Budgeting apps and money dashboard (I'm new)

moneyonmymind

Hi.
I'm trying to control spending and feel more in control of finances. Looked up budgeting apps an Money Dashboard came out well on reviews. It links all accounts and breaks down types of spending etc.
I tried to set it up but could not remember one part of bank login so phoned the bank. They seemed to be horrified that I would use an app like this and said it wasn't safe to use my login details on one platform that was not theirs.

Which rated Money Platform and reviews seem to say it was safe. It was against my better judgement anyway to put details in but I was excited about getting started. We have tried pen and paper so many times but when life gets busy, things fall apart.

Does anyone use these or have any advice?

leeblack83

I am using mobile app atm called Emma, finding it very good and links with accounts

colsten

As long as your chosen Finance Management Software makes use of Open Banking, there is nothing for you to worry about regarding legality of using such software to log into your account and to download your transactions. You are not breaking your bank's T&Cs - and they are likely to give express permission for the use of such software. Which bank are we talking about, what do their T&Cs say?

More about this on https://help.moneydashboard.com/hc/en-us/categories/360001199671-Security

FWIW, I don't personally like Money Dashboard or Emma or Yolt or YNAB or similar as they don't cater very well for people who have their money spread, and moving, around lots of accounts. I also have never found transaction downloading very useful as the matching of actual transactions with my budgeted transactions was very hit and miss, and I found it faster to just record my transactions manually and then compare them manually. The budgeting functions are quite nice, and definitely more colourful than what I get in AceMoney/MS Money which I have been using for eons. The bare intelligence and manageability is no better though, so I am sticking with what I have. I also don't want to lose my over two decades of history and none of the apps has got the capability to import my old data. If I would start from scratch, things would look different and I might go for one of the newfangled apps. Budgeting is essential, so well done for making a start with it. Downloading transactions might be a nice to have but I wouldn't make it a showstopper.

moneyonmymind

Thank you. That's really helpful. I'll look into it a bit further. I thought the visuals might help me get started. Thanks.

tempus_fugit

I use YNAB and I have money spread and moving around many accounts, and it works fine for me, although admittedly I do need to do a bit of extra work with a spreadsheet to keep track of where I have each of the funds, i.e. in which account(s). But other than that the reason I use it is because it is the only one that I know of that uses the “budget to zero” principle, which I find essential. Other apps I have tried do have a budgeting option but it is usually just on the basis of setting budgets for individual things like shopping, petrol etc, rathet than an overarching system that allocates every penny to a fund of one sort or another. It’s not for everyone though, I realise that, and it’s not cheap either.

Re the security aspect I think the person the OP spoke to was not properly informed of Open Banking, which seems a little strange. As Colsten says as long as the app or website you are going to use is part of Open Banking and a signatory to the scheme then you should be fine.

mrmajika

Money dashboard is very good. I use this alongside Yolt. Account aggregation is what open banking was built for. I wouldn't let the opinion of one ill-advised telephone service adviser put you off it, if it works for you.

moneyonmymind

Thank you. What is the difference between Money Dashboard and Yolt? Which would you recommend? Thanks

getmore4less

Budget to zero is a basic principle of any budget.

The ins and outs balance over any period

MSMoney manages it very well with cashflow forecasting to see where you may go wrong in the future

colsten

moneyonmymind wrote: »

Thank you. What is the difference between Money Dashboard and Yolt? Which would you recommend? Thanks

I think they are both much of a muchness, and it probably comes down to personal like/dislike which suits you better. I find both of them painfully slow, and it's probably going to get worse when 2FA comes in in September. One feature that I like in Money Dashboard is that they do a Browser and an iPad version, in addition to the iPhone one. Yolt is iPhone only, I believe. But neither cover all accounts that I need to monitor, so neither is much use to me. For someone whose providers are all covered, and who don't mind slow updates, either might well be viable choices. I think it's a matter of trying out what suits you.