Personal finance apps can save you hours every month. The right ones track your spending, move money into savings and help you invest, all from your phone. However, there are now so many that it’s hard to know which are worth your time. In this guide, I’ll walk through the main types of personal finance apps and tools UK users can choose from, and how to pick the right mix.
What Personal Finance Apps Actually Do
Most personal finance apps fall into one of five jobs. They help you budget, save, invest, deal with debt or keep track of the bigger picture.
You don’t need one of each. In fact, most people do best with two or three tools they actually open, rather than ten they forget about.
Budgeting Apps to Track Your Spending
Budgeting apps connect to your bank accounts through open banking. They pull in your transactions and sort them into categories like food, bills and transport.
As a result, you can see where your money goes without adding up statements by hand. Popular options include Snoop, Emma and YNAB, and many UK banks now have similar features built into their own apps.
We compare the main options in our guide to the best budgeting apps UK users can download.
Saving Apps That Work on Autopilot
Saving apps take small amounts from your current account and put them aside for you. Some round up your purchases to the nearest pound. Others look at your spending and save what they think you can afford.
This works well if you find it hard to save on purpose. Still, check where the money is held and what interest it earns. A savings app paying little or no interest can cost you compared with a proper high yield savings account.
Investing Apps for Beginners
Investing apps have made it far cheaper and easier to start. You can open a stocks and shares ISA, pick a fund and set up a monthly payment in minutes.
There are two main types. DIY platforms let you choose your own funds and shares. Robo advisors pick a ready made portfolio for you based on a few questions. Our guide to the best robo advisors UK explains how they compare.
If you’re brand new, start with investing for beginners UK before you download anything.
Debt Tools and Free Debt Advice
If you’re struggling with debt, an app alone won’t fix it. Instead, start with free, impartial help. MoneyHelper, which is backed by the government, can point you to free debt advice services.
For planning your own repayments, a simple debt tracker helps you see which debt to clear first. Our free debt payoff planner does exactly that.
Free Money Tools on Iceburg Wealth
Alongside the apps above, we’ve built a set of free tools you can use without signing up or linking your bank. They’re useful when you want to run the numbers yourself.
- Budget planner to split your income into needs, wants and savings.
- Compound interest calculator to see how your savings or investments could grow.
- Dividend income calculator to estimate the income a portfolio could pay you.
- Retirement calculator to check whether your pension is on track.
- Free net worth tracker to see everything you own and owe in one place.
You’ll find the full list on our free financial tools page.
Are Personal Finance Apps Safe?
Generally, yes, if you stick to regulated providers. Apps that use open banking must be authorised by the Financial Conduct Authority. Most only get permission to read your transactions, not to move your money.
Before you sign up, search for the company on the FCA register. If it isn’t there, don’t hand over your bank details. Also, turn on two factor login and never share your banking passcodes with an app.
How to Choose the Right Personal Finance Apps
Step 1: Decide What Problem You’re Solving
Start with your biggest money headache. If you overspend, try a budgeting app. If you can’t save, try a saving app. If your money sits idle, look at investing.
Step 2: Check the Costs
Many apps are free, but some charge a monthly subscription. Investing apps also have platform and fund fees. Add them all up before you commit.
Step 3: Try One App for a Month
Don’t download five apps at once. Pick one, use it every week for a month, and see if it changes your habits.
Step 4: Review and Simplify
After a month, keep what helped and delete what didn’t. Fewer apps that you actually use beat a phone full of tools you ignore.
Personal Finance Apps: Quick Questions
Are personal finance apps free?
Many are free to use, with paid upgrades for extra features. Investing apps make their money through platform and fund charges instead.
Will a budgeting app affect my credit score?
No. Reading your transactions through open banking is not a credit check and doesn’t appear on your credit file.
Do I need an app to manage my money?
Not at all. A simple spreadsheet works brilliantly for lots of people. Try our free monthly budget spreadsheet if you prefer to keep things offline.
You might also find this useful: How to Stop Impulse Buying.
Picking Personal Finance Apps That Stick
The best personal finance apps are the ones you’ll still be using in six months. Start small, choose regulated providers and focus on one goal at a time. Once your budget is under control, use the money you free up to build savings and start investing for the long term.
Remember that investments can fall as well as rise, and you may get back less than you put in. This guide is general information, not personal financial advice.
Is It Safe to Link My Bank Account to an App?
Generally, yes, if the app uses open banking and is authorised by the FCA. Open banking lets an app see your transactions without ever knowing your login details, and you can remove access at any time.
Play a free money game
Learn by playing with our quick UK money games. See all money games or browse the free financial tools.