Four Mobile Apps To Help You Start Saving
With living costs going up so much, money is probably tighter than it ever has been before. So the idea of saving might feel like a struggle, but it is so important to have some savings behind you. If you need a bit of help getting into the habit of saving then keep on reading as I have four mobile apps to help you start saving.
Monzo
It wouldn’t be right to have a post about mobile apps to help you start saving and not begin with my favs Monzo.
Monzo is a digital-only bank that is free to open an account with and fully controlled through their user-friendly app. They have a few different ways they can help you save money including the ‘pots’ function which I love. You can open up to 20 pots to keep all your spending and saving needs separate. This will help you save as you can split out your money as soon as you’re paid to have your money for food, fuel, bills etc all in their own little pot. You’ll be able to see exactly how much you’re putting away and for what.
You can open an easy access saver account which currently have a gross interest rate of 1.02%. And you can even open ISA’s and fixed term savings gaining you as much as 2.1% interest on a 1 year fixed term.
You can also set up roundups and have this extra money go into whatever pot you want. This means if you spend £4.20 on lunch, the extra 80p will be saved. And chances are you won’t even notice it. If you travel then unlike many traditional banks Monzo doesn’t charge you for using your card abroad, so you can save on charges.
Mobile apps to help you start saving- HyperJar
Like Monzo’s pots, HyperJar allows you to open up jars so you can set aside money for whatever your savings are. You can split out holiday savings from general spending money. And you can even spend directly from any of your jars when you use your prepaid Mastercard that comes with the HyperJar account.
One of the pretty unique things about HyperJar is that you can create a dedicated jar at some of your favourite retailers like Tui, Shell and Not on the High Street and your money will earn 4.8% interest. It does mean that the money in that jar must be spent at that chosen retailer and not withdrawn. But if you’re saving for a holiday that you’ll book through Tui for example the jar would come in very handy.
Chip
You can open a standard chip plan for free. All you have to do is link your current accounts and it will analyse your spending habits to work out when you can afford to save. What the app will then do is automatically transfer that money into a savings account every few years. So your money goes little and often to help it fit into your spending. You can move your money into any savings account available and the interest will depend on the bank’s rate.
If you would rather invest your money you can on both the standard and premium plans. Currently annual fees are 0.5% with a minimum fee of £1 a month with the standard account. And 0.25% annual fees if you have premium.
If you need to you can pause the auto-save feature for up to three months at a time, whenever you want.
Mobile apps to help you start saving- Plum
Much like Chip, Plum also has an auto-save feature which will help you save money when you can afford it. But Plum also has the roundup feature that Monzo has where you’ll save the difference spent rounded up to the nearest pound. The money goes into a standard Plum account which deosn’t pay interest, but you can choose your own savings account too.
If you upgrade from the free plan to pay £1 a month you can also invest your money rather than save.
What mobile apps do you use to help your savings?
21 responses to “Four Mobile Apps To Help You Start Saving”
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Rhian Westbury
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I have a Monzo account, I have heard of Plum but not really looked at it in more detail. I love apps where they make it easy to save
I haven’t heard of most of these, so I’m so glad I found this. I love anything that helps me either get something back or save some pennies.
I hadn’t heard of these money apps before, but I like the idea behind them! We do something similar but using multiple bank accounts for the different “jars”.
I used to have loads of different bank accounts, but this keeps them all together x
Thank you so much for sharing these apps. I am hoping to set some aside soon. At the moment, I feel there is nothing much to spare, but this makes it seem more attainable.
I’ve only heard of Monzo before, possibly through you. These do sound helpful for anyone trying to save. It does seem like a struggle to save at the moment.
Yeah saving is hard, so anything that can help is so useful x
I have Monzo and make full use of their pots, but also of their savings account. Every month I add something into each pot. I’ve learned the hard way last year that having a tax pot is necessary so I don’t have to pay a big lump of money all in once.
A tax pot is so useful, I have one of those two. I have two savings pots at the moment on for car related things (insurance/ MOT etc) and one for a cruise we’re going on later this year. Every penny of interest helps x
I’ve heard about HyperJar and Plum but not actually used them yet but life is getting so expensive I think it’s about time I checked them out for myself!
That is sooooo cool! I will check these apps right away, anything that would help me save is a must try…Thank you so much…
I like this simplified breakdown because so often the idea of saving and where to begin can feel really intimidating. Looks like a great app and I’m sure it will help so many.
Anything to help simplify saving is useful, esp at the minute when things have gotten super expensive x
They have so many wonderful apps now to help with your finances. This looks great!
Saving is so hard! But having a tracker really can help to keep you focused!
Yeah I have trackers for different projects/ savings goals x
A friend of mine mentioned Monzo over the weekend but I forgot about it until I read your post, I will be opening their account as I’ve heard of so many benefits of using their card and saving money as well via the app.
Monzo is absolutely incredible so you really need to get an account x
I used to use Chip, but I moved from Chip to Plum recently. I like that Plum has all the little pots that you can put money into, but it is a shame that you don’t earn interest using the app.
I use pots in Monzo loads, to keep myself from spending money I need to save. It’s a really good idea – to use mobile apps to help you save money.
It is good to have it all separated out so you know what’s assigned for what x