What's the Most Popular Money Management App in the UK? 10 Startups Here to Tackle Cost of Living Crisis
That week after payday is when you live like royalty. The weeks after that? Well, we all have to stretch our money to last a little bit longer. We cut down on the luxuries to cover the necessities.
Now more people than ever are using technology to help them budget. For every household, there’s a money management app that’s helping them save their pennies.
It’s no surprise. The cost of living is going up in the
forms of petrol, utilities and food prices, but there are some excellent
budgeting apps available each with a ton of unique features. Some
provide basic finance, others even provide cashback options through
their company partners!
So, let's meet:
- Money Dashboard
How popular are money management apps?
The first half of 2022 has seen an enormous increase in finance app users which in turn is providing a boost in FinTech startups. AppRadar reported that between 1st of January to the 7th of June 2022, over 5 million new Android users downloaded some form of money management app.
For comparison, that’s a 46% increase from the same period in 2021.
But that isn’t all. These statistics only concernAndroid users. If we consider Apple
users, the numbers surge even higher. General estimates put total
downloads in the money management app sector as high as 78 million.
These include budget trackers, investment and savings, and price
comparison apps. So it’s fair to say that this industry is facing a boom
What money management apps offer
Fintech apps no longer limit themselves to one limited functionality. Many of them split services between 3 primary user functions to be an attractive choice for customers.
Effectively you’ll have:
Price comparison apps to compare the cheapest options available.
Money management and budgeting apps to set target goals and limits according to user needs.
Investment management apps to use your side money and grow your funds smartly.
Now, budget apps have investment options while some money trackers offer price comparisons on travel insurance. Their services vary wildly depending on the app, chosen plans and customer needs.
But which UK money management app is the best one? With so
many successful FinTech startups there is a huge range of competition.
Let’s take a look at the UK’s most popular money management apps that
help tackle the cost of living crisis.
10 money management startups in the UK
Trolley is the UK startup helping millions save on their everyday costs. Their app was rolled out to help users compare product prices across the UK’s primary supermarkets. With saveable lists, barcode scanning and Supermarket List Comparison, users are saving up to 30% on each of their weekly shops!
What makes Emma interesting is that it is a budgeting app. It syncs with user bank accounts to monitor and identify costly transactions and makes it easier to cancel those recurring subscriptions. But it’s also an investment management app and allows users to engage in commission free stock trading. It offers users a chance to earn a little extra when they have some additional funds put away.
With connections to the majority of UK banks, Money Dashboard gives financial overviews of user spending. They have actionable insights on financials and can track how much money remains until payday comes around.
Their budget setup makes it easy to limit bad habits and start cooking instead of ordering takeaway.
Snoop is a money management app that combines budget management and price comparison.
It synchs all your credit cards and bank accounts in one place, sets budgets and tracks bill payments. As part of their service they ensure that users don’t overpay on their energy bills and at the same time they find better value alternatives to make money go further.
Curve’s “one card to rule them all” advantage means that customers have added control over their payment habits.
They can alter payment cards easily, get an overview of all their accounts and spend money overseas while avoiding transaction fees. Ideal for holiday-goers, nomads and business people from all walks of life.
Monzo so far has a total of 4.6 million lifetime downloads and is still growing thanks to its extensive features.
Users connect all their accounts and cards in one place with an easy setup and gain full financial visibility. They can separate your savings into “pots” and earn interest on them over time while adding budget options to their spending. It also has a handy loan feature for moments when users need it most.
With 20.9 million downloads, Revolut is one of the best performing money management apps available at the moment.
Account consolidation in one place, international money transfers with zero fees, subscription review and cancellation with a tap of the screen and more. It has investment options starting at $1, is crypto-enabled and can even book holidays via the app itself. With travel insurance and discounts available, this app’s sheer volume of utility is making its success
One smart account to control a user’s household bills. Plum compares spending and sets adjustable budgets for day-to-day use. With a single card to control each and every bank account it’s easy for customers to know where their money is going.
It also provides investment options from as little as £1 making it an attractive bonus to an app that primarily focuses on budgets.
Moneybox was created for the future. With investments still available via their platform, the main focus of this money management app is saving up.
They recommend rounding purchases up to the nearest pound and squirrelling away those little parts bit by bit. It’s an easy-to-use saving technique which customers find incredibly convenient.
Users then earn interest on those savings over time, consolidate their pension pots into one place and can save for their first home with a Lifetime ISA.
Safe, secure savings in the simplest way possible. Raisin UK allows users to open and juggle multiple savings accounts for as little as £1. Guided through the app, they can lock in their deposits and grow across an entire variety of European banks thanks to competitive interest rates..
With the potential to earn a greater return on savings than
than using traditional ISAs, it’s no surprise that user’s find this an
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