The Best Money Saving Apps for Medical Students

Spending money recklessly happens way too easily for students, especially as there are many sources of temptation to make new, and sometimes unnecessary, purchases. So, to help you with this, here are a few app suggestions that may be helpful if you are trying to build a habit of saving more money.


Important disclaimer - for any app you are planning to download, it is important to check their FSCS (Financial Services Compensation Scheme) protection as well as FCA (Financial Conduct Authority) regulation to ensure your money is secure. Always do your own research before using any app to manage your finances so you are aware of any potential risks.

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Monzo

Monzo is an online bank with many features that make saving money easier. Monzo operates in a similar way to physical banks so you can create a standard current account as well as a fixed savings account with up to 0.27% interest. You can set spending budgets for different categories such as groceries and bills, helping you to ensure you don’t spend more than you planned to.


The feature that I find the most useful is the ability to create multiple saving pots. You can create a savings pot for a specific purpose, e.g. to save up for a car, and set a goal for the amount you would like to save. Monzo will show the percentage of your goal that you have saved in the pot so you can easily track your progress. You also have the option to customise the image of the pot which is a nice addition. Further, you can round up transactions in your saving pots so if you spend £2.49 for example, the remaining pennies (51p) will be transferred to your savings pot - over time these round up transactions really do add up. You can also lock the savings pot until a specific date which will stop you from spending your savings. Although you do not earn any interest in saving pots like you would in a regular savings account, it is a very visual and simple way to meet your saving goals.


Plum

Plum is a great app for automating your savings. The app tracks your spending habits from your current bank account to determine how much money to put into your savings. This means you will be saving money with very minimal effort. If you feel that Plum is putting too much or too little money into your Plum sa