Best money/ wealth management app

Tonys101

Money dashboard
Design and layout is great but it does not have any options for Hargreaves lansdown or NS &I 

I tried moneyhub but it mixes all your savings pots in with our actual bank accounts making it hard to understand what is what
Can you suggest the best ones to use

It's hard having to manually update money dashboard every time I add money to my accounts not supported with it 

Malkytheheed

I was thikning about this last night too. I have so many accounts now, money, investments and savings spread about all over the place. Would be nice to have a simple app to show my overall wealth. Not sure how? Following. 

Keep_pedalling

Malkytheheed said:

I was thikning about this last night too. I have so many accounts now, money, investments and savings spread about all over the place. Would be nice to have a simple app to show my overall wealth. Not sure how? Following. 

If you rely on an app that only you can access, to keep track of masses of accounts, how would your executor manage to trace everything if you dropped down dead tomorrow? 

Malkytheheed

Keep_pedalling said:

Malkytheheed said:

I was thikning about this last night too. I have so many accounts now, money, investments and savings spread about all over the place. Would be nice to have a simple app to show my overall wealth. Not sure how? Following. 

If you rely on an app that only you can access, to keep track of masses of accounts, how would your executor manage to trace everything if you dropped down dead tomorrow? 

Because they have a list of all my accounts? Is that a trick question? 
I have access to all my accounts. I know what and where they all are. It's just a faff working out totals. I have to manually go in and add them all up. Would be great if I had an app that, at a glance showed me totals of my current savings, investments (including HL), current accounts and debts. 

Keep_pedalling

Malkytheheed said:

Keep_pedalling said:

Malkytheheed said:

I was thikning about this last night too. I have so many accounts now, money, investments and savings spread about all over the place. Would be nice to have a simple app to show my overall wealth. Not sure how? Following. 

If you rely on an app that only you can access, to keep track of masses of accounts, how would your executor manage to trace everything if you dropped down dead tomorrow? 

Because they have a list of all my accounts? Is that a trick question? 
I have access to all my accounts. I know what and where they all are. It's just a faff working out totals. I have to manually go in and add them all up. Would be great if I had an app that, at a glance showed me totals of my current savings, investments, current accounts and debts. 

Not a trick question. You have that covered which is great, but I am willing to bet you are in the minority in being proactive in the what happens if I die situation. 

Malkytheheed

Having more of a dig into this. Seems annoyingly there are plenty US based apps that offer this "wealth" managment approach that shows you your investments and such. Sadly in the UK all such apps seem to be around budgeting, saving and round up pounds. Nothing about wealth and investment, Maybe a sad picture of our 1970's mindset in blighty? save save save cash. Se below the same search terms in UK and US. Sums up the mindset difference. 

Tonys101

I have started to use Lumio after days if research you can add so many accounts and see the total value of your savings investments and bank accounts

It separates them into savings investments and cash based on the accounts that you add. It works for me and for now.

If you are going to use one of these money management  apps to grow your wealth you need to make sure all your subscriptions and payments come out at the beginning of the month and from the same account otherwise the cash you would have is not free cash it gives you a inflated view of how rich you are because you have not paid your Bills. So seeing £5000 cash looks good but once you pay Ur rent/mortgage and bills the true amount of cash you have is left bare 

There is so much more I could go into but I I do I'd end up with a book 😂 . If you need advice i am open to help you. I posted this question and now found the app on myself lol 

Malkytheheed

Tonys101 said:

I have started to use Lumio after days if research you can add so many accounts and see the total value of your savings investments and bank accounts

It separates them into savings investments and cash based on the accounts that you add. It works for me and for now.

If you are going to use one of these money management  apps to grow your wealth you need to make sure all your subscriptions and payments come out at the beginning of the month and from the same account otherwise the cash you would have is not free cash it gives you a inflated view of how rich you are because you have not paid your Bills. So seeing £5000 cash looks good but once you pay Ur rent/mortgage and bills the true amount of cash you have is left bare 

There is so much more I could go into but I I do I'd end up with a book 😂 . If you need advice i am open to help you. I posted this question and now found the app on myself lol 

Does it tie in with investing apps like HL? As for cash, I never really keep or have any, as soon as my income comes in it goes out to investments and debt servicing. Especially with Inflation where it is I want as little as possible in cash. 

Edit: just had a look at Lumio. App only has 100 downloads and no reviews. Must admit that makes me nervous to give it my financial logins. 

Daliah

Malkytheheed said:

Tonys101 said:

I have started to use Lumio after days if research you can add so many accounts and see the total value of your savings investments and bank accounts

It separates them into savings investments and cash based on the accounts that you add. It works for me and for now.

If you are going to use one of these money management  apps to grow your wealth you need to make sure all your subscriptions and payments come out at the beginning of the month and from the same account otherwise the cash you would have is not free cash it gives you a inflated view of how rich you are because you have not paid your Bills. So seeing £5000 cash looks good but once you pay Ur rent/mortgage and bills the true amount of cash you have is left bare 

There is so much more I could go into but I I do I'd end up with a book 😂 . If you need advice i am open to help you. I posted this question and now found the app on myself lol 

Does it tie in with investing apps like HL?

It does connect to HL BUT it s dead slow, and - like with all those aggregation apps, and all accounts - you have to renew your authorisation every 90 days.

Lumio also suffers from the same issues all those apps are suffering - large numbers of building societies and other companies are just not covered (top off my head: Skipton, Raisin, Coventry, Tandem, Aldermore, HTB, Shawbrook, Al Rayan, BLME etc etc). It also can't handle budgets very well.

