Having trouble sticking to your budget? These apps can help you manage your money better

As high inflation bites into paychecks and squeezes household budgets, many people are turning to money management apps to keep a close eye on their finances.

Having a clearer view of your spending will help you cut down on unnecessary spending. While it can be difficult to cut down on the rent you pay, you have more control over how much you spend on dining out, movies, or subscriptions you may have forgotten.

“To think that you can continue the same habits when prices are so high is naive at best and financial ‘suicide’ at worst because your savings will suffer,” says Paula Cay. budget and popular Instagram account on the same subject

Trying to provide a financial safety net should be a priority, as inflation will make unpredictable spending more costly, he told Euronews Next.

However, you don’t need to review your spending on a daily basis.

“I recommend people with modest incomes review their budgets quarterly, and people in better shape twice a year to make adjustments if needed,” Cay added.

So, what are the most popular money management apps on the market? Here are some tips.

Use your banking app

The simplest tool for tracking your budget may be one you already own, but perhaps don’t fully use.

Because the data is directly linked to your payment method, many banks have a service that lets you see your spending in near real time.

Another benefit is that you can easily use the same banking app to transfer money to a savings account. However, this option will not be sufficient if your accounts and payment methods are scattered among different banks.

Best apps to monitor your finances: Emma or Money Dashboard (Mint for US)

Both have received Financial Conduct Authority (FCA) approval, and Money Dashboard has been awarded Best Personal Finance App two years in a row. Because they cover hundreds of banks, they have user-friendly interfaces that can give you a comprehensive overview of your spending.

Both apps let you review your spending by category and offer budgeting tools like visualizing upcoming payments or setting budget targets.

While Money Dashboard is completely free, Emma relies on a free model (a free basic plan with paid options). However, Emma is the only app that offers a cashback option, such as discounts at partner stores, if you choose a premium subscription.

More than budget tracking apps, these are neo-banks. They allow you to visualize data from several bank accounts in one place, sort your spending by category, as well as transfer funds, get a free debit card and make transfers.

One of the biggest advantages of a neobank is that it can make payments in different currencies and countries without any fees. It also allows you to keep an eye on your expenses even while traveling where you might want to spend generously.

Best for multiple: Tricount

Spending money together can easily turn into a financial headache, whether it’s for a vacation with friends, for a joint gift, or just to live as a couple.

There is an app for that too: Tricount, which keeps track of your group expenses.

Here’s how it works: People enter the amount they contributed, and Tricount calculates the balance for each participant and finds the best way to close the account.

No more long calculations and oversights, Tricount shows who owes who and how much in penny.

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