The technological and digitalization wave not only impacted financial companies that transformed into Fintech companies but also greatly changed the mode of financial transactions undertaken by individuals. Making check payments is now a thing of the past as more people rely on cashless transactions through various digital modes. The rapid rise in digital payments encourages individuals to use several avenues for making payments using multiple bank accounts. The convenience of making payments on the go has given a bigger push to digital payments. It can meet the demand of making last-minute payments without any hassles. However, when operating multiple bank accounts, it is necessary to keep a close track of all accounts in real-time to ensure that adequate funds are available. This is where Money Dashboard and other similar online financial management tools come into the picture.
What is Money Dashboard?
Money Dashboard is a free online financial management service available to individuals in the United Kingdom. But it has been withdrawn since October 31, 2023. Although the withdrawal of the app is for business reasons, the need for such services remains as important as before. The services are accessible via an app that users can download on their mobile devices to keep a close tab on their finances around the clock. The services provide a single window for users to view all their accounts and financial transactions in one place. With the latest information about their finances, app users can make well-informed decisions about their spending, savings, and investments.
Increased Need for Managing Individual Finances
Since individuals have wider access to money, uncontrolled spending without an eye on the finances can create serious problems. Maintaining multiple bank accounts calls for updating the passbooks of these accounts individually, which is practically impossible on a day-to-day basis. No one has the time to download an account statement every morning, and even if possible, controlling spending is just not feasible. Easy accessibility to money encourages impulsive purchasing that can further strain the finances.
To overcome the problem and empower individuals by having complete control over their finances and spending, financial management services, also known as budgeting tools that act like a dashboard, can be helpful. Budgeting apps provide a single destination for viewing all financial transactions, thereby helping to monitor all incomes and expenses from various sources in real-time. Having all numbers at your fingertips is of great help in managing your finances better.
Achieving Your Financial Goals
While it is easy to set up financial goals, both long-term and short-term, it is only possible to achieve these if you can exercise complete control of your finances. Plenty of budgeting tools are available in Google PlayStore and the App Store; you can be in the driver’s seat when navigating the financial landscape. As you know the inflow and outflow of money, you are better positioned to create a plan for saving, investing, and spending. Regular monitoring of finances helps you understand the progress in achieving your financial goals.
Keep Debts under Control
The extreme ease of making online payments might drive you toward overspending. It can result in increased debts to meet the additional expenses. However, having read data about your existing debts available from the budgeting tool can make you aware of your liabilities so that you can think before taking any additional loan. Based on your current financial standing, you can plan afresh and find the best ways to stay within your budget by keeping a check on expenses. It’s a great opportunity to start spending for your needs only while playing down on your wants.
Better Budgeting
For better budgeting and control, many apps provide the option of categorizing fixed and variable expenses, daily and monthly expenses, billed and unbilled expenses, needs and wants, and more. Going ahead, you will find apps that help create more cost categories, such as transport, groceries, entertainment, eating out, and more. The better you can identify expenses, the easier it becomes to plug the gaps of unwanted spending. All this adds up to better budgeting and tighter controls.
Although Money Dashboard is now history, plenty of similar apps empower individuals to manage their finances efficiently.
