manager, Nutmeg. The AMEX partnership enables customers with an AMEX card to view their spending and balance directly within the money application, while the Nutmeg integration allows Yolt users to view their portfolios directly within the app along with their current accounts, savings, credit cards, pensions, and other investments.

2. Money Dashboard

UK-based Money Dashboard is a free online personal financial management service that provides users with the ability to view all of their online financial accounts in one place and categorises and analyses all of their transactions so they can understand how they use money.

The company recently integrated with three new account providers, including Revolut, Chip, and Marcus, by Goldman Sachs for allowing the customers to track their budgets, savings, and spending, irrespective of their banks. It also raised around £4.6 million on the crowdfunding platform CrowdCube after reaching its initial target of  £1.5 million in under 45 minutes.

Money Dashboard selected open banking infrastructure provider, Token.io in a bid to integrate the latter’s Token Pay into the new app.

Money Dashboard connects to over 60 financial institutions, including challenger banks Monzo and Starling, and leverages Open Banking, a government initiative implemented to free up the way consumers share their financial data with regulated third parties.

3. Moneyhub

UK-based Moneyhub aims to improve financial wellbeing and boost customer financial empowerment. The company recently launched its new suite of FinTechs, stating that customers using its APIs would be able to switch on the new features in a bid to allow them to get to market faster

Clients who have white-labeled the company’s personal financial management platform can use these new features for boosting existing propositions.

The company entered into a partnership with London-based personal finance solutions provider Lumio to boost financial management for customers by bringing their bank, savings, pensions, and investments, in one place. Lumio leverages Moneyhub’s full suite of Data APIs for providing users with a range of accounts on the market.

4. Plum

Plum provides AI assistant for facilitating money management, It analyses incomings and outgoings and automatically sets small safe amounts of money aside for the users. It also provides insights on the user’s spending, investment for a real return.

The FinTech recently announced new updates that allows clients to gain full visibility of their savings, spendings, and investments in one place with a 0.6% AER on its easy-access account. The company leverages AI to automate features of personal finance including saving, switching bills and investing.

Plum recently partnered with mobile commerce technology company, Button to launch a reward program enabling users to shop at retailers like Groupon, ASOS and Farfetch.

The money management app has also closed a $10 million funding round along with few product updates for bringing financial assistance to its customers. The round was led by Japan’s Global Brain and the European Bank for Research and Development.

5. Emma

Emma is a mobile-only solution that helps consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. The company recently launched its operations in the US and Canada following the announcement of its partnership with Plaid.

Emma collaborated with Chip in a bid to allow the customer’s track their automatic savings on Emma’s dashboard. Chip, like Emma, automatically saves money by analysing spending habits through its AI-powered algorithm. Together, the partnership aimed to disrupt the UK’s consumer finance market.

Emma’s platform provides the customers with analysis of their finances and spending patterns along with features like overdraft predictability.