More and more people are now using AI-powered apps to save, invest, and budget. There are now many options available to you when it comes to AI tools for financial management that can help you make better money management decisions. Some apps can even analyze your spending patterns and put cash aside that they think you could save whilst still keeping up to date with your repayments.
Many of these apps can also help you manage revolving credit better. This is the kind of credit where you don’t have to make a fixed number of payments and can continue borrowing repeatedly whilst you’re making repayments. Credit cards are an example of revolving credit, and some of these AI tools can help you find out how much you can afford to repay each month when you’re trying to reduce your balances.
It’s time to take a look at some of 2024’s most popular AI tools for smarter money management.
Plum
Plum has become a market leader when it comes to AI apps for financial management. The tool analyses money coming in and leaving your account to calculate how much you can afford to save. The money saved can be held by Plum or sent to an easy-access account. E-money regulations will protect your cash if Plum hold it, whilst you’ll get protection from the FSCS if it goes to the easy access account. It’s free to set up a basic account, though there’s a small monthly charge for additional features.
Sprive
Sprive uses data to work out when you can overpay on your mortgage. It can also help you to switch your mortgage if a better deal is available. The app is free.
You Need a Budget
This tool lets you assign each pound that enters your account to a category so you can keep a close eye on your outgoings. Although you’ll need to pay in dollars, the app will work in the UK. The app should cost you approximately £85 each year, but you can take advantage of a free trial to see if it’s right for you before you commit to a subscription.
HyperJar
HyperJar allows people to save their money in virtual jars and set goals. You can assign things like holidays or a new car to a jar. You can also save into jars that are linked to specific retailers and earn interest which you can spend with them. As your money will be held inside the app, you’ll be covered by the e-money regulations rather than the FSCS. The app also comes with a prepaid card so you can use funds from one of your jars when you make a purchase. However, you can place limits or blocks on spending.
Snoop
Snoop is a free app that comes with a number of handy features. It can make suggestions on switching your broadband, mortgage and energy and also has a credit card tracker and bill-tracking function. It offers both weekly and monthly summaries of your spending and provides daily balance alerts.
Moneybox
Moneybox is a popular app that can round up the costs of your purchases to the nearest pound and put the “change” into a savings account. The services offer several types of savings accounts, and you can earn interest on the savings that you make. It’ll also give you valuable mortgage advice and is very simple to set up.
Emma
Emma is a money management app that helps you to manage your subscriptions and keep track of debt. There are numerous versions of the app including a free option, and you can link the app to your bank account as well as other money management apps. Once it’s gathered enough information about you and your spending habits, it can make recommendations to help you save money. Cashback is also available through Emma’s partners. Some of the paid features include bill alerts, fraud detection and a “True Balance” facility that gives you a real-time overview of your finances.
Revolut
Revolut is a budgeting app that’s particularly beneficial if you travel overseas a lot. There are free and paid-for versions of the app available. It allows you to set a monthly budget and spending goals and also categorizes your spending habits.
You can send transfers to other users of the app for free, and it supports a number of currencies, with new features regularly being added. It also allows you to make a small number of free cash withdrawals when you’re abroad.
Moneyhub
Moneyhub can bring multiple bank accounts together so you can manage them all in one place. It’s used not only by individuals but by businesses too. Available as a desktop download as well as an Apple app, it’s available as a 6-month free trial and offers valuable insights into your spending habits. Moneyhub will give you financial advice, send you bill notifications and let you set spending goals.
Monese
Monese was one of the first app-only banks to launch in the UK and allows people to manage dual UK and EU bank accounts. Free and paid-for versions of the app are available. It offers live spending notifications, works with Apple Pay and provides a detailed analysis of your spending. It also lets you manage your Direct Debits and can be integrated with PayPal.
Chip
Chip is an automatic savings app that helps you create a better balance between spending and saving. It will save small amounts of money that it thinks you can afford each day by looking at your spending activity and budget. It offers a 3.55% AER instant access savings facility and lets you save towards a range of goals. You can connect it to your bank account with ease.
There’s a free version available alongside ChipX, the paid-for option.
Monzo
Monzo helps you track your expenditure, set budgets and manage your accounts. Free, Plus and Premium versions are available. It supports Apple and Google Pay and comes with savings pot bill payment functionality. You can connect both joint and current accounts to the app, and it offers free overseas cash machine withdrawals. You can earn 1.00% AER gross interest with Monzo Plus. The app simplifies the bill-splitting process and sends you immediate payment notifications.
There are many options available to you when it comes to AI tools for smarter money management. Many of these apps come as free versions or have free trials, which makes it easier for you to find an option that works for you. As technology advances, those seeking help with financial management are likely to have even more powerful tools at their disposal in future.
