Money management apps tried and tested

Money 2016-6-27
Money management apps tried and tested.jpg

There are hundreds of apps out there designed to help you manage your money more effectively. But which ones are the best? There’s only one way to find out…

Managing your money is never easy. No matter how much, or how little, you have. Luckily, we live in a society where there’s an app for everything. And there are lots when it comes to making the most of your money.

Our little helpers at Hitachi HQ have been on the case, testing out some of the most popular apps to see which are worth your time, effort and in some cases money, and which are not.

- Toshl

“My first impressions of this app are good. The interface is extremely user friendly and you’re taken through the basics of using it straight away, so there’s no messing around trying to work things out for yourself.”

Pros - Good for basic budgeting
- Set up push notifications to ensure you never forget to pay a bill
- Free version available
Cons - Can’t connect other apps such as bank accounts
- Takes a little time to set up as you have to manually add all incomings and outgoings
- To set up monthly payments you have to pay for the Pro version

Verdict: 4/5

- You Need A Budget (YNAB)

“A little clunky at first. I downloaded the app for free just to be told that I had to sign up on desktop before I could use it, which kind of defeats the object of an app. When you’ve done that, you also need a Dropbox account to sync it up. Other than that, it’s not bad. It’s highly customisable, which gives you free rein to handle your money your way.”

Pros - Good for getting everything in one place
- Makes it easy to spot those wasted purchases (morning coffee anyone?)
Cons - Language is a little Americanised in places
- Very detailed, making it fairly complex to use

Verdict: 3.5/5

- Moneyfy

“Getting up and running with this app is extremely easy. It allows you to take photos of purchases which makes tracking exactly where your money is going nice and simple. This is a very basic budgeting app, perfect for spotting where your extra money is going. If you’re looking to cut back on unnecessary purchases this is perfect. If you want anything more complex than that, you’re probably looking in the wrong place.”

Pros - Extremely easy to get set up
- Highlights exactly where your money is going
Cons - No free version available - app costs £0.79 to purchase
- Doesn’t allow for anything complicated, such as irregular monies coming in

Verdict: 3/5

- ClearScore

“In a slightly different vein than the other apps tried, but a money management tool all the same. ClearScore isn’t easy to set up – but that’s to be expected due to the nature of the information it needs to function. Once you’re set up though, the app is nice. It works well and it looks simple and user-friendly. It’s free, so it’s a great way to keep an eye on your credit score.”

Pros - Extremely easy to get set up
- Free way to check your credit score
- Gives you advice on what you’re doing right and wrong
Cons - Fairly complex to set up
- Only updates once a month
- Only very basic information available

Verdict: 4/5

Hitachi Hints and Tips is intended to be informative and interesting. It does not constitute financial advice, and you should always do further research when making any financial decisions. All information was correct at date of publication.

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