This year, more and more people are turning to their smartphones in order to manage their finances. A study this year by Marqueta showed that 47.8% of individuals aged 18-34 (in the US) would be willing to make the move to digital-only institutions, and 5.4% already have. Over half! There is still a large chunk of the millennial population that would prefer to have a bank with a physical location, but would they consider online budgeting to complement it? We think so.
The Swipii office is the perfect place to start looking at trends. Just from asking a few folks, we can see that many people choose to have a main current account with a classic bank with physical locations, but they have an account open with a digital-only bank, or they use other digital-only money management tools.
So, it’s clear that money is facing a digital revolution. Want to know the best budgeting apps in 2019? Join the savers, the budgeters and the people who just like having a fancy debit card (see, N26 Metal). In no particular order, here are our favourites.
For futuristic-looking personal finance management, PocketGuard is top notch. With this budgeting app, you can view all of your financial accounts in one place, to compare and contrast. The PocketGuard can analyse all of your spending, on bills and on non-essentials, and work out the easiest places for you to make savings. It can automatically set you a personalised budget based on your spending trends, which is super handy!
Wally Next is the new app from the popular Wally brand, a simple and clean-lined budgeting app that has been around for years now. The concept is similar to other budgeting apps, you can view all of your personal finance accounts and start to set yourself some financial goals by analysing your comings and goings. The app will help you to set daily and monthly budgets and stick to them.
Are you a visual learner? Then MoneyStrands could really help you to start sorting out your personal finances. With donut charts, and bar charts to help you understand your spending over a period of time and what you are spending on. You can also, within the app, set up specific savings goals for individual things. From a new car to a holiday, it will let you know how much you have left to save before you hit your target!
Clarity Money is a very good budgeting app. It can help you with a whole host of different things to get your personal finances in check. You can look through your subscriptions and check if there’s anything you could cancel, you can get a free credit score and of course, you can track your spending. You can also set savings targets, similar to other budgeting apps, and set up automated saving such as £5 every Monday.
Monzo is the first in our list which actually offers a digital-only alternative to your classic banking. You can set up a current account pretty quickly, in about 15 minutes. From there, you can keep track of your spending with push notifications and set budgets. You can set up ‘Pots’, which are savings accounts, and use these to save money using everything from the 52 Weeks Saving Challenge, to just automating how much you move each week. Also, you can use your Monzo debit card abroad and pay in the other currency, with no international fees. Awesome!
Revolut is another digital-only banking provider and budgeting app, who can provide you with a current account that does so much more. You can easily take your card on holiday with you and spend with ease while abroad and you can track and analyse your spending in detail. You can also round up your card payments and save the spare change, which is a really easy way to start saving if you struggle to move chunks into savings accounts each month.
Digit does things a little bit differently. It takes a look at your accounts and works out where you can make savings. So, you make sure it knows about all your bills and upcoming expense, and it works out what amount it would be “safe to save” today. And you can choose which of your savings accounts to put it into, whether it’s a holiday fund or a rainy day fund.
For those who want a budgeting app that will also put their money to work, I provide you with Stash. You can open a current account with these guys, and start investing. When you spend with your Stash debit card, you get ‘Stock-Back’ on your purchase, no matter where you spend. You can then invest in a number of different companies and watch your investments grow. Nice one!
If you think your problem may be self-control, Squirrel could help. You can set up an account with Squirrel (they’re powered by Barclays), and start budgeting. Once your salary comes in, Squirrel can split it between bills, savings, and a weekly allowance. Then, every Monday, it will give you your allowance, and you can spend it as you please, but you can’t go over it! You don’t need to manually put money aside, as it does this for you when your wage comes in.
Yolt is a popular, modern budgeting app that is clearly marketed for the millennials of today. With Yolt, you can see all of your accounts in one place, and it will categorise your spending throughout all of these accounts into specific budgets like Housing or Transport, so you know exactly where your monthly income is going. You can set savings goals, and look at the businesses you are spending the most in- so you know where you can cut down and save more. Soon, you’ll even be able to move money from one account to another seamlessly from within the Yolt app, to allow you to have full financial freedom over your accounts.