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Episode 485 Podcast Summary
Best budgeting apps in the UK for 2025
Summary:
In the first section of the podcast, we provided an in-depth look at the best budgeting apps available in the UK.
Key Insights:
- Snoop has a free version with some limitations, as well as a paid plan for £4.99/month with more features like payday-to-payday spending tracking
- Moneyhub offers in-depth spending analysis, customization, and a desktop version, making it well-suited for advanced budgeters. It costs £1.49/month or £14.99/year with a 6-month free trial
- Emma is a slick-looking app with great features and offers a free plan with some limitations. Paid plans start at £4.99/month, which unlocks advanced features like savings pots and investment options
- Banking apps like Monzo and Starling have some budgeting capabilities, but are more limited than dedicated budgeting apps. Starling could work well for families wishing to teach their children about money and budgeting thanks to Starling Kite, a free bank account for children aged 6-15.
- Revolut includes some budgeting features and works well for travellers due to its competitive exchange rates. While it has been granted a UK banking licence, it is subject to certain restrictions.
How much income can you get from 100k pension pot?
Summary:
In this section, we discuss how much income you can realistically generate from a £100,000 pension pot, considering factors like retirement living standards and strategies for boosting retirement income.
Key Insights:
- Research from Retirement Living Standards suggests that the minimum retirement income you'll need as a single person is £14,400. Those looking for a moderate living standard will need around £31,300 and those looking for a comfortable retirement will need around £43,100
- The income you generate from your pension pot can be added to the full state pension (assuming you qualify) which is currently £11,502.40 per year supplement this
- Average pension pot sizes in the UK are much lower than £100,000, so you may need to implement additional strategies to boost retirement income. These include (but are not limited to) deferring the state pension, filling National Insurance gaps, taking less tax-free cash and considering enhanced annuities for those with medical conditions
- Income options from a £100,000 pot include drawdown, UFPLS, annuities or a combination of all of these. Each with their own advantages and disadvantages and so it is important to seek advice.
Download books, magazines, newspapers and audiobooks for FREE
Finally, we explain how listeners can read books, magazines, newspapers and even listen to audiobooks for free using the Libby app.
Key Insights:
- Libby is an app that allows users to access a wide range of content from their local library, including books, leading magazines, national newspapers and audiobooks
- Users can download books and magazines to their devices through the app or alternatively they can be read online via the desktop version
- To use Libby, users need to sign up with their local library and can then access the app using their library card details
- Users can join multiple libraries to expand the selection of content available to them through the app
Episode quiz
Questions
- According to the Retirement Living Standard research, what is the recommended annual income for a comfortable retirement for a single person?
a) £14,400
b) £22,400
c) £31,300
d) £43,100 - What is the typical pension pot size for someone aged 30-39 in the UK?
a) £3,560
b) £7,548
c) £10,126
d) £22,916 - What is an enhanced annuity?
a) An annuity that provides a higher income due to the policyholder's medical conditions
b) An annuity that includes additional features like inflation protection
c) An annuity that is purchased with a larger pension pot
d) An annuity that provides a guaranteed income for a set period of time - With Moneyhub, how long is the free trial?
a) There isn't a free trial
b) 1 month
c) 3 months
d) 6 months - Which of the following types of content can users access through the Libby app?
a) Books
b) Magazines
c) Newspapers
d) All of the above
Answers
- d) £43,100
- c) £10,126
- a) An annuity that provides a higher income due to the policyholder's medical conditions
- d) 6 months
- d) All of the above
Resources
Links referred to in the podcast:
- Best budgeting apps in the UK for 2025
- Snoop review
- Emma review
- Moneyhub review
- Starling review
- Monzo review
- Revolut review
- How much can I get from £100k pension pot
- The best annuity for £100k
