Money worries are one of life’s biggest stresses for many people. It can be an awful experience to wonder how you’re going to be able to afford to pay a bill or if you’ll have enough money to do your weekly shopping.
Even when things are seemingly going well, many of us are overspending and under-saving without even realising it. A lot of these issues stem from the fact that we have lots of different accounts with their own incomings and outgoings and it’s easy to lose track.
The most important thing for people looking to make savings is money management. Knowing exactly what is coming in and out of your bank accounts at any given time is the first step. It can seem daunting because it’s often hard to remain up to date with these transactions but there is a simple, effective solution to this, and it comes in the form of Money Dashboard.
What is Money Dashboard?
Money Dashboard is a free-to-use personal finance service that’s available to download on the App Store and Google Play. You can also sign up for an account on the Money Dashboard website.
With over 600k registered users already and Money Dashboard provides a way for users to take control of their finances. To do this, the app allows you to see all your accounts in one place, so you’ll always know how much money you have left until payday, as well as a wide variety of other features aimed at improving your financial position.
How does Money Dashboard work?
To use Money Dashboard, you’ll first need to download the app from the App Store, Google Play or head over to the website. Once you’ve done that, you can sign up for a free account by entering some personal details.
The main feature of Money Dashboard is that it allows you to connect all your online current accounts, savings accounts, and credit card accounts within the app.
The benefit of this is that you’ll be able to log in to the Money Dashboard app at any time and see a list of all your incoming and outgoing transactions. For convenience, transactions will also be automatically labelled so you can see exactly what you’re spending your hard-earned money on. For example, transactions could be tagged as ‘electricity’ or ‘broadband’.
Knowing what you’re spending your money on is a great start to achieving financial security. It can be easy to underestimate how much you’re spending, especially on smaller purchases, but seeing it all in front of your eyes in one place will give you the ability to focus in on possible changes. For example, people will often underestimate how much they spend in coffee shops each week and can make decisions to cut back if the transactions show it’s more than they can realistically afford.
What features does Money Dashboard have?
Money Dashboard has loads of great features that work together to improve your overall financial position. This includes taking control of your day-to-day finances as well as saving for bigger purchases.
Money Dashboard allows you to connect to any mainstream UK bank, meaning you’re able to take control of your finances from one place. This negates the need to log in to individual accounts or apps to check on your transactions which is a time-consuming process that many of us avoid.
There’s no need to worry about security here as the accounts are connected through Open Banking APIs, meaning you’ll have complete control over your data and won’t have to provide your credentials to anyone else.
Balance After Bills
This great feature will give you insight into how your finances will look further into the month. It can be easy to forget about upcoming bills and think you’ve got more expendable money than is the case.
Balance after bills shows you all your upcoming payments from bills to subscriptions and then tells you how much money you’ll have left over before your next payday.
Bills and Subscriptions
Again, the fact that you can link all your accounts will allow you to see all your scheduled outgoings in one place. This gives you a much clearer picture of how much you’re spending each month.
This is the perfect feature for those of us who like to use our debit or credit cards when we’re out and about. The spend tracker will show you exactly how you’re spending your money, so you’ll be able to see if you’re overspending on things like bills, supermarket shopping, takeaways and so on. Transactions are conveniently categorised to make things easier for you to dissect.
As Money Dashboard can see how much you’re spending and earning, it uses this data to help to create budgets. For example, you could create a food shopping budget that is calculated automatically by analysing your data. This will help you to spend wisely but without cutting back too much that you aren’t able to enjoy yourself.
You can create budgets for all kinds of things, such as bills, transport, food and drink, leisure activities, and so on.
This is a nifty feature because the people over at Money Dashboard realise that there are other transactions to consider that operate outside the scope of a linkable bank account. For example, mortgages and loans, cash in hand, private loans, and debts etc.
With offline sources, you can manually create transactions within Money Dashboard, so these expenses are accounted for within your budgets.
Payments Between Accounts
One of the newest features provided by Money Dashboard is the ability to make transfers between your linked accounts. This saves a great deal of time because you’re not having to log in to lots of different accounts and apps.
Money Dashboard is the perfect service for anyone who wants to take control of their finances. Having the ability to know what incomings and outgoings are scheduled across all your accounts at any given time allows you to budget between pay days.
People may wonder why the service is free but it’s simply the case that Money Dashboard provide insight and market research services to companies to help them understand consumer behaviour. You may also receive suggestions for products that can help you save money and Money Dashboard would receive a fee from such product providers for referring you to their service.
With this in mind, Money Dashboard is a service that all money-savers should get involved in.