Plum and other personal finance tools

PieHard

My first post here although I've been reading MSE for a while.
With the new year, I'm trying to reassess my finances - including spending, savings accounts, pension etc (There may therefore be other posts asking questions this weekend!)

I was wondering what tools or apps people use to actively manage their money and savings and if the forum community could share their experience of fintech. In particular, I'm hoping someone can provide feedback on Plum or Monzo/Starling to analyse spend or other AI tools. 

Thanks in advance!

Jami74

Do you have Plum? I have it to meet a direct debit requirement and I dislike everything about it. Obviously if you already use it and like it then it's worth having a go with its features.

Some of my current accounts (eg Natwest) have a spending tab where spends are categorised and budgets can be set although I think would only really be useful if everything goes through a single account.

Personally, I use a spreadsheet to monitor my spending, look forward etc, it started out as a simple way to track every spend and has evolved as I've needed it to. The app I have liked most is the free Money Point app (on Windows laptop) but I didn't use it for long as my spreadsheet was giving me the same information.

PieHard

At the moment I only have the HSBC app for day to day banking but it is essentially just a live online statement. 

Can I ask what it is that you don't like about Plum? I asked about that specifically as it's the one that came up most often in my research. 

I previously used a basic spreadsheet which I was going to revive but I was aware that there were a lot more tools now available. We have started using more dashboards and data analytics/AI at work for finances which I've found insightful so thought I might be missing a trick in not doing the same in my personal life. Perhaps I'm over-thinking it. 

Jami74

PieHard said:

Can I ask what it is that you don't like about Plum? I asked about that specifically as it's the one that came up most often in my research. 

It sends more notifications than I'd like and seems to have a lot of paid for products/advertising (a debit card costs between £2.99 and £9.99 a month but that also allows you to invest in over 500 shares). I just find it noisy and a bit confusing and I haven't found it very intuitive, for example making a change is done through the Brain icon. Saying that, I literally only use it for a small direct debit and it is in my folder with all my banking apps. Maybe if I had viewed it as a financial tool then my expectations would be different.

PieHard said:

I previously used a basic spreadsheet which I was going to revive but I was aware that there were a lot more tools now available. We have started using more dashboards and data analytics/AI at work for finances which I've found insightful so thought I might be missing a trick in not doing the same in my personal life. Perhaps I'm over-thinking it. 

Not necessarily, lots of people use apps and I think some of the paid for ones can be very good. I've always been a bit reluctant to pay for an app to save money and I'm pretty obsessive about my spreadsheets. People talk about YNAB (You Need A Budget) quite a lot.

PieHard

Noisy and bombarding are definitely things I'd want to avoid! Thanks for the heads up.

Anyone have any experience of YNAB?

What I've found difficult when researching is that a lot of the reviews just talk high level about what they can do. Would be great to see specific examples.

AmityNeon

YNAB is primarily a budgeting tool, and one of the more expensive options at that.

A free (optional licence) variant of the envelope budgeting method similar to YNAB:
https://www.budgetwithbuckets.com/

adindas

I have plum but I am only using it for DD. Each to their own, but I personally do not see any benefit of using it as a personal finance apps.

Bridlington1

I use a spreadsheet. I make a note of how much is in my accounts every so often (usually once per week or so). This also allows me to keep track of savings interest rates over time etc. Personally I don't bother with budgeting apps as I can plan ahead just as easily with spreadsheets and don't need anything fancy. I do have plum but that's just for the 2 DDs/mth for Natwest. 

stuartp2000

I’ve looked at apps including Plum but as above I found it busy. I also move money around and use Chase etc for the Cashback so one single source does not work.

I also find with an app they don’t really plan that well, clearly they know direct debits but not what money you need in the bank for groceries / holiday budgets etc so more backward looking than forward.

i have thus always maintained alongside any app a spreadsheet which I know solely use.

it’s really simple, I set up a rolling monthly plan looking 12-14 months out so have clear view.
I then have a budget sheet, actual tracking input sheet and then a rec.

I watched over Xmas a you tube on the ultimate personal budget planner and created that, more to pick up excel tips but now I use that in place of my basic sheet.

PieHard

Thanks all.

I was hoping some of the apps would have useful features or analysis and was less worried about using it as an initial budget planner.

Seems I'm best off sticking with spreadsheets after all! 

PieHard

Just spotted this thread in case of future use for others. 

https://forums.moneysavingexpert.com/discussion/6415157/personal-finance-software/p3