Cash advice

They say there’s an app for almost everything and when it comes to saving money, there are plenty to choose from. From budgeting and saving to cutting back on wasteful spending, here are the ones you need to know about…

1HYPERJAR

If you are a traditional saver then the HyperJar app is for you. The free app lets you put money into digital ‘jam jars’ – so you dedicate a weekly or monthly amount to spend on groceries, holidays, entertainment and so on. You can also create dedicated jars to spend at some retailers such as Shell and earn around 4.8 per cent interest (the interest can only be used at the store and can’t be withdrawn). You can also share the jars with friends and family – great for saving goals. The app is regulated by the Financial Conduct Authority, uses bank-level security and is also part of Open Banking, giving you extra protection.

2SNOOP

Snoop lets you see all your bank accounts and credit cards in one place. The app will monitor bills and let you know if payments are creeping up, suggesting it’s time to review your provider. It will even suggest better deals. If you’re out shopping, the app will let you know if there is a deal you can use. Snoop also uses Open Banking so that your info is secure. You can download the app from the App Store and Google Play for free.

3EMMA

If you’re an overspender this one is for you. Emma is a budgeting app that aims to help you keep control of your spending and avoid going into debt. Once you connect all your bank accounts, the app tracks your spending habits. It will also alert you if you are going into your overdraft. Emma also uses Open Banking, and is integrated with the Chip app (see right), so that you can view your spending habits and savings goals in one place.

4CHIP

If you’re struggling to save cash, then take a look at Chip. The app shifts money into a savings account every few days by analysing your spending and using artificial intelligence to work out what you can afford to save. The savings will add up over time – Chip says users save an average of £221 a month, although you can set goals to save more. You can also cancel any auto-saves if you do not want the money to move. Chip gives users access to savings accounts that pay interest daily, although you can move your savings to any account you want.

To use the app, you’ll have to connect your current account to it. The app uses bank-level security and is also supported by Open Banking, which means your data and money are safe. The app is free, but there are fees – so make sure the costs do not wipe out the gains.

5SPLITWISE

We may not be planning group activities just yet but when we do make sure everyone pays their fair share using SplitWise. Only one person needs it on their phone. Then, every time someone makes a payment, such as paying for a meal, enter the cost and who paid into the app and tick the names of the people that owe money. The app will tally up the payments and work out an equal split for the group.