You need a budget free for students4/10/2023 ![]() ![]() Operates on a monthly or payday cycle, so you’ll have to budget at the monthly level rather than the total time between student loan payment.Have to pay for a full-suite of features such as ability to add custom categories.Provides notifications if spending too fast.Connects to most bank accounts (so no problems connecting your student bank account).Splitting transactions to multiple categories.Manual accounts (/offline accounts that you can’t connect via Open Banking) – super useful if you want to use Emma to track your net worth. ![]() For a free budget app, the free version is more than enough to track your finances, improve your financial situation and start working towards your financial goals, but the paid-for features do provide additional flexibility: However, Emma makes money from a paid-for subscription which unlocks additional features. Taken together, these all should help you to keep your spending on track. You have the ability to visualise your spending using handy charts and can track your spending over time. Ideally, this will help your student loan go a bit further than it otherwise would! All with the purpose of helping you work towards your financial goals. As well as insights such as benchmarks against other users that help you to understand your spending habits better. Not only that, but Emma will provide handy “weekly spending reports” and notifications if you’re spending too fast on your categories. Emma will then automatically categorise transactions (fairly accurately, from my experience). You then set your budget targets (helpfully, Emma can help you set a monthly budget by showing what your average spend is per category). You can connect your financial accounts to Emma (not just your student bank account but also your credit card account and some investment account or savings account). ![]() The app is available on both iOS and Android*. The app’s core features are what helps it stand apart from the crowd, and why I use the app myself. Emma is billed as “your best financial friend”, and is specifically aimed at a younger demographic, with playful visuals and elements of gamification including daily “quests”.īut if that isn’t your cup of tea, you don’t have to engage in those features. This app has to be 1st on my list for best budgeting apps for students. If you’re interested in more information on Open Banking, you can read this great guide here from MoneySavingExpert. Why is this good? Well, more and higher quality services are being provided by financial technology start-ups which wouldn’t have been viable previously without access to this data. This means that you can give the apps in this article secure, read-only access to your transaction and balance data for them to run their services. Allowing you to easily share your data with other banks/financial firms as you see fit. Open Banking is basically an agreement between banks and financial institutions to give you control over your financial data. For students, this tracking makes the difference! Don’t mess about with a rubbish app though, keep reading to find out the best budgeting apps for students.Īll of the apps we feature here were made possible due to the development of the Open Banking API. This was so frustrating for me as a student, and I’m sure you find it frustrating too!Ī good way to make sure you’re not tempted to overspend is by using one of these budget and spend tracking apps. Then bam, the last month before your next loan payment comes in, you’re back to your ol’ trusty beans on toast. ![]() Beginning of term when that student loan payment drops. ![]()
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