Budgeting Tools and Apps for Tenants

Listen to Budgeting Tools and Apps for Tenants

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In the digital age, technology emerges as a powerful ally in the quest for effective money management, providing tenants with innovative tools to navigate their financial landscape with precision. Budgeting apps, for instance, allow tenants to effortlessly track income and expenses, offering real-time insights into their financial health. Online banking platforms streamline rent payments, ensuring a seamless and secure transaction process. Additionally, digital tools enable tenants to set financial goals, automate savings, and receive timely reminders for bill payments, fostering a proactive and organized approach to money management. Embracing technology not only simplifies financial tasks but also empowers tenants to make informed decisions, ultimately contributing to a more stable and secure financial future.

Before you even apply to rent a property check out the Government’s Money Helper site. They have some useful tools to help you work out how much rent you can afford and a handy budget planner to help you work out your monthly expenses.

Entitledto includes a tool for individuals to check and see if they are entitled to any benefits.

Martin Lewis has some easy to use budgeting spreadsheets that you can download from MoneySavingExpert.com This site is packed full of money saving tips and advice and is well worth a good read. Alternatively set up your own spreadsheet on Google Sheets or similar platform.

If you prefer to manage your money on your phone there are a number of apps that are available to help. Popular budgeting apps include:

• Emma links to your bank accounts, allows you to set budgets and track spending. It can also report your rent payments to Equifax, Experian and TransUnion to improve your credit history. There is a free version or you can upgrade to Pro or Pro Plus for additional features.
• Goodbudget is similar and cheaper for the pro version, but doesn’t link to your bank accounts.

Your banking app may also have tools available to help you allocate money, set reminders to pay bills and set monthly spending limits. If not, consider switching to one of the app based banks.

• Starling Bank gives real-time notifications when you use your debit card, insights into your spending and lets you set up savings goals. There are also no fees for spending or cash withdrawals abroad, making it a top-pick debit card for frequent travellers.
• Chase gives a top rate of cashback on most spending. You can also set up its ’round-up’ feature, which rounds all purchases up to the nearest £1, with the difference autosaved into a separate account paying 5%. You can create up to 20 extra accounts and there’s also a monthly spending overview.
• Monzo has similar features to Starling. The difference comes with savings – Monzo has its own instant access savings ‘pot’ but also lets you set up ‘pots’ with its partner banks too, which often pay higher interest rates