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If you’ve read this blog for any length of time then you’ll know that I love a good budget. Learning how to budget is half the battle with personal finance and there are multiple ways to do this you could go with good old pen and paper, use a spreadsheet, online budget tool or you could download a handy little app like Emma!
Emma is like having a personal finance advisor in your pocket, it lets you see exactly how you are spending your money and can even alerts you to any wasteful payments.
It was built as an app based solution to help consumers avoid overdrafts, find and cancel subscriptions, track debt and save money. I’ve been testing it out for a while now and I really like it as an interactive budgeting tool.
How does it work?
Firstly you download the app* and it will then ask you to input your phone number so it can send you a verification code by text. Once this has been confirmed you can select your bank from the long list of supported financial institutions (I was impressed with the list of banks its supports as it is a lot more comprehensive than a few other apps I have tried!) and log in with your banking details. It’ll take a few minutes to import the data it needs so you can come off the app and it’ll send you a notification when it’s ready to go.
Building your budget…
Emma will help you set up your budgeting period, you can choose from ‘payday to payday’ or monthly you can change these at any point but for simplicity I went for monthly as I run our budget from the 1st of each month anyway. The app will calculate a Total Budget for you based on previous months average spending and then on the next screen will show you how its been broken down so you can tweak it if you feel it’s not quite right. Once that’s all done you’re good to go!
Emma App Features
The first screen you get is your feed, it’s essentially your ‘dashboard’ and shows you all kinds of useful info like current balances, upcoming spending and it gives you access to your Emma report which is fun feature of the app .
Your Emma Report breaks down your spending and tells you where it falls within the range of other Emma App users.
The second screen is your Analytics which shows you a breakdown of your spending in certain categories which is handy for keeping track of where you are in your budget. The third screen is your Accounts which gives you graphs plotting the running balance of your current/savings/investment accounts and the fourth screen gives you access to things like the support details, info about bank fees you may have paid in the past, the Emma community and Emma Rewards.
What are Emma Rewards?
Emma rewards are cashback rewards! Each reward differs, but most will offer an amount of cashback when you purchase from them. There are currently rewards available from companies such as PensionBee, Freewill, Allplants, Naked Wines and Pact Coffee. If you make a purchase via Emma Rewards
How safe is the Emma App?
Emma uses several state-of-the-art security measures and is registered with the Financial Conduct Authority as a Registered Account Information Service Provider (RAISP) under the Payment Service Regulations 2017.That means it has the legal right to access and display banking information but doesn’t violate, in any way, your bank’s terms and conditions.