Check out some budgeting apps

Budgeting apps will help you save, organise and get you into a suitable place to start investing. It’s a good idea for people looking to save up their emergency fund or who need to get started with the very basics. They can often help you automatically calculate the affordable amount for you to save based on your incomings / outgoings and patterns within your spending.

Who will it suit?

Beginners. This option is easy to set up and you can link your bank account(s) to help with the “maths” of how much you may need to save. Good for people who would like to establish a savings pot, or for those who are after automated saving. You can still access the money easily if you need to. Alternatively budgeting apps are great for individuals who have a set goal that they are working towards e.g. saving for that holiday, or the new car you’ve always dreamed of…

With some of the budgeting apps out there you can also invest, however, this option does not exist for all.

What does it cost?

This varies depending on which service you use. Often a lot of the apps are free, or you can start with a trial, but expect to pay anywhere between £1 a month to £5 a month for investing options and the best interest on your savings.

What are the drawbacks?

The simplicity – your options are rather limited when it comes to budgeting apps – no advice is given and it won’t make the decisions for you. More frequently than not, there is little or no human support with these apps but there are often chat bots available if you get stuck. If you’d like to receive more education about your own circumstances then try financial coaching instead. 

It's not the one for those who are looking to invest large quantities in complex funds – you can’t do this here! 

Where can I find out more?

Have a browse through our article reviewing a couple of the top options currently in the market here.