Nowadays, it is becoming harder and harder to keep track of your finances. The average person has in excess of seven bills a month to pay, so it’s not surprising that many of us get confused about who is owed what and when. But help is at hand in the form of your smart phone (that you probably pay for monthly as well). James McAllister of UKPower takes us through the best money-saving apps.
We are starting to see an increase of advanced and helpful apps becoming available that help you not only keep track of your finances, but they can even schedule your outgoing payments for you. Below are our top 5 favourite apps to help you become better with money and keep on top if your monthly bills.
Meter Readings (Price: £1.49)
One of the hardest things about saving money when it comes to energy is understanding how much you’re using. The energy market can be a bewildering place of numbers and abbreviations that don’t mean very much to consumers. Fortunately, the Meter Readings app condenses all the information that you need to know into easy to read graphs that can be accessed through your phone.
All you need to do is enter the relevant information from your monthly statements and the app will do the rest, showing you how much energy you’ve used and how much you can expect it to cost. The app also has a feature to store your previous month’s readings so you can monitor your energy usage throughout the year and identify the months where you may need to budget more for your energy bills.
Finally, if you’re not happy with the amount you’re being charged for your energy the app to compare energy suppliers in your area. However, we recommend using an Ofgem accredited service to make the switch like ukpower.co.uk.
Bill Splitter (Price: £1.49)
When you live in a house share or a flat, not only do you have to keep track of what you need to pay and when, but you also need to make sure everyone in the flat is paying their share of the bills. The Bill Splitter app helps you keep track of who owes what by letting you input your monthly outgoings and then it will work out how much each person owes.
The app lets you view each person’s share as a percentage that can be paid off in increments all as one lump sum. So, not only does it let you monitor your bills but it can also defuse tension surrounding the payment of bills – a bargain for only £1.49.
MoneyWiz (Price: £2.99)
Money Wiz is an excellent app that brings all your incoming and outgoing finances into one place and lets you see to the date when bills are due and when you get paid. This is the ideal companion for anyone who seems to let their finances run away from them every month.
This is the perfect app to help you forecast your monthly finances to make sure that you have enough to pay your outgoings, and best of all its all simple and straight forward to use and it lets you import your previous spreadsheets from other software.
MoneyWiz’s excellent personal finance app, pictured here for the iPad.
If you find yourself creeping into debt at the end of each month, then Check might be the app for you. The aim of the app is to stop your bank balance creeping into the red by monitoring your balance and your upcoming bills.
The app not only allows you to schedule reminders of what bills are due when, but it also lets you schedule those payments on the go to make sure you never receive a late fee again. Another feature that makes Check stand out is its predefined alerts that warn you when your bank balance drops below a specified limit so you know when to curb your spending.
Level Money (FREE)
If you want help working out your finances for the month, then the Level Money app could be your ideal companion. Working with your bank balance and your monthly outgoings, Level Money where your money needs to spent every month and predicts your cash flow.
Not only does it help predict your financial situation, but the app also displays all of the information in easily digestible charts and infographics. This is the perfect answer if you’re constantly worried if you will have enough money to see you through the rest of the month, and it can even set you on the road of building up a nest egg of savings.
Finally, Level Money boasts 128-bit encryption security to make sure all your sensitive details are safe within the app.
Apps have always been a cheap and convenient way to pass the time when on a bus journey. But, the market is awash with untapped tools to help you monitor and take charge of your finances. Some cost money and some are free, but either way you will be better off in the long run.
Author Bio: James McAllister is a professional writer at ukpower.co.uk, where he spreads the word on saving money on your energy bills. James enjoys surfing the web to find creative new energy solutions. When he’s not waging war on energy bills, James is usually on the hunt for gadgets. Follow him on Twitter [@ukpower] to keep up to date on new ways to save money on your energy bills.