[AD] Manage Your Money Better with Money Dashboard Neon

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What is Money Dashboard Neon?

You might have already heard of Money Dashboard – in fact you might already have an account.

But if not, Money Dashboard is a tool to help you manage your money better.

You can link up your bank account(s) and view all your information in one place instead switching between apps.

It will analyse your spending patterns, show you which merchants you’ve spent the most money with and categorise your spending so that you can easily see where exactly your money goes each month.

So what is Money Dashboard Neon?

It’s a new app, based on the same core values as the original Money Dashboard app (now referred to as Money Dashboard Classic) but built on open-banking technology – which basically just means that the technology is faster, more up to date and new features can be rolled out at a quicker rate than ever before.

It also has a couple of clever features of it’s own (which we’ll go into detail about later!).

How to Set Up

You can download the app here. It is available on Android and iOS but you can also log in via desktop and use the web version.

If you already have Money Dashboard Classic, you will need to download Neon and create a new account – as the technical side of the app has changed, you need to reconnect your accounts using the newer platform, so you won’t be able to log in with a classic account.

When you sign up, you’ll be asked to enter some personal details and then to connect your bank account(s).

Is it Safe?

A lot of people are hesitant to install these kind of apps because they’re worried about linking up their bank accounts.

Money Dashboard are authorised and regulated by the FCA (Financial Conduct Authority) and your information is protected using a secure encryption.

I personally, have been using the (original) app for months and more recently Neon with absolutely no issues concerning the security of my banking information.

If you still have concerns or reservations, you can find more information on their website.

New Benefits and How to Use the App

Better Categorisation

With the classic app, after adding your account and importing your information you might’ve had to take some time to categorise the spending transactions.

Neon uses their new set of spending and income categories to automatically categorise your spending transactions more accurately – and the system used is being continually improved.

But they’ve also introduced custom categories, which means you can set up your own and track your money how you want to.

Balance After Bills

When you access your home screen in the app, you will be shown your ‘balance after bills’.

The app automatically subtracts upcoming bills from your balance so that you know exactly what’s left to go out until payday.

You can go through your transactions and tag them as scheduled payments so that the app recognises that they are a recurring monthly charge (if it hasn’t already).

Clicking ‘scheduled payments’ will show you a list of which payments haven’t left your account yet and if you click the link under your main balance you will be shown your ‘predicted balance’.

This shows you your balance after bills, but also deducts your ‘predicted spending’ which they calculate based on previous month’s patterns.

Multi-cycle Spend Analytics

On the overview tab, you can view your previous pay cycles to compare your spending over time.

The bar chart shows you your total income and outgoing month by month so it’s easy to see how you’re spending has changed over time.

Here you can also access a further breakdown and view this spending total by category.

Faster Account Refreshes

As mentioned earlier, the new app is built on open-banking technology which means that you can load and refresh your balances and transactions much quicker than before.

New Connections

Money Dashboard supports over 40 bank accounts and has new connections including HSBC, First Direct and M&S

For a full list of eligible accounts go here.

How Can This Help Me Manage My Money Better?

You know by now that I am an absolute advocate for having a budget – be it on paper or excel, but some people are just not that way inclined – and that’s absolutely fine! So what can you do instead?

Budgeting

This app basically strips away the need for a traditional budget.

You can access all your bank accounts in one place and with a bit of tweaking and customisation you can easily see a financial forecast for the month ahead.

The balance after bills feature does what a traditional pen and paper budget does – tells you exactly what’s left after your bills are paid and how much money you’ve got to play with.

The app then takes this further by estimating your spend in variable expenses categories so you can tell whether you can expect to have a surplus at the end of the month, or whether you need to rein it in a little.

If you’ve tried and failed to stick to managing a paper or excel budget, then this might just be the app you need in your life.

Saving

Got a savings goal you’re aiming for but feel like you’re not making much headway?

The app can show you at a glance where you’re actually spending your money.

You might not think that the weekly takeaway or monthly clothes buying spree is impacting your budget that much – but the app will clearly show you just how much those little amounts add up and how much you’re spending each month.

You can then spend more consciously, reduce your spending in these areas and instead whack the money towards your goals.

Download here on Android or iOS on your smartphone, or log in via desktop and use the web version.

Have you tried it yet? Let me know what you think in the comments.

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