Money Managing App

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Barnes1988
Barnes1988 Posts: 12 Forumite
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in Budgeting & bank accounts
Can anyone help me with the best app to manage and track your monthly money?

I have a Samsung so it would need to be accessible via android.

Thank you

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Online Banking apps?
  • gsix14
    gsix14 Posts: 13 Forumite
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    It depends exactly what you want to be able to do. I use YNAB, youneedabudget.com. (sorry I can't post links yet)

    This is an app that facilitates a particular budgeting approach, which is like a virtual envelope system.

    I find it really good for managing my money.
  • colsten
    colsten Posts: 17,597 Forumite
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    !!! wrote: »
    Online Banking apps?
    Online banking apps are NOT suitable for managing budgets. YNAB is probably the most popular budgeting app for MSEers. There's an entire Forum thread for YNAB users somewhere.
  • Barnes1988
    Barnes1988 Posts: 12 Forumite
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    Thank you both.

    I have downloaded it but is there a UK Version as it's very Americanized. Everything is in dollars and even when I change settings to pound it stays in dollars.

    Any help would be great
  • gsix14
    gsix14 Posts: 13 Forumite
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    It is working fine for me in pounds. You can change the currency in the budget settings. It is specific to each budget, so if you create a new budget then you need to select pounds at that point.

    Apart from the references to dollars in the documentation I have always found it works really well.

    It's worth looking at the web version as well, you can use both that and the app on the same account (they sync well).
  • System
    System Posts: 178,094 Community Admin
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    edited 19 June 2018 at 3:02PM
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    I use Money Manager EX - a free app available for desktop and mobile. I use the app primarily on my desktop computer and what I like very much is that you can store your database in the cloud - I use Google Drive - and as long as you use the particular cloud service's app to sync your cloud to your desktop machine you can specify the same online file in the mobile app which effectively means both devices will be synchronised automatically.
  • Jibeddy
    Jibeddy Posts: 86 Forumite
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    Are there any of these apps that actually follow the Open Banking regulations? Havingne would be really handy (8/9 current accounts + multiple savings accounts is becoming too time consuming to monitor across so many apps), but I'm weary of falling foul of any banks rules with regards to sharing online banking passwords.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Barnes1988 wrote: »
    Can anyone help me with the best app to manage and track your monthly money?

    I have a Samsung so it would need to be accessible via android.

    Thank you

    Management and tracking: My first recommendation is Starling Bank which provides quite a lot of tracking and if you want more than that Yolt which can be plugged into the Starling Bank app. Android apps are available. This combination was actually pre-open-banking

    Budgeting: Probably YNAB. It operates mainly online with a mobile app plugged in to it to enter financial events on the go.
  • venomx
    venomx Posts: 1,118 Forumite
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    If you switch to Monzo ( an online bank ) they offer an APP which tells you every time you make a transaction, helps you save money, and do everything via the app.
  • ozaz
    ozaz Posts: 315 Forumite
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    Jibeddy wrote: »
    Are there any of these apps that actually follow the Open Banking regulations? Havingne would be really handy (8/9 current accounts + multiple savings accounts is becoming too time consuming to monitor across so many apps), but I'm weary of falling foul of any banks rules with regards to sharing online banking passwords.

    Under PSD2 regulations, your bank is supposed to allow you to share your login credentials with certain regulated 3rd parties...
    Your banking terms and conditions should not prevent you from sharing your credentials with regulated AIS or PIS providers. Your bank cannot hold you responsible for unauthorised transactions just because you have shared your credentials with regulated AIS and PIS providers.
    https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services

    Furthermore...
    there are other firms that may lawfully provide these services. These are UK and EEA Credit Institutions, EEA Authorised Payment Institutions and Electronic Money Institutions, and EEA Registered Account Information Service Providers. Under transitional arrangements the services may also be provided by firms that were carrying out these activities prior to 13th January 2016 and continued to provide them immediately before 13 January 2018
    https://register.fca.org.uk/shpo_searchresultspage?preDefined=AIPISP&TOKEN=3wq1nht7eg7tr

    Eventually the need to provide login credentials will go away as Open Banking APIs get adopted, but we're not really anywhere near significant adoption of these. The only account aggregator I've seen that uses Open Banking APIs from some high street banks is Yolt. Although for most banks you will still need to provide bank login credentials to Yolt. I personally prefer Emma but it does not yet provide API-based access to any high street banks.

    Both Emma and Yolt provide API-based access to the mobile-only banks Monzo and Starling.
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