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The 15 Best Money Saving Apps to Help You Save More in 2023

In the fast-paced world we live in, managing finances can become overwhelming. Thankfully, technology has gifted us various money-saving apps designed to streamline budgeting, promote savings, and ultimately help you keep more money in your pocket. This article delves into the 15 best money-saving apps available in the UK, providing you with actionable insights to enhance your financial well-being.

1. Monzo

Overview

Monzo is not just a banking app; it’s a financial management tool. With its budgeting features and real-time notifications, Monzo helps you track your spending effectively.

Features

• Instant notifications for transactions
• Budgeting tools to set spending limits
• Savings goals to encourage saving for specific purposes

Actionable Tip

Use the app’s categories to identify where you overspend and adjust your budget accordingly.

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2. Starling Bank

Overview

Similar to Monzo, Starling Bank provides a comprehensive approach to budgeting and savings. It offers an easy-to-use interface that gives you insights into your spending habits.

Features

• Spending insights that categorise your expenses
• Savings pots for separate saving goals
• Overdraft alerts to prevent unnecessary fees

Actionable Tip

Take advantage of the savings pots feature to divide your savings into different categories—from holidays to emergencies.

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3. YNAB (You Need A Budget)

Overview

YNAB takes a proactive approach to budgeting. It encourages users to allocate every pound they earn to specific goals, promoting a disciplined spending approach.

Features

• Goal tracking to keep you motivated
• Real-time syncing with your bank accounts
• In-depth educational resources to improve financial literacy

Actionable Tip

Start with the ‘4 Rules’ of YNAB to get a comprehensive understanding of managing your finances effectively.

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4. Emma

Overview

Emma is a budgeting app that helps you track your spending, manage subscriptions, and save money. It’s particularly user-friendly for tech-savvy individuals.

Features

• Subscription tracking to avoid unwanted fees
• Cashback offers from partner retailers
• Spending insights to identify areas for improvement

Actionable Tip

Regularly review your subscription tracking feature to identify and cancel services you no longer use.

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5. PocketGuard

Overview

PocketGuard helps you track how much disposable income you have after accounting for bills, goals, and necessities, ensuring you don’t overspend.

Features

• ‘In My Pocket’ feature to show how much you can spend
• Budgeting tools to monitor your expenses
• Bill reminder alerts

Actionable Tip

Set up your recurring bills in the app to keep track of your obligated commitments, enabling better cash flow visibility.

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6. Cleo

Overview

Cleo is an AI-driven budgeting app that adds a touch of fun to finance management. With its chat-based interface, it feels less like budgeting and more like conversing with a friend.

Features

• Instant access to your finances via chat
• Gamified savings goals
• Spending analysis through unique ‘Cleo’ insights

Actionable Tip

Engage with Cleo’s ‘challenges’ to set fun and rewarding savings goals.

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7. Tide

Overview

Primarily targeting small businesses, Tide is excellent for freelancers and entrepreneurs looking to manage their finances. The user-friendly interface makes it easy to keep track of business expenses.

Features

• Invoicing and receipt management
• Expense categorisation
• Financial reporting tools

Actionable Tip

Use Tide’s invoicing feature to not only get paid efficiently but also keep track of income for better budgeting.

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8. Chip

Overview

Chip is an automated savings app that intelligently saves money on your behalf based on your spending habits.

Features

• Automatic savings based on your income and spending patterns
• Interest-bearing savings account
• Targeted saving goals

Actionable Tip

Allow Chip to analyse your financial behaviour for a month before you start, so it can calculate the best automatic savings rates.

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9. Acorns

Overview

Acorns is an investment app that rounds up your everyday purchases to the nearest pound. The spare change is then invested into a diversified portfolio.

Features

• Round-up purchases to save and invest
• Portfolio management
• Simple user interface

Actionable Tip

Link your bank account and let Acorns do the work by investing your spare change automatically.

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10. Qapital

Overview

Qapital uses the concept of saving "silly" to encourage users to save money for specific goals. It incorporates gamification elements to make saving enjoyable.

Features

• Rule-based savings (e.g., save a pound every time you make a coffee purchase)
• Goal-oriented savings accounts
• Customisable saving rules

Actionable Tip

Set a few fun rules (like saving for every step you walk) to gamify your savings experience.

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11. Ibotta

Overview

Ibotta is primarily a cashback app that rewards you for shopping at selected retailers. It is ideal for grocery shopping and planning for big purchases.

Features

• Cashback offers from major retailers
• Receipt scanning for easy cashback claims
• Rewards for referrals

Actionable Tip

Always check Ibotta before making a purchase to maximise cashback opportunities.

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12. GoodBudget

Overview

GoodBudget is a digital envelope budgeting system that helps you allocate money to different expenses effectively.

Features

• Envelope budgeting system
• Cross-device syncing for shared budgets
• Expense tracking

Actionable Tip

Set up your envelopes at the start of each month to maintain control over your spending in each category.

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13. Personal Capital

Overview

Personal Capital is best for those serious about investment. It offers tools for budgeting while also providing financial analytics for investment portfolios.

Features

• Net worth tracking
• Portfolio performance analysis
• Retirement planning tools

Actionable Tip

Regularly review your investment performance through the app to ensure your money is growing in line with your financial goals.

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14. Truebill

Overview

Truebill helps users manage their subscriptions and recurring payments, allowing them to track and cancel subscriptions easily.

Features

• Subscription tracking and management
• Bill negotiation services
• Automatic budget tracking

Actionable Tip

Use the bill negotiation feature to lower your fixed monthly costs, creating extra room in your budget.

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15. Spendee

Overview

Spendee combines budgeting with social elements, allowing users to share budgets with friends or family. This is ideal for shared expenses.

Features

• Shared wallets for group expenses
• Categorised spending
• Budgeting calendar

Actionable Tip

Set up a shared wallet with friends or family to simplify budgeting for joint outings or projects.

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Conclusion

Arming yourself with the right tools is essential for effective budgeting and saving in today’s financial landscape. The 15 money-saving apps listed above offer a diverse set of features that cater to various needs, whether you’re a meticulous budgeter or someone looking to save automatically. By incorporating these apps into your daily financial routine, you’ll be on your way to better financial management and increased savings.

Final Thoughts

Explore these apps and find the one that resonates with your financial style. Remember, the most effective budgeting tools are those tailored to your unique needs. Happy saving!