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I need to up my budgeting game, have dabbled in manual spreadsheets before but wondering if an app solution would be easier to stick to.
Not a clue how they work but a Which review came up on Google and mentioned FCA approved apps and the openbanking.org.uk, I presume this is how an app can did into your account spending without actually divulging any log-in info or having to manually export statements into an app.
And of course the elephant in the room, many of these apps have a 2 or 3 tier basic/pro/ultimate subscription model, I don't mind spending a small amount but don't want to end up feeling like I'm missing out with lots of paywalled features staring me in the face every time I use it.
Also it would be great if it can work between two users where shared accounts are involved.
Any recommendations would be great, thanks
A simple (free) way of doing this is pots in Monzo. Put a set amount in pots of your choice each month, and withdraw from those depending on your spending.
I have bike, car and holiday pots. Making one for the bike in particular made me much more aware of what I was spending, and reduced my spending on it a lot.
We also just have a joint Monzo account which a set amount of money goes into each month, and that's all you have to spend for the d2d stuff. If you run out, you soon start to become more aware of your spending.
Haven't used any specific apps other than that. I always found the spending breakdowns crap as the data isn't accurate enough (e.g. £70 at Tesco petrol station then gets lumped in with the groceries category which ruined the whole thing).
Thanks, however I'm not looking to switch accounts as they are linked to Mortgage products etc. I don't mind the odd correction like supermarket fuel or re-categorising Amazon purchases (I presume they let you do this...)
I'm seeing good stuff about Moneyhub, and 6 month trial and then only £15 a year. Could share one subscription too as its app+web based and will do pensions and savings too.
Currently playing with moneyhub, seems pretty good
Have found some online whispers that moneyhub might be disappearing in 12-18 months! Company considering moving to just business offerings or something 🙄 Other than that, seems great