Does this budgeting app exist?

[milesmachine]

I know this question has been asked a lot as I have searched and read old threads but I can't seem to find the right solution for me and I'm hoping someone might be able to give me a recommendation.

I am looking for an app to help me budget that will connect with my current account. Off the back of some older threads I downloaded PLUM but I'm finding the different 'pockets' difficult to manage and am frustrated it doesn't seem to have the ability to track my spending.

I've spent some time this month working out quite a detailed monthly budget. Such as (figures here are made up obvs!)
Incoming: £3000
Mortgage: £800
Groceries: £230
Nursery Fees: £950
Trips Out: £70

And then I want to put away some money each month that I will have instant access to so I don't get hit when I need them. Such as:
Birthdays/Christmas: £50 put away a month
Kids Clothes/Shoes: £60 put away a month

Ideally I want to be able to set up DDebits into different pockets that build up funds for the above. But I also want to track my spending and see how much I have left. So each time I spend in sainsburys for example, it will allocate against 'Groceries' budget (even if I have to start off putting the transactions against the right budgets) and tell me how much I have left within the month

I'm trying to get a handle on spending and want to try and keep on top of it within the month rather than after so that I can see how much I'm really spending (I have analysed past months spending and this is where the budgets have come from)

Any help and recommendations would simply be amazing. Thank you

Revolut is very good at the budget/spend tracking by category. It automatically assigns transactions to categories but you can change as needed. You can also create custom categories as needed. I budget each month by category, then pull in the budgetted amount from my main bank account. The longer term savings (christmas etc) may be a bit more tricky but it does have 'pockets' which may work.

I've set up a Monzo account for this. All bills are paid from my main current account, and I transfer spending money to Monzo.

I can track spending, set spending targets and assign categories to everything, and it's easy to set up different savings pots for different things.

Thanks Boopear- I'll have a look at Revolut but that does sound ideal. You don't need an account or anything - does it just link to your existing?

Unmute, I've looked at Monzo and I think it probably would work but I really don't want to open another current account if I can avoid it

Not sure how helpful this is, but I couldn't cope with all the different pots. Instead I just have my pay go into one account with a standing order from that account into a second account. That second account covers all direct debits and standard expenses divided by 12. Every April I increase the amount by however much I expect these to go up, generally prompted by getting a council tax bill! I generally look back over the last 12 months and see what I have spent adjust a bit and increase by inflation or the rise in council tax if higher.

With my main account I work out what I expect to spend that month and put the rest into general savings. If there is no "rest" it comes out of savings. If just before payday, there is a surplus, the surplus goes into savings.

I also keep a balance in both accounts that I treat as a zero balance so if I get it wrong I don't go overdrawn. I have done this in huge detail when not much money to more relaxed when confident that my income will cover my expenses.

@milesmachine revolut does need another account unf, although the whole process is pretty pain free. It's also very useful when abroad!

The only other non account option i can think of is YNAB but not sure how well the bank account connectivity or the spend tracking works.

Have you tried Emma? It’s budgeting app that links to all your bank accounts in one place. I use the free version not the paid version so you could try and see how far the free version can get you in your aims and ignore the annoying ads

Thanks Goodcat. You sound very organised and where I ultimately need to get to! I'm not there yet and only have one account - trying hard not to have 2 as I've got in a pickle with that before.

I wish I had surplus at the end of the month and I think with some budgeting and being very into the detail I can!

Boopear - ahh shucks, yes you do need an account. I'll have a look at the other, thanks for the advice.

Vamooshe, thanks - I haven't looked into Emma but will have a nosey now!

