In this post today, I wanted to tell you about my favourite money tech that I use on a daily basis to help manage my money. They’re all simple to install, and they don’t require much technological know-how.
They have been lifesavers for my savings!
It’s really easy to become overwhelmed when it comes to financial technology – it’s seems this stuff is literally EVERYWHERE! I’ve tried loads of different money apps, and I have stuck with these three every time. They help me to save and invest money regularly and they are so simple to use.
Why not try them out yourself?
They’re all free to install, but watch out for fees. They are self-explanatory when you sign up to the services. Basic features tend to be free to use, but some of them do have premium offerings that require a monthly fee. Make sure you understand what you’re getting for that fee. Calculate how much it would cost over 1 year and ask yourself if you could do it cheaper elsewhere. E.g. travel insurance.
And just so you know, if you choose to use these to invest, your money can go up as well as down, so make sure you’re happy with this before you put the money into anything.
Enjoy using this money tech – I’ve had a lot of fun testing them, and now I can’t imagine life without them.
Monzo/Starling – money tech to help you organise
These first two are challenger banks and come with their own distinctive bank cards and of course, an app to install on your phone. Monzo’s is coral, and Starling’s is turquoise. They both enable you to organise your money into “pots” or “spaces” which are perfect for money pie budgeting. You can also use them for saving money with automatic round-ups. This is where the pennies from all your transactions are rounded up.
They both offer a full suite of account options, including accounts for children. Monzo’s starts at age 16 and Starling’s starts at age 6 but comes with a monthly fee. They do also offer a teen account from age 16 like monzo.
Personally, I’ve used both and like both. Monzo has additional features that you can pay for it you want to, but read carefully what you “get” for your monthly fee and ask yourself if it’s worth it. Otherwise, the free option works perfectly well!
You can check out Monzo* here: https://monzo.com/
And Starling* here: https://www.starlingbank.com/
Revolut – money tech that’s great for travelling
I have recently tried out revolut after one of my clients told me she used it, and it’s brilliant…always learning over here!
Essentially it allows you to set up digital wallets for different currencies all over the world. You can pre-load money on in your own currency and then exchange it for the currency you want. When you’re in the country you’re visiting, you can pay in the currency of the country, rather than take cash with you.
It’s packed for several other additional features such as getting your salary earlier, crypto and stock market investing, and organisational tools to help you manage your subscriptions and expenses.
You can check out Revolut* here: https://www.revolut.com/
Plum/Chip/Moneybox – money tech to help you save and investing
These apps link to your main bank account and help you to save and invest by rounding up the pennies in your transactions and calculating how much per week additional you can save in line with your usual spending. It takes the thinking out of it for you.
Moneybox offers a LISA savings account which is great for those of you who want to save for your first home. This account comes with a 25% government bonus and if you save the maximum of £4,000 in one year, the government give you £1000 on top. There are penalities for withdrawing this money for anything other than your first home or a pension.
The other feature of these apps is that they allow you to invest your round-ups if you prefer, or you can mix and match saving and investing. This is a great way to start to learn how to invest and with only small amounts needed, it is accessible to many more people than some other investment broker platforms. It tends to be more costly by comparison though, so make sure you know the fees involved.
To try out Plum, go here: https://withplum.com/
To look at Chip*, have a look here: https://www.getchip.uk/
Try out Moneybox: https://www.moneyboxapp.com/
LOQBOX – money tech to help you save and build your credit score
I’ve always been confused that a credit score is reliant on using debts like credit cards, but that’s the world we live in right now. While credit cards can be a handy tool, they can also cause havoc if you’re like me and tend to overspend on them. It’s also hard for some people to get a credit card when they are just starting out.
So if you don’t like the idea of taking out a credit card just to build your score, why not try loqbox instead? It’s a way to save money that builds your credit score. Loqbox gives you a loan that you pay back over time. Once you’ve paid it all off, the money you paid the loan off with is sat waiting for you in your account, ready to withdraw.
The service is free as long as you take out one of their featured partners savings accounts. That’s where loqbox makes their money at no cost to you. You must make sure that you allows make payments, otherwise it will count negatively against you as it would do if you failed to pay your credit card or loan one month.
To try out loqbox*, go here: https://www.loqbox.com/en_gb/
Curve Card – money tech that helps you choose how to pay with ease
I love using my curve card! It’s essentially an account-less debt card that “houses” all of your other bank cards for you. So let’s say I’m out with friends and want to make a business expense, I just need to take my curve card with me and use the curve app to decide which account I want to use. I can load credit cards onto it as well which is helpful when you’re trying to pay somewhere that doesn’t accept credit cards.
If I put a payment on the wrong card, then I can simply “go back in time” with a purchase – it refunds the card I accidentally spent on and puts it onto the one I wanted. It has been a lifesaver for me at times!
So there you have it! Some great apps and accounts to help you win at money. Have you tried any of them? I’d love to know your thoughts. And are there any others I need to add to this list? Let me know!
Until next time,
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