- December 2, 2022
- Mark Elwes
Money Dashboard – How An Award-Winning App Can Help You
Table of Contents
Keeping track of your spending is not a cinch, but it is a must amid the rising cost of living. In order to ensure you are meeting all of your essential expenses, you must know how much and where your money is going.
Although a manual written record of everyday expenses will let you get insight into your spending, you are likely to miss a few transactions and thereby have no clear picture of your true financial condition. Here comes a budgeting app.
Several budgeting apps are out there. You can pick any of them based on your preferences and goals, but an award-winning app Money Dashboard will help manage your accounts and bills and, at the same time, set the budget for the most significant purchases like a home.
Bills are rising day by day, pushing a lot of people to take out a 12-month loan for bad credit from a direct lender. Loans could back you financially when you come across unforeseen expenses, but they are not the perfect choice to cover essentials.
Here is what you need to know about this app:
What are the features of the Money Dashboard?
This award winning app is to offer a lot of features. Take a look at them.
Connections to every major UK bank
You can connect to every central bank in the UK, including Bank of Barclays, Scotland, First Direct, Halifax, HSBC, RBS, Tesco, and TSB. It allows you to connect 50 plus banks. It is an open-banking app, which means you have full control over your data. You do not have to share your credentials with a third party.
In addition to complete control of your account, an open banking system helps you access data faster as it is directly pulled from your bank. Further, the login process is entirely handled by your bank, so you do not have to worry about security.
Connecting your bank account to the app cannot be simpler. Select your bank from the list, and you will be redirected to the bank’s official website after selecting your account. Just log in and confirm which accounts you want to link to Money Dashboard.
Now you will have complete visibility of all accounts you have with the bank. It is entirely safe as it is authorised and regulated by FCA and uses 256-bit encryption and biometric security.
All your bills and subscriptions are in one place
One of the most significant benefits of using this app is that you are able to see your account balance. As a result, you can control spending. Having no clarity about money left in your account is the reason for being broke, but this kind of problem is no longer with Money Dashboard.
Savings are more accessible with this app as this eliminates unnecessary spending. Now you will have more money for things you love. Now you can clearly know how much you can spend as you can prognosticate the balance down the line by seeing all payments waiting to burn a hole in your pocket.
You will see all your bills and subscriptions in one place, even if they are paid from different accounts. You know how much money you are left in your account. You will know how much you have been charged for all bills from Netflix to the electricity bill.
Since everything is in one place, you do not need to log into multiple apps to manage multiple accounts. The app makes budgeting a lot easier and more rewarding. It can help achieve your saving goals by cutting back on unnecessary expenses.
It acts like a spending tracker
Now tracking your expenses has become more accessible. With manual budgeting, you often miss the recording of a few transactions, but Money Dashboard is linked to your account so that it will track all your expenses until the next payday.
At the end of the month, you will see a graphical representation of your income, spending and savings. This is a great way to know where your finances stand.
The app will automatically assign a category to each of your transactions based on its nature, for instance, apparel, groceries, food and drink, transport, and bills and subscriptions.
Upcoming bills and subscriptions will be highlighted, so you know how much money is due to be debited. You can control your spending as you already know how much you are free to use. You will have more time to focus on financial planning.
Another advantage of using this app is that you will know the areas where you can cut back on it. Budgeting is always tricky for people, but when everything is laid out before you, you will know how you can regain better control over your finances.
It helps create a budget that works
Stay in control of your expenses has become more manageable now, as the Money Dashboard app will do it for you. As it automatically categorises your spending, you can set a monthly spending target. In fact, the app will help suggest you appropriate targets based on your spending.
The best part of the app is that you do not need to make a manual entry. Some budgeting apps require you to make a manual entry every time you make a transaction. You do not need to worry about doing it on your own. The app will automatically record all transactions.
The app is linked to your bank, so you will get everything in front of you whenever you want to check it. With separate categories for each expense, you will have a clear idea of how much you can cut back on your expenses. You will need a specific direction to save money. With this app, you will not feel like budgeting is a chore.
In addition to the features as mentioned earlier, here are the features that will make you fall for this app.
- Split transactions
You can split transactions if you want to avoid the per-transaction limit. The app can make it happen without hassle, even if the transfer amount is enormous.
- Account transfers
You can transfer money between all of your bank accounts using the app. You do not need to write a cheque. Everything is in the comfort of your house.
- Custom categories
You can personalise your spending by organising it into multiple categories. It can set a goal for each spending category.
- Balance warnings
The app will notify you when your bills are due or when you are closer to the spending limit. If your balance is low, you will be notified immediately.
- Spending history
The app records transaction history so you can know how spending has changed over time.
The bottom line
Money Dashboard is an award-winning app that can help you manage all your accounts in one place. It is safe and secure as no third-party involvement is required. The entire data is pulled from your bank. You just need to log in and choose the type of accounts you want to link to the app.
Budgeting is no longer boring with this app, as everything is done automatically. Get notifications when you are low on the account balance.
Mark Elwes is the Editor-in-Chief at Extramilefinance. He is a notable member of the content strategy team since his joining in 2017. Driven by his fondness for the finance industry, he has spent years gathering as much knowledge as possible about various financial products that include loans also. Previously, Mark worked as a senior journalist writer with experience in writing blogs and articles.