How to get better organised with personal finance apps

Nov 7, 2018 | Tony Byrne's View

Do you have a number of accounts ranging from Bank and Building Society current and savings accounts to investments, pensions, mortgages, credit cards, loans etc? Do you find it time consuming managing a number of accounts? If so, then join the club!

I used to find it challenging, to say the least, to manage my plethora of accounts until I discovered a personal finance app called Moneyhub. It has helped me to be better financially organised and gives me everything I need, concerning my personal finances at the touch of a button.

Moneyhub is not the only personal finance app available. There are many to choose from, which focus on different aspects of your personal finances. However the ones I am referring to are the personal finance apps, which allow you to load all of your asset and liabilities, income and expenditure onto them. The Moneyhub app costs 99p a month or £9.99 a year. Cheap as chips!

Money Dashboard is a free personal finance app, which is useful as a basic app, however, it doesn’t have as many features as Moneyhub. Therefore Money Dashboard may be more suitable for those with very simple finances.

Moneyinfo is an excellent personal finance app but is only available through certain firms of financial advisers, who subscribe to it on behalf of their clients.

All of these apps use Internet feeds, which securely transfer the transaction data from your various accounts onto the app automatically on a frequent basis, which is usually daily. Therefore if you have, let’s say 10 different accounts, you can check all of the recent transactions and up to date balances immediately.

Most regular transactions are memorised, which saves you having to specify what the transactions were for. You will have to teach the app new transactions, unless it automatically recognises them, where the name of the business is well known or the transaction is obvious, such as a restaurant, which is clearly under the heading of “Eating Out”.

In addition you can usually set Spending Goals and Personal Budgets. Other useful tools are also available or will be added in the near future.

It is an advantage to our clients that these personal finance apps automatically record all income and expenditure and give descriptions for everything you earn and spend. This saves clients a lot of time in updating their records each year for their annual review meetings with us.

If you are our client, then you can even add your Parmenion account to the apps to get daily valuations from your phone.

I find my personal finance app invaluable. It’s a great time saver and it has made me better financially organised. I recommend personal finance apps to anyone who is serious about money management. So please don’t delay, if you don’t already have one, download it today! Better still why not contact us for a personal financial review. You know it makes sense!

Archives

Subscribe