January is the perfect time to take stock of the last 12 months and start planning for the year ahead, especially if the cost of living crisis has put a bigger strain on your household budget than you expected.
A new YouGov survey suggests that some 58 per cent of Brits are planning on saving more money in 2023 and taking active steps to cut back spending on holidays, food shopping and evenings out. Planning is a key component when it comes to staying on top of your finances and some people may not be aware of the useful ways their mobile phone can help them take better control of their money.
Kyle Wilson, mobile expert at Mobiles.co.uk, shares five simple ways that your smartphone can help make your money go further, including creating a simple budget planner and spending limit, an overview of apps that could motivate you to spend less and save more and even how to make some extra cash.
Five ways your mobile phone can help boost your finances
Build a budget planner
Kyle explained: “For some people money management can seem daunting and overwhelming, when in reality you just need to know where to start. Budget planners are the perfect way to get all your financial ducks in a row and being able to do it from the ease of your smartphone means you can make informed decisions in real time.
“Some websites such as Etsy and Pinterest have purchasable templates to help you organise your money, while MoneySavingExpert.com has a free budget planner for people who need something simple and affordable. Other apps such as Notion allow you to build out a budget planner from scratch, so you can factor in your personal needs.”
Budgeting apps
Most mobile banking apps include budget planners and spending limits giving people more instant control over their account. You can spending alerts or low balance alerts to stop you going over your limit and entering into the murky waters of the unarranged overdraft limit.
Kyle added: “You can categorise everything you spend, whether that be bills, travel, shopping or even charitable donations. At the end of each month, you can look back and see where most of your money is going and make informed decisions on where you may need to cut back or save money.”
Set a spending limit
Tracking finances is a great start to money-management, but people with a habit for over-spending are likely to ignore any guidelines they set themself. Kyle suggests apps such as Monzo, which now allow you to set a daily spending limit.
He said: “You can set two types of spending limits on the Monzo app. You can opt for either a single contactless limit, so you don’t spend more than a certain amount in one transaction or have a maximum spending limit across multiple payments. It won’t allow you to overspend, but if you under-spend you might find yourself with a bit of extra money at the end of the month.”
Store your voucher codes
Since the coronavirus pandemic, many plastic store loyalty cards have been replaced by digital apps or e-codes. These can be handy to have on your phone as there’s no time or effort wasted rooting around in a bag or jacket pocket.
Kyle added: “Shops such as Boots, Superdrug, Morrisons and Costa Coffee all have loyalty cards that allow you to accrue points that can be redeemed in store as well as receive regular discounts, while apps such as Apple Wallet or Stocard are perfect for keeping loyalty cards and voucher codes in one place, so you don’t have to worry about bringing the physical card out the house with you.”
Make money on unwanted items
If you have old clothes, toys, electrical gadgets or sporting goods lying unused and unloved in a corner of your home, you could use your phone to sell them quickly with minimal fuss. Rather than sending it to landfill, there are plenty of people online willing to buy your unwanted items.
Kyle explained: “Apps such as Vinted and Depop are great options for easily selling clothes that are still in good condition, while Facebook Marketplace is a hub for selling a variety of unwanted, but still usable items. This way you get to declutter your personal space and make some quick and easy money along the way.”
To find out more about the best money management apps, visit Mobiles.co.uk here.
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