It might be an OK app if you have just a few accounts which they happen to support, and if you have just very rudimentary budgeting requirements. For instance, you can't just add a one-off between your accounts.

Lumio, in common with other aggregation apps, has the advantage that it pulls in data from your accounts. That is, if you consider this an advantage. The more accounts you have, the longer it takes to pull in all the data, and the pulling isn't always working for all the accounts. For myself, as I have many accounts, it simply takes much longer than I am prepared to wait for an app to load. You also cannot change account names, or give them nicknames, nor can you group or reorder accounts, so you can end up with unmanageable data overload. 

In my opinion, the old work horses like MS Money and AceMoney are still way ahead of the pack. They aren't perfect, either, but their account coverage is massively more comprehensive as you can add whatever account you like, and name it whatever you like to name it. Also their budgeting capability is second to none, and they can provide a true picture of all your accounts at any point in time. They do require manual effort but at least you don't have to keep separate records for accounts which they don't/can't cover.

Malkytheheed

Daliah said:

Malkytheheed said:

Tonys101 said:

I have started to use Lumio after days if research you can add so many accounts and see the total value of your savings investments and bank accounts

It separates them into savings investments and cash based on the accounts that you add. It works for me and for now.

If you are going to use one of these money management  apps to grow your wealth you need to make sure all your subscriptions and payments come out at the beginning of the month and from the same account otherwise the cash you would have is not free cash it gives you a inflated view of how rich you are because you have not paid your Bills. So seeing £5000 cash looks good but once you pay Ur rent/mortgage and bills the true amount of cash you have is left bare 

There is so much more I could go into but I I do I'd end up with a book 😂 . If you need advice i am open to help you. I posted this question and now found the app on myself lol 

Does it tie in with investing apps like HL?

It does connect to HL BUT it s dead slow, and - like with all those aggregation apps, and all accounts - you have to renew your authorisation every 90 days.

Lumio also suffers from the same issues all those apps are suffering - large numbers of building societies and other companies are just not covered (top off my head: Skipton, Raisin, Coventry, Tandem, Aldermore, HTB, Shawbrook, Al Rayan, BLME etc etc). It also can't handle budgets very well.

It might be an OK app if you have just a few accounts which they happen to support, and if you have just very rudimentary budgeting requirements. For instance, you can't just add a one-off between your accounts.

Lumio, in common with other aggregation apps, has the advantage that it pulls in data from your accounts. That is, if you consider this an advantage. The more accounts you have, the longer it takes to pull in all the data, and the pulling isn't always working for all the accounts. For myself, as I have many accounts, it simply takes much longer than I am prepared to wait for an app to load. You also cannot change account names, or give them nicknames, nor can you group or reorder accounts, so you can end up with unmanageable data overload. 

In my opinion, the old work horses like MS Money and AceMoney are still way ahead of the pack. They aren't perfect, either, but their account coverage is massively more comprehensive as you can add whatever account you like, and name it whatever you like to name it. Also their budgeting capability is second to none, and they can provide a true picture of all your accounts at any point in time. They do require manual effort but at least you don't have to keep separate records for accounts which they don't/can't cover.

Im reading that MS Money was disconntinued in 2008! And doesn't work with Windows 10 

wmb194

Malkytheheed said:

Daliah said:

Malkytheheed said:

Tonys101 said:

I have started to use Lumio after days if research you can add so many accounts and see the total value of your savings investments and bank accounts

It separates them into savings investments and cash based on the accounts that you add. It works for me and for now.

If you are going to use one of these money management  apps to grow your wealth you need to make sure all your subscriptions and payments come out at the beginning of the month and from the same account otherwise the cash you would have is not free cash it gives you a inflated view of how rich you are because you have not paid your Bills. So seeing £5000 cash looks good but once you pay Ur rent/mortgage and bills the true amount of cash you have is left bare 

There is so much more I could go into but I I do I'd end up with a book 😂 . If you need advice i am open to help you. I posted this question and now found the app on myself lol 

Does it tie in with investing apps like HL?

It does connect to HL BUT it s dead slow, and - like with all those aggregation apps, and all accounts - you have to renew your authorisation every 90 days.

Lumio also suffers from the same issues all those apps are suffering - large numbers of building societies and other companies are just not covered (top off my head: Skipton, Raisin, Coventry, Tandem, Aldermore, HTB, Shawbrook, Al Rayan, BLME etc etc). It also can't handle budgets very well.

It might be an OK app if you have just a few accounts which they happen to support, and if you have just very rudimentary budgeting requirements. For instance, you can't just add a one-off between your accounts.

Lumio, in common with other aggregation apps, has the advantage that it pulls in data from your accounts. That is, if you consider this an advantage. The more accounts you have, the longer it takes to pull in all the data, and the pulling isn't always working for all the accounts. For myself, as I have many accounts, it simply takes much longer than I am prepared to wait for an app to load. You also cannot change account names, or give them nicknames, nor can you group or reorder accounts, so you can end up with unmanageable data overload. 

In my opinion, the old work horses like MS Money and AceMoney are still way ahead of the pack. They aren't perfect, either, but their account coverage is massively more comprehensive as you can add whatever account you like, and name it whatever you like to name it. Also their budgeting capability is second to none, and they can provide a true picture of all your accounts at any point in time. They do require manual effort but at least you don't have to keep separate records for accounts which they don't/can't cover.

Im reading that MS Money was disconntinued in 2008! And doesn't work with Windows 10 

Oh, no, it definitely works with Windows 10. I've been using it this morning. There was a Windows update that changed something in the registry and broke it but MS fixed it (and it was an easy manual fix anyway).