Upon entering the New Year, money is often at the forefront of our minds. After all, with the holiday season behind us, many may find that finances are feeling a bit strained. As such, there is no more opportune moment than the present to take control of our personal financial situation.
What Are Financial Planning Apps?
Financial planning apps do just what they say on the tin. These software applications are readily available on various devices, offering valuable assistance in managing your finances.
Tailored to aid individuals in handling their personal finances effectively, these tools cover a spectrum of tasks. From budgeting and expense tracking to investment management, debt tracking, and savings planning, they provide comprehensive support.
Particularly for those grappling with financial challenges, or those looking to change up the way they bank, these tools can help take the stress out of money.
Financial Planning Apps Vs Budgeting Apps
When one thinks of financial planning apps, it’s natural to associate them primarily with budgeting apps. While it’s correct to acknowledge the popularity of budgeting apps as a key financial tool, it’s important to recognise that not all financial planning apps are exclusively dedicated to budgeting.
Budgeting apps can connect to your financial accounts to track your spending, monitoring and categorising your expenditures for a clearer understanding of your financial habits.
Yet, when looking at financial planning apps more broadly, it becomes evident that these apps can carry out other financial tasks beyond the realm of budgeting.
Top 10 Financial Planning Apps
1. Moneyhub
Financial planning can be tricky when all your money is scattered across different accounts. The Moneyhub app seeks to rectify this. It does this by providing users a space to consolidate all their financial information. Beyond observation, the Moneyhub app also empowers users to actively manage their financial data, aiding them in reaching their financial objectives.
From bank accounts and borrowings to credit cards, investments and pensions to savings, with Moneyhub, you can see everything in one place to give you a better place to leap off from when making financial decisions for the future.
Users can establish spending goals, monitor their progress, receive timely reminders for due payments, view categorised transactions for a clearer understanding of expenses, and rest easy in the knowledge that Moneyhub’s robust security measures keep their information safe at all times.
2. Plum
Stash your cash securely with Plum and watch it grow with the help of the app’s impressive interest rate of up to 5.15%. Enjoy the flexibility of easily accessing and adding to your funds, as Plum imposes no minimum or maximum contributions, making it a versatile approach to saving while earning returns on your money.
Simply connect Plum to your bank accounts and allow its automated features and smart technology to do the rest. This financial app not only facilitates easy access to savings but also offers a suite of tools for users to plan for the future, including saving, budgeting, tracking expenses, and even investing.
Dive into the world of investment with Plum as it enables users to construct personalised portfolios. Simply select your risk level to align with your financial goals and commence on the journey of planning and investing for the future. Whether this be through stocks, SIPPs or funds, Plum empowers users to build and diversify their portfolios for sustained support in the long run.
3. Mint
Effectively planning for the future becomes far easier when users can view and track all their finances in a single platform. Fortunately, this is precisely what the Mint financial app delivers.
Positioning itself as a comprehensive finance manager and bill tracker, Mint offers a free solution for users to seamlessly track expenses, transactions, monthly budgets, account balances, subscriptions, and taxes. The app can even calculate users’ net worth, aiding them in formulating an effective budget plan.
Beyond planning for the future, Mint also excels in real-time financial management. Providing users with insights into their credit score, tracking additional spending like subscriptions, and alerting users to price fluctuations in these expenses, Mint ensures users are kept up to date on all their spending habits.
4. Nutmeg
As the first and presently the largest digital wealth manager in the UK, Nutmeg provides users with complete investment transparency to empower them to make informed and optimal financial decisions.
As a comprehensive financial app, Nutmeg offers a range of products designed to help users reach their financial goals. Covering pensions, Lifetime ISAs, Stocks and Shares ISAs, Junior ISAs and general investment accounts where no contribution limits apply, Nutmeg is a versatile platform where users can create diverse portfolios tailored to their needs, effectively positioning themselves for a secure financial future.
5. Cleo
Meet Cleo. Where Artificial Intelligence (AI) meets money. Cleo understands how an AI assistant can help individuals to fix their personal financial woes. After all, keeping track of one’s money can be a tricky endeavour, and most companies don’t care to put your interests first.
