A Glimpse at Some of the Innovative Money Saving Apps in the UK

Ailsa Adam January 15, 2021

There are some unforeseen circumstances in one’s life which demand sudden outflow of cash. It could be a medical emergency or car repair etc. People tend to take loans in such situations to sail through them and then repay much more than what they borrowed initially. This is not smart to manage your finances, as suggested by many money managers and financial experts. Thus, one should save money beforehand so that he does not have to incur debt in such a crisis.    

There are direct lenders in the UK offering door to door loans to even bad credit borrowers to help them in an emergency. This pandemic is exemplary when it comes to a dire need for credit after many professionals had to go through furloughs and job losses. These are unsecured loans for which you neither have to pledge any security as collateral against the loan and nor you would have to produce any guarantor to represent you.

Money-Saving Apps

This blog will introduce you to several apps from the UK that can save money to tackle emergency without taking loans. Here it goes:

  • Plum

In this app, users get to link all their bank accounts and then its algorithm suggest users innovative ways to save money. There is a real virtual savings pot in this app where it deposits a pre-defined sum every month. You can, however, play with this amount by reducing or increasing it anytime you want.

Plum is pretty user friendly, and it has a dedicated chat window where users can clear their queries. This is a free app with subscription-based features in Plum Pro, its advanced version.  

  • Money Dashboard

It is always a tedious task to manage multiple bank accounts and credit cards, now you can leave all this to an app. The expenditure analysis in-built in this app tracks monthly spending on different categories and shows it up on your dashboard.

Thus, it becomes easy to analyze spending and monitor where your money is going. This free app also has a budget planner wherein you can allocate the amount of money spent on each category. 

  • Hyper Jar

There is a jar in its name since this app has separate jars that are virtual, which users can use to create budgetary allocations and spending. You can create a specific jar on individual expenditures, for instance: grocery jar to pay for grocery bills and rent jar only to pay your rent. You can set your goals and tweak these jars limit accordingly and also analyze your spending habits.

Thus, if money from your food jar is flowing like water, then you can reduce it by transferring excess funds to your savings jar.

  • Emma

This app has been making news owing to its multi-purpose features enabled in one offering. Emma has a working methodology based on open banking, wherein it extracts meaningful information from your bank accounts. It tracks all the inflow and outflow of cash in any or all your personal or business accounts, thus providing better visibility on your liquidity position.

Be it financial budgeting or cashflow monitoring, Emma does everything for you too, without even charging a penny. Thus, you won’t have to take 10000 loan for bad credit to access any of its features.

  • Chip

This is another non-subscription free app which lets you link your bank account in no time to this app. You can then do a lot of things from monitoring your expenditure to computing your savings and earning interest income on your savings.

Chip’s platform works on artificial intelligence and thus using it, users can set the savings amount, and this app’s algorithm will save it for users on their behalf. If you prefer this app to your friends and family, you will get rewarded when they signup using your code.

  • Curve

If you always find money management and personal finances difficult, then this is your weapon. Users can connect their multiple bank accounts, debit and credit cards with this app to get a wider view of their financial standing. They will get better insights into their spending patterns and where their hard-earned money is going.

This app’s unique proposition is that you can turn to the past to revisit an unintentional expenditure you incurred by mistake from a different account. There is a virtual curve card which lets you do it, and you can also earn specific reward points when you use it on famous retail giants in the likes of Tesco, Amazon, to name a few. This card is at no extra cost, and also users receive £5 for them to spend on online e-commerce or offline stores.  

  • Money Box

This is a bit different from others because it allows you to trade in shares, thus allowing your money to work for you while you are sleeping. There is a savings pot in Money Box as well where all your daily transactions change will be pooled after rounding up to the nearest integer.

There are many personalization features in this app, one of which is a payday boost to save more and reward points on selected outlets is there as well. There is an in-built pension fund pot that you can use to plan for your life after retirement.

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