I invested in a money saving app this time last year (Acorns) and for me, it has been life-changing as I have painlessly been able to put money away for a holiday
…and I haven’t been away on a decent family holiday for years now!
But what suit me may not suit you – and vice versa.
So I’ve put together a list of the 8 Best Money Savings Apps for Busy Mums – the most user-friendly, well reviewed apps that make managing your money much easier!
Raiz links to your bank account and savings accounts and ’rounds up’ all your spending and invests those round-ups into a share portfolio.
Pros: It is a great way for small investors to get used to how the stock market works and get a foot into investing. It is also a great way to save money painlessly. Plus if you refer the App to your friends and family, you get a $2.50 kickback to your Raiz account!
Cons: I do always worry about apps that are linked to my personal funds; however it is all Government approved (and most Apps listed here all do the same…)
App 2: You Need a Budget
Cost: FREE (for the first 34 days – $6.99/month afterwards)
You Need a Budget is very popular because aside from helping you stay on top of your budget, it will actually help you get out of debt. The simple method it uses? Prioritising and “giving each dollar a job.”
Pros: It is very straightforward, and according to the website, new budgeters are able to save an average of $600 by the second month and $6000 after the first year. Sounds pretty nifty.
Cons: It is a paid app; therefore, it’s an added expense. However, if the claim above is true, you’re getting a pretty good deal.
App 3: Pocketbook
This app allows you to see not just your spending but also your balances and your bills. You can connect your bank accounts to it to make it work “smarter” and automate your transactions.
Pros: You can manage your bills on top of tracking your spending and managing your other expenses. Plus it syncs across different devices.
Cons: Like the first app, Acorns, linking your bank accounts to the app may or may not be a risk depending on how you look at it.
App 4: Wally
Made by real people with real financial challenges, this top-rating app helps you understand where your money goes by letting you keep track of your budget and your spending.
Pros: It’s a very straightforward app that contains enough features for someone wanting to manage their personal finance better. Also, no ads!
Cons: This may be a bit too simple for someone with advanced needs. Also, there’s no option to sync the app between devices yet.
App 5: Splitwise
Whether you’re not a math-whiz or just couldn’t be bothered, this app makes sure that everyone gets paid back. This is the must-download app if you’re fond of sharing expenses like bills and rent.
Pros: It’s a free app that does the math for you. What’s not to love?
Cons: Sending reminders to friends who owe you money might be too much for weaker relationships.
App 6: Good Budget
Cost: FREE (for the first 10 envelopes – $6/month for the premium account)
Good Budget is a household app that uses the envelope budgeting method. It allows you to craft a budget, divide it into categories, and help you not go over your spending limit per category.
Pros: This is absolutely fantastic if you’re used to using the envelope method. Even if you’re just learning, it’s quite easy to use and it helps you be self-disciplined.
Cons: If you’re not fond of the envelope method, this may not work for you. Also, only the first 10 envelopes are free.
App 7: Mint
Mint is probably one of the most popular finance apps out there, and for good reason. Aside from helping you stay on top of your budgets and bills, it also helps you track your credit score.
Pros: The many features of Mint make it a favourite among money-conscious individuals and people who like knowing their credit score at a tap of their finger.
Cons: However, for people who only need a simple budget, this app can be a bit overwhelming.
App 8: Digit
Cost: FREE (for the first 100 days – $2.99/month afterwards)
Digit analyses your spending, income, and potential savings. You don’t even have to think of saving — the app does it for you and transfers your savings from your checking account to the app.
Pros: It never tries to save more than what you can afford. In fact, it offers a no-overdraft guarantee. Also, you can access your savings anytime.
Cons: Your money is going to be stored in the app instead of in the bank, so there’s some risk level. However, it assures its clients that their money is 100% safe.