The best budgeting apps in the UK: How to budget without trying

6 min Read Published: 26 Feb 2024

The best way to manage your finances is through budgeting and now is the time to start. Everything is now accessible through your smartphone, including the world of banking, meaning that you can also budget effectively from your phone. Many budgeting apps now can connect electronically to your bank accounts to collate them all in one place so it makes it easier to manage your spending and budgeting effectively, without having to flip through a number of different mobile banking apps.

Below we take a look at the best budgeting apps as well as the best app-only banks that help you to budget each month. Take a look at our independent reviews of each app to get a better understanding of which app may work best with your individual finances.

Best budgeting apps

Here is an overview of some of the best budgeting apps on the market right now.

Snoop* - Good for tracking household bills

Founded in 2019, Snoop is a newcomer to the budgeting app space. It uses open banking to combine your accounts in one place and help you analyse your spending habits and make savings. Snoop is currently ranked 3.2 out of 5.0 on Trustpilot based on 59 reviews.

Here is an overview of some of the key features Snoop offers.

  • Two plans to choose from Snoop Free and Snoop Plus at £4.99 a month
  • See all of your bank accounts in one place within the app
  • Track your bills and get notified if you can switch to save money
  • Get a summary of your spending in the month and of any upcoming payments
  • Categorise your spending
  • Set monthly spending budgets
  • Get notified of 'Snoops' which are ways to save money based on where you spend

More information can be found in our independent Snoop review.


Moneyhub* - Good if you also want a desktop budgeting app

Moneyhub is another open banking money management app that is designed to combine all your accounts and help you make better financial decisions. It is priced similarly to its competitors but offers the added advantage of a great desktop experience for those of you who prefer analysing your finances on a bigger screen. It is currently ranked 3.6 out of 4.0 based on around 40 reviews.

Here is an overview of some of the key features Moneyhub offers.

  • Subscription required - £1.49 per month or £14.99 per year
  • All new users get the first 6 months free
  • Access to budgeting features via a mobile app and desktop
  • Gain detailed insights into your spending habits via a spending analysis tool
  • See all of your accounts in one place
  • Set spending goals
  • Receive notifications that remind you when bills are due
  • Ability to seek financial help or advice if needed
  • Monthly fee ensures that your spending data is not sold on to third parties

More information can be found in our independent Moneyhub review.


Emma - Good for finding wasteful subscriptions

Founded in 2018, Emma is a money management app that, similarly to Snoop, uses open banking to combine information about your existing accounts, credit cards, and investments. To make full use of Emma and connect more than two accounts, you may need to opt for a paid version. Emma is currently ranked 4.1 out of 5.0 on Trustpilot based on around 180 reviews.

Here is an overview of some of the key features Emma offers.

  • Four plans to choose from ranging from £0 - £14.99 a month
  • Limited features with the free account compared to other apps
  • Groups all of your accounts together in one place
  • Helps you to avoid using your overdraft and pay off any debt
  • Monthly savings prompts to keep your budgeting on track
  • Allows you to set budget goals
  • Helps cut down unnecessary spending by highlighting wasteful subscriptions
  • Offers savings advice and recommends an affordable amount to save each month based on your budget

More information can be found in our independent Emma review.


HyperJar - Good for spending from separate budgets

HyperJar is a prepaid debit card and money app available to both children and adults. It's a great way to control your spending as it allows you to divide your money among different jars for different purposes and spend from them accordingly. The app is also completely free. It's ranked 4.7 out of 5.0 on Trustpilot based on more than 1,400 reviews.

Here is an overview of some of the key features HyperJar offers.

  • Free to download and use
  • Budget effectively with separate 'Jars' for your money
  • Includes a prepaid debit card that allows you to spend directly from your Jars
  • Restrict spending from a Jar to certain shops and retailers
  • Pocket money app and kid's card to encourage money management for children
  • Exclusive discounts and rewards based on your spending
  • Fee-free spending when abroad

More information can be found on the HyperJar website.

