As living costs rise and economic uncertainty becomes the new normal, it is more important than ever to have a financial safety net. However, many of us still have a long way to go before achieving this baseline level of security.
Around one-third of all Brits have less than £600 in savings, meaning that they are unable to cover a wide range of emergency expenses that can hit at any time, such as a broken-down car or a sudden drop in income.
If you’re looking to get your finances back on track and build a safety net that will be there when you need it, your smartphone can help. Here are the types of apps everyone looking to improve their financial health should have.
Expense Tracker Apps
Any financial guru is likely to tell you that the best way to save money is to know your finances inside and out. While some of us are prone to avoiding our bank balance and hoping for the best, this is a sure-fire way to set your financial goals off track.
You can use a wide range of free expense tracking apps to see exactly what you are spending every month and where you are spending it. This way, you can start to identify areas where your spending is excessive and build a monthly budget that is realistic. When you are able to take an honest look at your spending, you can start to save for your future.
While a savings account is an important first step, this alone will not be enough to build a secure financial future. It is important to also make your money work for you. One example, amongst others, is by investing and contributing to a pension plan. For these important goals, there are apps for that.
One great example is Freetrade, which allows you to transfer your existing pensions into an all-in-one self-invested personal pension (SIPP). This way, you can reduce your costs and keep track of your pension, all from an easy-to-use smartphone app.
If you send money overseas for any reason, you could be putting your money at risk. After all, sending money via a standard bank transfer will eat up a substantial amount in banking fees. Meanwhile, spending money overseas in your home currency will greatly add to the cost of every transaction, especially if you choose to convert your currency on the spot.
However, you can use a number of transfer apps such as Revolut or Monzo, which allow you to send money overseas and convert it without spending a penny. If your money crosses borders often, these free apps could save you thousands.
We all love a good bargain. However, these seem harder and harder to come across these days. That’s why you should take 30 seconds to download some of the most popular discount apps in the UK.
Apps such as Groupon, VoucherCodes, and LivingSocial have live discounts and coupons for just about every good and service imaginable, from your weekly shop to your commute to work. Simply checking these apps before each purchase to see if you can save a few quid could make it much, much easier to build healthy finances.
With these types of apps on your phone, building your safety net will be easier. Download them today – they’re all free.