10 Best UK Budgeting & Expense-tracking Apps 2024

This post lists the best budgeting apps for UK residents, including their pros and cons. Budgeting is essential to manage your money, but it can be challenging. If you struggle to make a budget, you may appreciate a little AI-powered help.

But where should you start? With so many budgeting apps available, finding one that works for you is challenging. The list below will help you make the right choice.

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1. Monzo

Monzo is an online bank founded in 2015 by Tom Blomfield and has been shaking up the market since. Besides giving you a current account, the challenger bank has great budgeting tools.

When you spend money, Monzo categorises your spending. You do not need to do anything to get your spending organised. You can set limits for each category and create custom categories in the paid version. As a bank, Monzo also benefits from protection by the Financial Services Compensation Scheme (FSCS).

You can get £5 free cash when you open a free account:

Read more in my Monzo review.

✅ Pros	❌ Cons
✔ Free current account ✔ FSCS protection ✔ Automated spending categorisation ✔ Sign-up bonus	✗ Need to pay for customisation options ✗ App only

2. Snoop

Snoop is a budgeting and money-saving app. It is a free app that works on iOS and Android and tracks spending across bank accounts and credit cards. Snoop was founded in 2019 by former Virgin CEO Jane-Anne Gadhia and ex-Managing Director John Natalizia.

As a dedicated budgeting app, Snoop has many features to help you save. You can add your bank accounts to the app to see all your money in one place.

You can get a £5 bonus when you sign up to Snoop. Simply download the app and let it run for a month.

Read more in my Snoop review.

✅ Pros	❌ Cons
✔ Free ✔ Easy to use ✔ Many features ✔ Sign-up bonus	✗ Need to pay for customisation options ✗ App only ✗ Sells your spending data (anonymised)

3. Monese

Monese is an electronic money institution that offers bank accounts in British pounds, euros, and Romanian leu. It was launched in 2015 by Norris Koppel as the first app-based bank account. Monese aims to make opening a bank account simple, especially for foreigners.

You can use Monese like a bank account and set a budget within the app. Monese notifies you if you are close to exceeding your budget. You can also open saving pots within the app.

Read more in my Monese review.

✅ Pros	❌ Cons
✔ Free ✔ Easy to use ✔ Current account	✗ No FSCS protection ✗ App only ✗ Limited features

4. Money Dashboard (Closed)

Money Dashboard closed in October 2023. The company states that its business model was not sustainable.

5. Emma

Emma is a budgeting and money-tracking app. It helps users to pay off debts, avoid overspending, and track spending. Using this personal finance app, users can feel in control of their finances.

Emma App was founded in the UK by Edoardo Moreni and Antonio Marino in 2018. It is based on its predecessor, Kiria, which failed to take off due to banking laws.

Emma is a dedicated budgeting app. You can track and analyse your spending history with the app. Emma’s main flaw is that you can only connect up to two bank accounts on the free plan. Read more in my Emma App review.

✅ Pros	❌ Cons
✔ Free ✔ Easy to use ✔ Savings accounts ✔ Investment account	✗ Limited to two linked accounts on the free plan ✗ App only ✗ Limited features on the free plan

6. Moneyhub

Moneyhub is a spending tracker. Users can connect their bank accounts to the app to analyse their spending behaviour. Founded in 2014, Moneyhub belongs to Moneyhub Financial Technology Limited and is based in Bristol, UK.

The company provides financial management solutions and data and intelligence application programming interfaces (APIs).

Moneyhub can do everything a spending tracker needs to do. You can categorise your spending, set a budget, and analyse your expenses. Read more in my Moneyhub review.

✅ Pros	❌ Cons
✔ Web platform available ✔ Easy to use ✔ Does not sell your data	✗ Not free

7. HyperJar

HyperJar is an iPhone and Android app that promises to help you save money. HyperJar works similarly to a bank account in that you can add and spend money.

You can also create various saving pots and monitor your saving progress. Though it is not a real bank, its status is that of an electronic money institution. HyperJar was founded in 2016 by Mat Megens and Paul Rolles and is based in London.

They state that the app “is designed to help individuals, families, and groups improve their financial well-being by making their money go further”.

✅ Pros	❌ Cons
✔ Free ✔ Easy to use ✔ Child account available ✔ Savings pots	✗ No FSCS protection ✗ Not a bank account ✗ App only

8. Plum

Plum (withPlum) is an app that connects to your bank account to analyse your spending. Plum’s AI will then calculate how much you can save and move this money into a savings account. With the Pro plan, you can also invest your savings.

Although Plum offers a card, it is not a bank. It is an eMoney provider. Read more in my Plum review.

✅ Pros	❌ Cons
✔ Free ✔ Automated saving function ✔ Savings account ✔ Investment account ✔ FSCS protection	✗ Limited budgeting features ✗ Need to upgrade for most features ✗ App only

9. Topia

Topia is a free app that promises to help you on your journey to financial independence. It will show you how to escape the rat race.

