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Making your money work smarter

The restrictions that have been placed on many parts of our lives over the past year  has undoubtedly been hard on us all. One area that some of you might be struggling with is saving- saving for a rainy can be hard, especially if you unfortunately are or have experienced a reduction in your income as a result of the lockdowns.

However, saving money does not have to mean putting large sums of money away each month- in fact a little can go a long way when trying to make your money work well for you. There are several money saving apps and tools out there which can help you save without stretching your wallet too thin. Here are a few that DAM found below:

Monzo: A great banking app that helps you save little and often with its roundup feature. With Monzo’s roundup feature- when you spend more than £1 they would round up the spare change to nearest pound and add it to your savings. This is a great way to begin saving without feeling the strain of doing so.

Yolt: A prepaid digital account that helps you save by limiting your everyday spending. Much like a pay as you go phone, with Yolt you top up your account or app to cover your everyday spending’s- useful if you are trying to stick to a strict budget and limit your daily expenses. Much like Monzo, Yolt will also round out your spare change to the nearest pound and add it to your savings.

Money Dashboard: Money Dashboard is an excellent budgeting app to help you stay on top of your money. The Money Dashboard app allows you to see all your accounts, direct debits, subscriptions and more in one place. With their spending tracker, it allows you to see where your money is being spent and how much you have left before payday. A great app if you are budget beginners.

Other money saving app include: Plum, Squirrel, Chip and Moneybox- a quick search in the app store may be all it takes to start you on your money saving journey.

To learn more about saving and budgeting- visit the budgeting section of our community. 

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