How Your Smartphone Can Help You Budget

Whether you’re an Android or iPhone user, your smartphone offers plenty of clever features which can assist you with financial management. Here are a few ways you can make smarter payments, pay any debt, invest wisely, and save money – all with the capabilities of your smartphone.

Keep track of your balance

There’s a whole host of apps available in both the App Store and Google Play Store to help you with the budgeting process. Useful apps like Money Dashboard, Emma, and Monzo are all great at allowing you to clearly monitor your bank account, where you’ll be able to see exactly where your money is being spent each month, with push notifications set up to deliver every time you make a transaction.

What’s more, you can even set spending goals. This enables you to be more mindful of your money and reduces the possibility of careless or impulsive spending. On top of that, you can receive notifications that help remind you when your bills are due, so you can plan ahead.

Mobile banking

Another practical way your smartphone can help you budget is through the use of mobile banking. Most high street banks - including Lloyds TSB, Barclays, and HSBC - now give their customers the option of downloading their dedicated mobile banking app.

With mobile banking apps, you can conduct financial transactions, check your balance, make standing orders, and send money abroad from the app. But mobile banking also provides you with a clear insight into your previous transactions and notifies you of any upcoming standing orders – they even show you where the nearest ATM is in your local area.

Using mobile banking apps is safe and secure too, as many banks take extra precautions, like asking you to set up multi-factor authentication. Plus, you can set up facial recognition or use your fingerprint to log onto your device, depending on the make and model of your smartphone.

Investment apps

Your smartphone can also help anyone who is interested in making investments. Apps like Investr, Moneybox and, Moneyfarm allow you to invest in direct mutual funds, as well as offer guidance in which stocks to invest in. You can also redeem any of your funds directly from the app. What’s more, apps like Moneybox are brilliant at offering you competitive fees and insight on risk levels, and they have a minimum investment amount of £500.

The world of investing can be daunting at times, which is what makes Nutmeg such an impressive app. Nutmeg provides you with a friendly and cohesive way to invest your money in ISAs, the general market and, pensions.

Apple Pay and Google Pay

Whether you’re going to grab a coffee with friends or pay for your groceries at the supermarket, using Apple Pay or Google Pay is a quick, simple and convenient way to make purchases. Simply put, Apple Pay, which is available on iPhone, and Google Pay, which is available on Android, enable you to make payments without needing to use your physical bank card.

Instead, you simply hover your iPhone or Android smartphone over the card machine, as you would a bank card, and the purchase will be made using contactless technology. Some smartphones do require you to enter your passcode or unlock using FaceID to initiate the payment.

When you make a purchase, your iPhone or Android device will notify you with exactly how much you paid – making it easier to keep track of how much is leaving your account.

Price Comparison apps

Save money by using price comparison apps that are available for you to download on both iOS and Android operating systems. One such app is Trolley.co.uk, where you can compare the prices of products from your favourite supermarkets, including Aldi, Asda, and Tesco.

MoneySuperMarket is another popular choice amongst smartphone users, where you’re able to get a quote for your car insurance or utility bills within minutes. It compares over 110 car insurance brands too, so you’ll be able to find the price that’s suitable for you.

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