People aiming for financial independence often use spreadsheets to:

• Monitor their investments
• Track their progress
• Model their financial future

Being aware of your financial situation means you can plan your future better. You can also identify areas that need improvement. However, not everyone is a spreadsheet geek or has the time to maintain them. That is where Topia comes in and does the hard work for you.

Read more in my Topia review.

✅ Pros	❌ Cons
✔ Great for long-term planning ✔ Can help you to retire early	✗ Not a dedicated budgeting app ✗ App only

10. Sprive

Sprive is a free app for Android and iOS. It can calculate how much you can afford to overpay on your mortgage and make these payments. Additionally, Sprive can help you find the cheapest mortgage and switch providers.

Sprive was founded in 2019 by Jinesh Vohra and is based in London, UK. Sprive is different from the other apps listed here. However, it still helps you to save money.

Read more in my Sprive review.

✅ Pros	❌ Cons
✔ Great for mortgage planning ✔ Helps you overpay your mortgage ✔ Automated savings function	✗ Not a dedicated budgeting app ✗ App only ✗ No FSCS protection

Best Budgeting Apps Comparison

	Monzo	Snoop	Monese	Emma	Moneyhub	HyperJar	Plum	Topia	Sprive
User ratings	4.3/5.0	3.9/5.0	4.1/5.0	3.9/5.0	3.8/5.0	4.6/5.0	4.2/5.0	4.3/5.0	4.6/5.0
FCA regulated	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
FSCS protection	Yes	–	No	Yes	–	No	Yes	–	No
Cost	Free or £5-15/month	Free or £4.99/month	Free or £5.95-14.95/month	Free or £4.99-14.99/month	£1.49/month	Free	Free or £2.99-9.99/month	Free	Free
Connect to accounts	Yes	Yes	Yes	Yes	Yes	No	Yes	Yes	Yes
Platform	App only	App only	App only	App only	Desktop and app	App only	App only	App only	App only
Savings account available	Yes	No	Yes	Yes	No	Yes	Yes	No	Yes

What Is a Budget?

A budget is a financial plan that estimates your income and expenses for a specific period, such as a month or a year. You can control your finances and understand your habits by creating a budget.

List your income, including your salary, freelance work, and any side hustles. Identify your expenses, such as rent, utilities, groceries, and leisure activities. This gives you a clear picture of your financial situation, allowing you to set realistic goals.

There are various types of budgets, such as:

• Incremental
• Activity-based
• Value proposition
• Zero-based

Each method has advantages and drawbacks. You can choose the best fit for your circumstances and financial needs.

Remember, a budget is a flexible plan you can adjust as your financial circumstances change. Regularly reviewing and updating your budget helps you stay on track and achieve your financial goals.

Why Is Budgeting Important?

Budgeting is crucial in managing your finances. It helps you control and organise your funds efficiently. In the UK, 39% of adults report not feeling confident about managing money. A budget could change this.

By creating a budget, you develop a financial plan that outlines your expected income and expenses for a specific period. One of the primary reasons budgeting is important is the insight it offers into your financial situation.

You can identify spending traps and uncover opportunities to allocate funds effectively. Moreover, budgeting enables you to track your total income and expenses. This ensures that you live within your means and avoid overspending.

Lastly, budgeting also promotes a sense of financial responsibility and discipline. By adhering to a budget, you can gradually develop healthy financial habits.

What Are the Components of a Budget?

1. Income

Income is the money you earn from different sources, such as:

• Salary
• Rental income
• Investments
• Side hustle income

To create an accurate budget, it is crucial to calculate your total income for the period you wish to plan for. This will serve as the basis for allocating funds to various expenses.

2. Expenses

Expenses are the costs you incur to maintain your lifestyle. There are two types of expenses: fixed and variable. Fixed expenses like rent or mortgage payments are regular and predictable. In contrast, variable expenses, such as utility bills or groceries, may fluctuate. Make a list of all your expenses to ensure you understand where your money goes.

3. Savings

Savings are an important budget component and refer to the money set aside for future use. A savings goal can motivate you to make smarter financial decisions and live within your means. Allocate a portion of your income to a dedicated savings account.

4. Debt

Debt includes any outstanding loans or credit card balances you need to repay. When planning your budget, allocate funds to pay off your debts as part of your expenses. By prioritising debt repayment, you can reduce your financial burdens.

Best Budgeting Apps in the UK Summary

A budget is a financial plan that outlines your income and your spending. It helps you manage your finances and save money. The best budgeting apps in the UK include:

• Monzo
• Snoop
• Monese
• Emma
• Moneyhub
• HyperJar
• Plum
• Topia
• Sprive

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