The world is changing. Fast. The first smartphone was the iPhone which Apple introduced in 2007 but it has only been in the last ten years or so that mass adoption of smartphones has occurred in the UK.

The use of apps on devices has grown by leaps and bounds too again, especially over the last ten years or so.

When apps were first introduced many businesses charged fees for them. Now it is very rare to pay a fee for an app.

Personal finance apps are becoming increasingly popular. I personally find the Moneyhub app to be particularly useful. I even pay an annual subscription of £15 for it but it is worth every penny.

I have a lot of accounts for various financial products ranging from bank accounts to credit cards, investments, pensions, properties, mortgages, loans and other assets. Moneyhub saves me a huge amount of time and money because everything is stored on one app. Open banking means that most of my accounts are automatically updated daily. Some accounts have to be manually updated e.g. where a product provider hasn’t yet linked with Moneyhub. So I simply update the few accounts that aren’t synced once a week. It takes me about 15 minutes.

The other feature I really like is the automatic descriptions for most of my income and expenditure in my various bank accounts and credit cards. I find I do have to manually describe some transactions but it only takes me at most a few minutes a day to do it.

In addition to this, the app offers forecasting, analysis, budgeting, retirement planning, pension tracing and even a benefits calculator! 

Moneyhub has recently enhanced its service by offering inter-account transfers via open banking on the app itself without you having to use Internet banking.

So if you want to be better organised financially and save yourself both time and money then I recommend you subscribe to a personal finance app.  You know it makes sense.*

Risk warning

*The value of investments can fall as well as rise. You may not get back what you invest. The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. All information is based on our current understanding of taxation, legislation, regulations and case law in the current tax year. Any levels and bases of relief from taxation are subject to change. Tax treatment is based on individual circumstances and may be subject to change in the future. This blog is based purely on personal opinion and experience.