We’ve all experienced rising costs recently which are set to continue. This has made money management more important than ever.
One of the best ways to save money is to set yourself a clear budget and track your spending against it. Budgeting apps can be a great way to automate this with no need for manual budgeting spreadsheets, giving you a clear understanding of where your money goes each month.
Here I review Moneyhub, the powerful money management app that allows you to take control of your finances. Sound interesting? Read on to find out whether the Moneyhub app will work for you.
What is the Moneyhub app?
Moneyhub combines all of the data and balances from your financial accounts and assets into one easy to use app. This includes your current accounts, savings accounts, credit cards, mortgage, pensions and any investments, providing a central dashboard of your financial life that will aid in budgeting.
The application can be accessed via their Android and iPhone apps as well as online via the Moneyhub website.
How does Moneyhub work?
Moneyhub works by signing into all of your accounts using open banking or other connection options dependent on the service.
To do this, you use their login form for each service that you want to add and then it can start collecting your transactions and balances to show in app.
How much does Moneyhub cost?
Unlike some other budgeting apps, Moneyhub charges a fee for using the service.
They provide a free 6 month trial for any new users of the service. After the 6 months, the app charges a subscription fee which varies dependent on where you sign up.
As Moneyhub is charged by the app stores (Google & Apple), the cheapest way to subscribe is by going directly via their website. You subscribe online by going to Settings -> Subscription and choose to pay monthly (£0.99 per month) or annually (£9.99 per year).
If you do subscribe via the app it costs £1.49 as a monthly subscription fee or £14.99 per year.
Moneyhub features
Once you have authorised access to your accounts via the app, you will be able to access the following features:
Spending analysis
This section provides you info on how much you have spent in the current month with a useful gauge. This is broken down by spending categories such as: Entertainment, Transport, Health, Bills, Household etc.
By clicking on each spend category you can also compare your spending across different periods including graphs of how this varies in previous months.
Income analysis
The income analysis provides similar analysis to the spending analysis section but for your income such as your salary, any payments from family/friends and any other income you receive.
This is likely to be useful for those with inconsistent incomes such as freelancers and other self employed individuals. I personally don’t check this screen very often as I am paid a regular PAYE salary and so know my income.
Custom categories
When making transactions with your accounts you can select different categories. You’ll also have the option to create your own custom categories for any spending you want to track more closely. Otherwise, you can allow the app automatically choose the category of the spend for you.
You can also split a transaction into multiple categories if you want super detailed budgeting reports. For example if you had a supermarket shop where you spent on food, healthcare and toys for your pets, you may wish to separate out your transaction.
Money transfers
The app also has the option to make payments between your bank accounts via open banking.
When you make a request to make a payment, you will be transferred to your banking app to authorise the transaction. This is done in a way that Moneyhub will only be able to create the single transaction that you requested on your behalf, so your account is always kept secure.
I’ve tried this feature in the past and it was a quick and easy way to transfer money although not a feature I use regularly.
Net worth
One of my favourite features of the Moneyhub app is the net worth analysis. This combines all of your assets and debts to give one figure as to how much money you actually have.
This can be great motivation if you’re saving or if just to look at when you want to reduce your spending. You can see it update live as with all of the rest of Moneyhub so might just prevent you splurging on that night out.
Which banks and providers are supported?
All of these features are irrelevant if the financial accounts you use aren’t in the app. In my experience, the Moneyhub team are great at adding new providers regularly and are very responsive to requests for new providers.
The app has the widest range of financial accounts that can be added that I’ve seen of any money management app. All of the high street banks are present, along with investment providers such as Vanguard, AJBell and even Coinbase.
The full list of providers or connections available in Moneyhub are:
Moneyhub providers list
As well as these are an option to add a manual account in which you update the balance and transactions yourself instead of connecting to an online account.
You will of course have to be disciplined to keep your custom account up to date. Although the feature is very useful for adding any assets you want to track including assets such as giftcards or cash.
Is Moneyhub secure?
Yes, Moneyhub is authorised by the Financial Conduct Authority, the same regulator as banks. The company is a regulated Account Information Service Provider and Payment Initiation Service Provider. This basically means they are fully regulated in the UK to be accessing your financial data.
You’ll need to enter your bank credentials into the app for them to access your balance and transaction details which means considering their security is important.
All data you enter is encrypted and separated from your identifiable information which means the service doesn’t ever store your passwords.
Additionally, you’ll always need to login to the app on your phone either via biometrics or a passcode that you set.
The reason the company says they charge a subscription fee is that, unlike many other money management apps, they won’t use or sell your data to third parties.
Moneyhub also have a great video on how they keep your data safe:
Is Moneyhub any good?
I have been using Moneyhub for over 2 years now and have found it a really useful financial tool. The app makes spending and income easy to understand.
With all of your accounts in one place it really is the only financial app that you need other than a banking app. The data for each account is really useful and is displayed in a way that makes managing your easy so easy.
I really recommend Moneyhub to anyone who wants:
- Visibility to all of your accounts in one place
- A clear net worth figure which takes into account all of your assets
- Easy budgeting and understanding of where your money goes each month
It’s quickly become one of my favourite financial tools and I expect it will become one of yours if you give it a go.
Have you tried Moneyhub to help you budget or manage your money? Let me know your thoughts in the comments!
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