Budgeting software might sound like something you’d find in an accountant’s office, but it is actually more commonplace than you’d expect – and something to consider for 2025.
Whether your New Year’s resolution is to save money, pay off debt or keep your finances more organised, online budgeting tools might make the process easier for you.
We are here to save you time on research! Scroll down to discover the best budgeting software and its benefits.
What is Budgeting Software?
Budgeting software is an application or computer program that helps you manage your finances.
Instead of writing down your spending or burying your head in the sand, this software keeps track of your income, expenses, savings and debt in one secure place.
Some personal finance software even connects directly with your bank, so all transactions are updated in real time.
Many find these tools make it easier to track their spending and the sleek software even motivates them to stay on top of the finances. It's a win-win!
Benefits of Budgeting Tools
On the fence about budgeting software? Here are a few ways it could improve your personal finances.
1. Easier to Track Goals
Household budgeting software makes it easier to track your goals, as you can see your savings, debt repayments and expenses in one place.
Many software programs use clear graphs and infographics to show users their progress. These apps are all very user-friendly, so even if you are new to finance, you will understand how your goals are progressing and what you need to do to improve.
2. Helps You Create a Budget
Having your spending habits in a clear format is perfect for creating a sustainable budget.
So, if you are thinking about a new budget for 2025 or want to save for a house deposit or holiday, consider starting to use a budgeting app.
3. Mobile Compatible
Most UK budgeting tools are available in desktop and app formats. This provides extra flexibility and allows you to check in with your finances while you are on the go.
4. Time-Saving
Forget spending an evening or even the weekend fighting with receipts and paychecks.
Once you have set up a budgeting app, you will always be able to access your information at the touch of a button. Much faster than traditional pen and paper tracking.
5. Extra Motivation & Less Stress
Lastly, budgeting software leads to emotional benefits, such as improved motivation and less stress.
Users who track their spending often feel more motivated to stick to their budgets, as they frequently remind themselves of their long-term goals.
Likewise, those looking to save build up emergency funds quicker and are less likely to live paycheck-to-paycheck. Less stressful indeed!
UK Budgeting Software to Try in 2025
Whether it is New Year or not, these are the best UK budgeting tools on the market now.
- Snoop – Free budgeting software that aims to help you cut the cost of living via budgets and better financial management.
- Moneyhub – An affordable open banking money app that gives you six months free, but then requires a £1.49 fee.
- Emma – Created in 2018, Emma is a premium UK budgeting software that already has 1.6 million users. It helps you save more, track your budget and offers recommended advice based on your finances.
Will you be trying any of these tools?
Keep learning about personal finance today! Read more on the Cash Asap blog.