5 Best Money Management Apps For Uni

Moving to university is such an exciting time, you’ve got the A-Level results that you need to get on the course you liked in the city that you really want to live in!

You’ll meet new friends, create memories to last a lifetime, learn new things, love new things, consume and create art and culture and learn how to live independently as an adult.

For many of you, this might be the first time that you are looking after your own life when living in student accommodation.

From washing your clothes, learning how to cook, and most importantly, learning how to budget.

The financial side of your life is very important, as it can quickly spiral out of control if you do not have a handle on it.

Here, we take a look at the benefits of budgeting and where you can find the best money management apps to help students living away from home for the first time.

Reasons To Budget As A Student

Budgeting as a student

It’s important to understand your finances as a student as quickly as you possibly can!

This means understanding the amount of money you have in your bank account and understanding how much you’ll need to cover your bills and groceries.

It’s also a fab way of working out how much money you have leftover for your social life and leisure activities!

As a student, you’ll need to learn about the best money management apps for uni to help all of that information come together in one simple place.

  • If you take out a student loan and have opened a bank account with an overdraft, know the dates that you have that cash in your account and how long your overdraft is interest-free for (each bank will differ slightly with student offers).
  • Remember that your overdraft should only be used as an emergency buffer! Your money has to last until your next loan instalment, or next payday if you take on a part-time job.
  • Your loan has to cover absolutely everything, from the roof above your head to your food shopping, clothing, utility bills etc – so be smart!

Moving away to university and looking after your student finances is a great life lesson, for the rest of your life you’ll need to learn how to balance the books and live within your means.

This doesn’t mean, however, that your student life has to be boring and lack fun.

Instead, by getting a handle on your student budget as early as possible after you move into your student accommodation, you’ll have a much better understanding of when you can spend your money and how much.

This provides you with a strong foundation from which to have the best time in your student life and time at university.

A good money management app for students will help you organise your financial life effectively.

5 Best Money Management Apps For Students

Best money management apps for students

Looking after your money is very important. There are different ways to manage your student finances, with a number of money management apps available that can help with various aspects of your budgeting.

With so many out there to choose from, we thought we’d help you out with a few of the best money management apps for uni!

1. Splitwise

Splitwise money management apps

This is a very popular app for students, especially when living in a house together!

It provides an easy platform to split bills and other expenses between a group of people.

Splitwise can be used to deal with the big stuff – rent for your student house, utility bills – or for smaller items – such as splitting the cost of a restaurant bill between a group of friends.

The free version of the app is more than enough for most students, with email notifications for when bills are due and easy group messaging within the app.

A pro version is available for a few quid a month, providing access to in-depth charts breaking down spends by category.

2. Plum

Plum money management apps

Plum has gained in popularity in recent times due to the AI software that helps users save money in an easy way.

For most users, they don’t even think about the money that is being put away throughout the month, but they do see the big savings adding up for a rainy-day fund.

The app looks at your finances and puts away small amounts of money every few days, based on what you are spending, rounding up from small purchases you make etc.

It can build up a decent amount of money in a relatively short space of time, without putting your overall budget at risk.

3. Squirrel

Squirrel money management apps

This is an app that is run through Barclays and splits your funds up into different categories to help you achieve your short and long-term financial goals.

It’s is great for students as you can see your full amount simply split into your rent, your bills, as well as any weekly allowance you want to have for spends.

For those students who desperately want to stay away from their student overdraft and manage to put away savings each month, Squirrel provides a simple solution to build financial discipline.

4. Money Dashboard

An app that has been around for a long time (you were still in nappies when Money Dashboard was first released!)

Money Dashboard allows the user to link multiple accounts so you can see everything in one place.

You can set goals, design budget plans, and make sure you always have enough money during your student days, as well as maybe putting aside some money for the future.

5. Emma

Another easy-to-use app that alerts you if you are overspending, but without it being a big shouty alarm that tells you off.

Instead, the Emma app looks at your spending and makes recommendations of more cost-effective options, including any subscriptions you might be paying for that you no longer use or don’t use enough to warrant the cost.

These money management apps will help you manage your student finances. A student budget shouldn’t be a chore and something you put off.

Instead, look at the best money management apps and find the one that helps you look after your money in the easiest way possible.

That way, you won’t spend your entire bank account in a couple of weeks, but you won’t be constantly worrying and working hard to manage it either.

Student life is for you to enjoy and these apps give you the best chance to do just that in a responsible way.

Wanting to make some extra cash whilst at uni? Check out our latest blog on how to start an online business as a student!

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