Managing your finances can be a tricky, and it’s not the easiest thing to do when times get tough. You may find that you need to use alternative sources of finance to see you through whether you’re a new business owner or one that’s fully fledged. Types of finance that you may look at can include things like a credit card, payday loans from a direct lender with no credit check, or even a business overdraft. But if you want to improve your new business’s finances without adding to your debt, then you might want to keep reading. We’ve compiled a list of all the best money saving apps out there, so you can really boost your finances as an entrepreneur and enhance your business.
Plum is a smart saving app that is currently being used by over 1 million people. The app uses open banking to allow you to see all of your finances in one easy place. You can link all your different bank accounts to it and start saving money instantly. With Plum, you can set up a savings rule for it to follow. This means you’ll have automatic deposits taken from your other accounts on a regular basis. You can name your savings accounts and give them a target to reach too, helping you to create a personalised goal for your business. You can withdraw the money at any time too, so you don’t have to worry about not being able to access it when your business needs it.
The app works out how much you can save based on your spending habits from your other bank accounts. This means less work for you, and you’ll get a realistic idea of how much money you can save. You can also round up your purchases and have the extra few pence popped into your savings account too. The app can be set to take an automatic lump sum on your payday as well, and there’s even a function that puts money away for a rainy day every time it rains where you live! So, as you can see, Plum is a fantastic way to start bettering your business’s finances and you’ll find that you can save a lot more money than ever before.
Monzo is a banking app that allows you to open your own account with them. They’re also fully digital, so they only use an app and no other form of banking. However, they do give you your very own bright coral orange card which looks pretty snazzy in your wallet. Monzo, while a digital bank, are brilliant at helping their customers save money. All you need to do is open a savings pot with them and you can easily transfer your money over. You can also set the app to round up your purchases and put the spare change directly into your savings pot, helping you to save all day, every day. Monthly deposits into your savings account can be set up too, as well as a monetary business goal. Again, the money can be withdrawn at any time, so you’ll always have access to your business’s cash whenever you need it.
Chip is a mobile app that’s designed to help you grow your savings and diversify your business finances with ease. When you open an account with Chip, they’ll compare different savings accounts from different banks and find the right one for you, ensuring you get the best deal possible. Chip’s savings accounts also enter you into an automatic prize draw of £10,000 every single month and some other smaller prizes too! All you have to do is deposit money into your account that month, and you could be in with a chance. Imagine what you could do for your business with that much extra cash! You can withdraw any savings instantly, which means you’ll never be short on cash when you need it either. You can also invest each month using Chip, as it will work out how much you can afford to invest based on your disposable business income. So, if you’re wanting to enhance your business’s finances and save money at the same time, Chip could be the perfect app for you.
Idealo isn’t a bank account, nor is it an app that automatically puts money into a savings account for you either. But what it can do is save you money on every single purchase you make! It does this by allowing you to browse all the buying options for an item. This can be particularly useful if you’re planning on making an impulse buy, as you might not even realise you can get it somewhere else a lot cheaper. As a business owner, you’ll probably be looking for a good deal whenever you need to buy anything, as you’ll most likely have a strict budget to follow. To use Idealo, all you have to do is manually search for a product or scan it’s barcode if you’re out and about, and you’ll be shown all the places you can buy it on one page. This way you can quickly see whether or not you’re going to be overcharged. So, if you want to give your finances a little boost without actually using a savings account, definitely download Idealo.
There are lots of money saving apps out there, and a lot of them follow the same general idea. You automatically save money or round up your purchases, making saving money for your business simpler than ever. Plum has some fantastic options like the Rainy Day saving option that isn’t seen on any other apps, and Monzo make creating savings accounts the easiest thing in the world. Then you’ve got Chip who offer savings accounts comparisons, an exciting prize draw each month, and the ability to invest your money automatically too. Finally, there’s Idealo that although isn’t a bank account, it can really help you to save money on every single purchase that you make for your company. So, if you’re struggling to save money on a regular basis, why not give one of these apps a go? You’ll be surprised at how much money you can save for your new business!
Mashum Mollah is an entrepreneur, founder and CEO at BloggerOutreach.io, a blogger outreach agency that drive visibility, engagement, and proven results. He blogs at Blogstellar.