Cleo AI steps in to simplify difficult financial decisions. Simply chat with Cleo who identifies your needs, grabs the data she needs, and gives you simple answers. Whether tackling complex queries or simply checking your credit score, Cleo is your go-to source for reliable information.
Rest assured, Cleo prioritises the security of the information you share, ensuring it remains confidential and protected.
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6. Chip
Enter the Chip financial app, a singular and secure hub for users to effortlessly manage and safeguard their savings and investments.
The Chip investment app provides users with a space to build a diversified portfolio, all with the added benefit of 0% platform fees. The mission of the platform? To make building wealth simple. Do this with the app’s award-winning tech, competitive interest rates and support line renowned for its excellence, users can confidently and effectively cultivate their savings in a nurturing environment.
7. Revolut
At the heart of Revolut lies a fundamental mission: to empower users to make smarter spending and saving decisions. Boasting millions of customers across over 150 countries, Revolut’s widespread adoption speaks for itself.
Revolut understands that money matters can be complicated. That’s why it’s here to simplify things. Whether it’s sending money abroad, scaling your business or balancing your budget, Revolut offers a platform that simplifies spending, saving, investing, borrowing, managing, and more.
Revolut’s easy-to-use app offers a range of digital banking services. Users can seamlessly transfer money abroad, make cash withdrawals, engage in cryptocurrency exchanges, and access assistance for budgeting and saving.
8. Wally
Wally empowers users by seamlessly linking their accounts. From there, the app takes over. Functioning as a fully automated platform, Wally becomes the user’s ally in tracking spending, upcoming bills, cash flow, and more. With an expansive network covering over 15,000 banks across 70 countries, users can confidently consolidate their checking, savings, credit cards, loans, and investments within a unified platform.
With the aid of AI, WallyGPT can even offer users context on their finances, helping them to learn more about what they’re doing their their money and plan and set financial goals for the future.
9. YNAB
Navigating expenses can be challenging, but YNAB presents a robust solution to this common issue. The YNAB Method for money management not only aids users in keeping tabs on their expenses but also facilitates the growth of their savings.
What’s more, this platform serves as an educational tool, helping users to grow their savings while simultaneously teaching them effective lessons on how to handle their money. Through this, users can not only make more informed financial decisions but also gain clarity and confidence in their financial endeavours.
10. Emma
If mastering budgeting is a challenge, consider giving Emma a download – it might just be the platform you need. Emma allows users to effortlessly track their finances while providing valuable insights on effective cash budgeting. It serves as a user-friendly gateway to investing, paying, saving, and spending money.
Emma offers a vast range of financial services, enabling users to seamlessly send and request money, organise their finances, set and pursue financial goals, and invest with commission-free stock trading with as little as £1 in the companies they believe in.
Already boasting over 1.6 million users, Emma has earned acclaim as a game changer in the realm of budgeting and handling the complex matter of personal finance.
Are Financial Planning Apps Safe to Use?
Most financial planning apps prominently advertise their user-friendly and safety features, it remains crucial to conduct thorough research before downloading and utilising any such app.
This caution is warranted because financial planning apps often usually require access to users’ bank accounts, savings accounts, pensions, and loans among other things in order to work. Granting this comprehensive access bestows a significant amount of power over one’s private financial data to these apps.
Therefore, prioritising safety is always important. Users must make sure to scrutinise the safety ratings of financial apps and delve into customer reviews that specifically focus on safety features. Additionally, researching the availability and effectiveness of the app’s helpline services ensures that assistance is not far away in case of concerns or uncertainties.
Are Financial Planning Apps Worth It?
So, are financial planning apps worth the download?
Of course, one does not need financial planning apps as an imperative when handling their money. But, in today’s digital age, using online applications to aid in everyday operations has become the norm, and for good reason.
These tools are globally accessible, readily available, and designed to simplify various financial tasks, making life more convenient in the realm of money matters.
With a multitude of features, including transferring money globally, converting cash, forming an investment portfolio, setting financial goals, tracking your budgeting and saving, and more, these apps cater to diverse financial needs.
Particularly for individuals grappling with financial management or those seeking guidance on aspects like budgeting and investing, financial planning apps can serve as invaluable tools, helping them stay on course and maintain clarity in monetary matters.
