Do you have a couple of different credit cards, bank accounts, investments, all with different usernames and passwords and wish that you could access all your finances in one place?
This has started to become a major problem with the growth of online banking and investment accounts.
Have you ever thought about what would happen if you suddenly died and your loved ones had to administer your financial affairs? How would they know what money you had and where? I heard from one lady the other day about how her parents keep a ‘death sheet’. A paper note of all their financial information containing all the login information as well. At least it’s something but is it really the most secure? How often will that need updating I wonder?!
Fear not though, technology has come to our rescue.
How to get all your finances in one place
Over the last few years there have been a number of personal finance applications that have been developed.
A personal finance application is software that can be accessed via your smartphone or online through a web browser.
It will allow you to input your credentials for each bank account, credit card, property you own, investments and pensions. This is when the magic really starts to happen. Every day the software will sync with your accounts and pull through the data. It will then categorise your spending and update your net worth so you have all your finances in one place at your fingertips!
All clients of RTS Financial Planning are given access to Moneyhub which performs all of the functions mentioned above.
The benefits of using a personal finance app to get all your finances in one place
#1 – Saving you time
- No need to login to various different accounts, you just need your Moneyhub login.
- It will reconcile for you so you don’t have to keep the manual spreadsheet and paper receipts!
#2 – Making you better with money
- If you want to get better at managing your money then this is the app for you.
- You will see what you spend your money on as Moneyhub will categorise your spending.
#3 – Helping you plan
- Set up budgets and savings targets.
- You can look at forecasts into the future that will give you an idea as to whether your financial plan is on track.
#4 – Working with professionals
- If you are going to visit a mortgage or financial adviser, at some point they are going to need to see your financial information. Moneyhub allows you to do that easily and quickly.
- Better still you can even allow the professional, access to your account so they can be prepped up ready for your meeting.
- You remain in control so if there is anything you don’t want them to see you can switch it off.
- All information is purely transactional, there is never any personal or sensitive data visible.
- Moneyhub partners with world leading technology provider Yodlee which works with 11 out of the 20 biggest banks in the US.
- Much better than writing all your passwords on a bit of paper!
If you want to see Moneyhub in action watch this demo video here.
If you would like to discuss in more detail how you can better manage your pensions and investments and seeing all your finances in one place please give us a call and sign up for our free regular financial planning insights email Financial Freedom below.