Things the free version does I like - sends me a notification every morning of my bank balance, I can see all DDs going out and dates for current month in a list on the home page of the app - I’m terrible with finances but this made me change my car insurance in time ( it was doubling) rather than being lazy/ missing deadline

also OP join up to the Money Saving Expert App and have a nose on their forums for any apps and other tips - I am terrible with finances but seems to be motivating me to get a bit more active in managing them as opposed to just sweating / not sleeping over costs

@Vamooshe I am terrible with finances but seems to be motivating me to get a bit more active in managing them as opposed to just sweating / not sleeping over costs

This is me at the moment- never being brave enough to look at my balance and waking in the night in sweats. So that app sounds great and being motivated to do more is exactly where I want to be.

I've got a bonus coming in the next couple of days so I'm determined for a reset, hence trying to do a budget

I use an app called spending it's not linked to a bank account though you do have to enter income and spending manually. But I find it really helpful. It looks like this on the App Store.

I searched for this for years and in the end gave up and got Monzo.

When I get paid my salary gets divided between five different savings pots (general, Christmas, holidays, home improvements and car repairs) and three different spending pots (groceries, monthly bills, annual bills and subscriptions). Each of the spending pots has its own virtual card so when I do the food shopping I use the groceries card and it comes out of the groceries pot, or if I set up a new subscription I do it with that card so it comes out of the subscriptions pot. My bills all automatically come from the bills pot. Every time I spend, it rounds the cost up to the nearest £ and puts the change into my savings account, which all adds up.

It has revolutionised my life. I never have to worry about money really because the basics are always covered. It was well worth the hassle of switching current accounts. You can also view other accounts with other banks through the same app which is helpful.

Monzo is the best. Hands down!
We were awful with money. Always had the best intentions but could never get it to work.
Been with monzo now over 2 years and I finally have £k saved for different things. Didn't ever think it was possible.

I use YNAB for this and it has revolutionised my budgeting and ability to hold onto money.

YNAB will do this for you, and it also auto-imports transactions from the majority of UK banks. For your Christmas and birthday savings (true expenses) you don't even need a separate bank account as you allocate the money it in a virtual pot (category) and YNAB doesn't care where it is.

I use YNAB too, I then work from my pots in YNAB rather than what’s sitting in my account meaning I’ve managed to save a good bit since the end of the year.

It takes a bit of getting used to but because you allocate all of your money to expenses, savings pots etc as it arrives you get a good handle on spending and I’m certainly less tempted to make random purchases because the money is sitting there. If there’s not an amount allocated to X, I don’t buy it.

I really do appreciate all the recommendations. Thanks so much

I downloaded Snoop yesterday as reviews online said it was better than Emma but I really don't like it. You can only have their pre set budgeting pots which don't really work for me and can't save within it.

So I think based on the last lot of posts I'll investigate YNAB today as that sounds like it might be the one!

I'll report back. Thank you again!

Another vote for YNAB. Takes a little while to get your heard around but I could not live without it now! It's not cheap but you can get a family subscription which means you can share it with your partner. It's so so good

There's a great support thread for YNAB on this board.

It has revolutionised my life. I never have to worry about money really because the basics are always covered

It sounds ott but I agree with this 100%.

Our finances, organisation, regularity of savings is a world away from a few years back and Monzo has been instrumental in that.

So I think based on the last lot of posts I'll investigate YNAB today as that sounds like it might be the one!
YNAB give you a 34 day free trial so you can go through a whole months budgeting to see if it works for you before you commit to buying it.

Thank you again. I've downloaded YNAB and signed up for a free trial so I will give it a go

For those praising monzo. My credit rating is not great which is what I'm keen on working on. Would applying to open a current account affect this? I'm concerned I might be rejected and this would not help my situation!!

And thank you again for all the helpful posts. I will also look for the YNAB support thread

https://www.mumsnet.com/talk/money-matters/4340237-Anyone-interested-in-a-YNAB-chat-support-thread?page=9&reply=133862767

YNAB does everything you have asked for. The link is the support thread.

I never got on with YNAB and resent paying for it.

We have a starling account and you can have separate pots within that and virtual cards so that helps with budgeting. It also shows what you are spending on as well. Monzo I think is similar.