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Does anyone use PocketSmith or a similar finance/forecasting tool?
Situation is combined household income is good but we still find ourselves regularly running out of money mid month when caught out by car insurance renewals, ballet fees for kids blah blah blah.
In very simple terms I know we just need to forecast stuff a bit better and be more organised but I am interested if anyone uses a usable, simple tool like pocketsmith to help with this. I sit simple, is it usable or is it just another thing that you rapidly lose interest in.
problem being in the uk your bank contract and banking regulations prevents you allowing access to your accounts by these scraping tools.
Mint is very popular in the us - just google "why is there no mint equivalent in the uk"
so really you need to put all the information into it your self by which point it offers little more than a spreadsheet.
that explains a few things, thanks. Useful feedback. Shame though, Mint looks like exactly the sort of thing I need.
A spreadsheet is probably the easiest approach.
Complete one with at least 12 months in it, keep it up to date and put ACTUALS in - that way it soon becomes apparent that you spend more than you think and the little things add up... Did for us anyway.
I think like trail rat says, a lot of UK banks don't like aggregation services, and if they know you're using one, pretty much all your fraud protection will disappear.
I know it's a PITA but set yourself up a spreadsheet, and just pay attn to your money.
Another method is to open another bank account for household bills and transfer all your DDs to that. Work out how much you need each month to cover them all and transfer that amount in the day after you get paid.
Then what ever is left in your current account has to cover food, petrol etc for the month.
the footflaps(tm) method works for us.
once it goes into the joint billing account - it doesnt come out for anything other than household essentials - (mortgage,CT, Leccy, oil , Food)
whats left is ours - if theres nothing left theres nothing left.....
+1 for the Footflaps method. I've been doing it for years, as I get paid four-weekly so pay date is all over the place. I used to find it a pain having all my bills come out the day before pay day. Standing order goes in to the bills account on payday, whatever is left is ours/hers.
"[B]My bank advises not to provide internet banking credentials to any third party.[/B]
Banks rightly encourage their internet banking customers to be careful to prevent fraud and to protect their passwords from misuse. There is a clear distinction between the misuse of passwords, and using them in a secure environment to allow you to better manage and understand your own money. The transactions are your transactions. The balances are your balances. The data managed by the bank on your behalf is your data. Money Dashboard provides a service designed to empower you to get the most out of your data, by helping you to see the true view of your financial life.
Some banks explicitly acknowledge the benefit of aggregation services, such as ours, in their Terms and Conditions and therefore directly permit aggregation. Others do not, however, this does not necessarily mean they do not want you to aggregate your accounts. Some banks, perhaps understandably, will be reluctant to endorse any external organisation unless they have undertaken rigorous checks on them. Given the international nature of aggregation, this is a near impossible task for banks.
[B]The terms and conditions of my bank state that I should not give my details out to anyone.[/B]
Some UK banks have terms which do not make a distinction between aggregation services and misuse by providing your details through non-secure portals or to other people personally.
We are developing relationships within the banking industry to increase transparency and understanding in this area."
Direct copy and paste from the link aboves FAQs. very wooly way of saying "we know we are on shaky ground right now but are trying to work with the banks"
I wouldnt be giving them my details right now based on giving them an inch to wiggle our of a fraud claim.
We do use the Footflaps method but consistently get caught out but non regular bills. I guess we just need to refine it a bit.
We do use the Footflaps method but consistently get caught out but non regular bills. I guess we just need to refine it a bit.
Works best if you can pay everything monthly and avoid one off yearly bills - which in most cases is possible.
unless they charge you interest to make monthly payments.....
in which case i do my own maths to make it into a monthly payment split over the next year for the next years payment....hence why i operate a once it goes into the house fund it doesnt come otu - even if it looks like we are running a surplus - theres usually good reason - ie the Oil tank needs filled soon or the house/car/tax all due shortly.....
house insurance
car insurance
car tax
off the top of my head all charge extra to pay monthly....
get caught out but non regular bills. I guess we just need to refine it a bit.
spend a bit of time working out what the non standard bills are, and add them all up as a lump sum. Divide that by 12 and you've a "monthly equivalent" for all those weird bills. Stick that number in your monthly budget to give you a more realistic picture of your "clear funds"