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What is Emma?
Emma is a budgeting app that combines information from all your bank accounts, credit cards, investments & savings accounts. It was founded in 2018 by two Manchester University graduates, and was the first UK-based management app to launch in the US and Canada in June 2019.
How does Emma work?
Emma is like a ‘fitness tracker for money’. The app connects to all your accounts using bank-level encryption for maximum security. It can then sync all your budgets to your payday (eating out, transport, groceries etc.).
By getting real-time information and accessing historical information from your accounts, the app tracks all your payments & expenses by category throughout the month and makes you aware of future commitments such as bills & subscriptions.
It is particularly helpful as the app shows you how much money you can really spend, and Emma will send you weekly reports and notifications when you are spending too fast.
Who should use Emma?
Anyone with a smartphone who struggles to stay on top of their finances. The app is available on the Apple & Google app stores and setting up an account is surprisingly easy. Just search for your bank, credit card or investment provider and link them up within the app as you normally would using your security details.
The process is very simple and user friendly. You can even connect digital banks such as Monzo, Starling Bank or Revolut in a few clicks using Touch ID on iPhone for maximum security.
What do you get?
After downloading the app and connecting your account you will be able to navigate between 4 main sections, which are summarised below.
Feed: With a similar feel to Instagram or Facebook, you can scroll to view expenses, subscriptions, spending summaries and reminders.
Analytics: This gives you a detailed breakdown of income and expenses across all your accounts. You can set up budgets and view your expenses by category or merchant.
Accounts: This is where you can manage your individual accounts and add some more, which are split between between Everyday, Savings & Investments categories
More: Here you can carry out quests, sign up to ‘Emma Pro’ and access various offers such as energy provider switching or remortgaging.
What banks can you connect with Emma?
- American Express
- Bank of Scotland
- Capital One
- First Direct
- Lloyds Bank
- Metro Bank
- Royal Bank of Scotland
- Starling Bank
- TSB Banks
- Tesco Bank
- The Co-operative Bank
- Virgin Money Credit Cards
- Virgin Money Savings
Emma is free to use and makes it really easy to get a good overview of your spending, both by category and individual merchants. Setting up your chosen budget is quick and easy to do and it’s easy to open up and see where you are in terms of your budget at any time.