Budgeting app used ‘religiously’ by over half a million users announces sudden closure – free ways to save cash instead
A BUDGETING app used “religiously” by fans has announced that it’s closing within weeks.
Money Dashboard Neon and Classic apps will shut down on Tuesday, October 31.
In an email sent to users, the company said: “Unfortunately we could not find a sustainable business model for the apps and are therefore unable to continue supporting the services.”
“We’ll permanently close any open accounts from 31st October 2023 and thereafter you will no longer be able to access the Classic or Neon apps.
“Existing Money Dashboard accounts will be closed and deleted, and any bank connections will be disconnected.”
Devastated customers have taken to social media to share their sadness.
One person posted on X (formerly Twitter) and said: “I’m gutted to hear MoneyDashboard is closing.
“I really rely on it to help manage my budget and finances. Guess I’ll have to find something similar.”
Another said: “I can’t believe MoneyDashboard is closing down. I’m really sad for them and myself.
“Such a useful app. I would have actually paid a subscription.”
“The only website to ever work for me. Tried all the others. They were absolutely rubbish,” said a third fan of the tool.
Money Dashboard uses open banking to securely connect all of your bank accounts so that you can see them all in one space, including credit cards.
It also splits your spending into categories, such as savings, bills, food and drink, and shopping, and lets you set budgets.
It also notifies you of overspending and lets you set future goals.
Fans have praised the app for providing endless options whilst being completely free to use.
Competing apps often charge a monthly fee for similar features.
What other money saving apps are there?
There are lots of other money apps that can help you to budget and save.
Most apps are free, but some may give you the option to upgrade your subscription.
Below, are several money saving apps that work in a similar way to Plum.
Snoop
You can connect Snoop to your bank account and credit cards.
It gives you a personal robot to help you budget better and you’ll be notified about where you can make potential savings, such as by switching a utility provider.
You can also set up alerts so you don’t overspend.
Snoop can be downloaded for free onto your smartphone via the Apple or Google Play store.
Additional features are available through a Snoop Plus subscription which costs £4.99 a month.
Monzo
The online bank’s app gives a clear summary of your spending in different categories and rounds up outgoings to the nearest pound to set aside savings.
You can set up spending targets in categories, and a bill tracker flags if your direct debits are higher or lower than usual.
It can be downloaded from your phone’s app store for free.
Emma
Emma is another free app that can be downloaded from either the Apple or Google Play store.
You can see all your accounts in one place and track spending in dozens of different categories.
You can set your own budgets, and work out how you can save and receive regular bill and spending updates.
It’s a good way to get a snapshot of your overall finances and how to manage these best.
Banking apps
It’s well worth checking the budgeting options in your banking app.
Bank apps can usually alert you to your spending, and they might round it up each day, which helps you keep a closer eye on your spending as you go along.
Some of them will divide your spending into categories, so you can see far more clearly where your money is going, and where you need to cut back.
They may also let you use that to set monthly spending budgets and will let you know when you’re getting close to the target.
The free Natwest app, for example, has a spending and budget tracker that categories your spending and lets you set a budget to help you keep track of your outgoings.
If you bank with Barclays, you can download the free app to get spending alters to help to you stay on top of your balance.
You can also add spending limits and add a cap on how much you can spend using contactless.
We reviewed five budgeting apps that can help you to save thousands.