 

Budgeting with an app-only bank

Budgeting apps are a great way to control your finances but now there is the opportunity to budget via digital-only banks. Below we have listed banks that have the same or similar features to many of the above apps alongside their own fully functional personal bank accounts. You may also now be able to get some budgeting features with your current high street bank so it can be worth checking to see what features your existing bank offers.

Starling Bank* - Great for round-up saving and free kids accounts

Starling Bank is an award-winning app-only bank with attractive features like 3.25% interest on current accounts as well as various budgeting tools. Founded in 2014, the challenger bank has grown in popularity and is currently ranked 4.3 out of 5.0 on Trustpilot based on more than 39,000 reviews.

Here is an overview of some of the key features Starling Bank offers.

  • Voted Best British Bank in 2018, 2019, 2020 & 2021
  • Allows multiple savings goals all in one place
  • Real-time updates to track daily spending quickly
  • Get notifications on payment-related activity
  • Gain spending insights on your spending activity
  • Free debit card and app for kids (aged 6-15)
  • Rounds up your spending to the nearest pound and the money is automatically put into a savings pot.
  • Speed up your savings by electing to increase the amount that rounds up each purchase. You can choose x1, x2, x5 or x10
  • Fee-free spending when travelling abroad including cash withdrawals
  • Earn 3.25% interest on current account balances up to £5,000 or open a 1 Year Fixed Saver with 4.48% interest

More information can be found in our independent Starling Bank review.


Chase Bank* - Good for earning interest

Chase Bank is a relative newcomer to the UK having launched back in September 2021. However, the challenger bank is owned by J.P.Morgan and has more than 50 million active users in the US alone. If you like earning cashback, Chase Bank could be one option to consider. Chase Bank is ranked 4.2 out of 5.0 on Trustpilot based on approximately 8,500 reviews.

Here is an overview of some of the key features Chase Bank offers.

  • Get a spending overview on your transactions in a month
  • Save money into separate current accounts
  • Round-up spending and earn 5% interest on round-up change
  • Earn 1% cashback on purchases for the first 12 months
  • Earn 1% interest on current account balance
  • Fee-free spending abroad
  • 24/7 customer support
  • 4.10% interest on a Chase Saver account
  • FSCS protection

More information can be found in our Chase review.


Monzo - Good for budgeting

Monzo is an app-only bank with lots of helpful budgeting tools. It won the SmartMoneyPeople Best Banking App award in 2023. On Trustpilot, Monzo is ranked 3.9 out of 5.0 based on more than 30,000 reviews.

Here is an overview of some of the key features Monzo offers.

  • Can be used with Apple/Google pay
  • Set spending budgets
  • Clear and easy summary of spending
  • Instant notifications
  • Set up direct debits and standing orders
  • Pay people easily
  • Avoid unnecessary fees when spending abroad
  • Effortless savings feature that allows you to round up payments to the nearest pound, the pennies get added to a 'savings pot'
  • Withdraw cash abroad with no fees (monthly limit applies)
  • Can upgrade to Monzo Plus or Monzo Premium for £5 or £15 a month
  • Earn interest on Savings Pots

More information can be found in our independent Monzo review.


Revolut - Good for travelling abroad

Revolut isn't technically a UK-licensed bank but it has many of the same features. It also offers some of the best exchange rates on the market so it's an attractive option for travelling abroad. Revolut is currently ranked 4.2 out of 5.0 on Trustpilot.

Here is an overview of some of the key features Revolut offers.

  • Built-in budgeting
  • Round up your spending to the nearest pound and the money is automatically put into a savings pot
  • Instant spending notifications
  • Spend money abroad with no fees (limits apply)
  • Withdraw cash abroad fee-free (monthly limit applies)
  • Earn interest on Savings Vaults
  • Although Revolut operates as a bank, it is still waiting for its UK banking licence to be approved and so your money is not currently covered by the Financial Services Compensation Scheme (FSCS)

More information can be found in our independent Revolut review.

 

 

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