Working in FinTech, we’re always looking for the next best app. This week, we’ve decided to try out the highly acclaimed Money Dashboard to see if it lives up to the hype…
What does it do?
Created in 2010, Money Dashboard is a budgeting tool that gives you an overview of all your accounts in one place. The system is simple: the app covers 95% of UK accounts, so whatever accounts you have (banking, credit card, loan, mortgage…), simply enter your details and it will gather all of your information in one place.
How do you set it up?
This is the difficult part! Due to all of the ID numbers, passcodes and memorable words that come with multiple accounts, gathering them together is no easy task. To make the most out of the interface, you also have to tag your outgoings so that their algorithm recognises your different types of purchases in the future and establishes patterns. Clever, right?
How to use it?
By tracking all of your outgoings, Money Dashboard is a great way of seeing where your money is going and what your spending habits are. Just log in and you will have a complete overview of all your accounts in one place. We recommend checking it regularly (you can also sign up to receive email alerts) to analyse your accounts and plan your budget.
A few teething problems. Firstly, it can be difficult to enter all of your details in one place. In an era when all you hear about is being secure online, this feeling of giving away all your personal details still feels pretty unnatural. However, Money Dashboard doesn’t store any customer information and you can’t make any transfers, so it is totally safe to use.
We also found that you can’t currently log any refunds into your dashboard which is a shame, but we’re sure this feature will be available very soon.
9/10. All in all it is a great tool for budgeting, managing your credit and planning purchases in a very simple way. It is just a few tweaks away from being complete; we love it! Why not give it a try?