With the UK entering its deepest recession since records began, keeping a close eye on your personal finances is more important than ever.
According to the Office for National Statistics, Britain’s gross domestic product (GDP) fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955.
Household finances are also falling sharply, forcing many people to take a more active approach towards their money. In fact, research by McKinsey & Co shows that more than one in five people have tried online banking for the first time in recent months.
But what other apps are available to download that will help you manage your money? Here’s four to consider.
If you want help cutting your bills, check out Snoop. It connects your bank accounts and credit cards in seconds, allowing you to watch your spending in one place.
“It will take note of the stores you shop at and then let you know if there are voucher codes available for next time,” says Jayna Rana from ThisIsMoney.co.uk.
It’s the same for reward points too, as Snoop will alert you of opportunities to earn more of the types of points you collect. You can even use Snoop to shop around for better energy deals.
Untied describes itself as “the UK’s personal tax app,” making it a great choice for the self-employed and small business owners. After connecting your bank accounts, you can track your income and expenses to make tax returns much easier.
As opposed to other tax-related software, there’s no complex rules, fiddly calculations or complicated forms either.
Untied is free to download for 30 days, after which you’ll need to pay. The Essential package comes in at £11.99/month.
Did you know that the average adult spends £39 a month on unused direct debits, standing orders and recurring card payments? Gym membership is the most common unused subscription, but mobile phones and video-streaming services are on the up too.
This is where Emma can help you in “avoiding overdrafts, finding wasteful subscriptions and giving the control you need over your finances.”
Emma connects to all your bank accounts in just a few taps. You can also add your cards, current accounts, savings, cryptocurrencies and even pensions.
If you’re less concerned with spending and more interested in saving, then Plum is the app for you. Plum gives your bank a brain with the help of cutting-edge AI technology.
First of all, it analyses your transactions daily to learn about your income and spending. Every few days, Plum does the maths and transfers the perfect amount from your bank account.
Little by little, you’ll see more money being set aside for savings. This means you’ll stop being overcharged for bills too.
Bonus app – Jammtoday
Although it’s not available yet, Jammtoday has great potential. It will help users find the best online investment platform by comparing fees at various robo-advisors based on how much you plan to invest.