What budgeting apps do people use that connect to bank accounts?
- Thread starter almiva
- Start date
daddibubba
New member
@almiva I love Pocketsmith: the first batch of transaction categorization was a bit painful but now I do it weekly, takes about 10 minutes, and my partner and I take this opportunity to talk about what we've bought and how we're going with saving etc. (This is my top money tip for relationships: talk about it)
I've been using it a number of years (since 2016) and have slowly increased the plan I'm on as I find it more and more useful for forecasting, asset tracking, budgeting, etc.
https://my.pocketsmith.com/friends/zploxv
Use this for a month free if you like: if you upgrade to paid I get a free month.
I've been using it a number of years (since 2016) and have slowly increased the plan I'm on as I find it more and more useful for forecasting, asset tracking, budgeting, etc.
https://my.pocketsmith.com/friends/zploxv
Use this for a month free if you like: if you upgrade to paid I get a free month.
@daddibubba Can't say enough good things about Pocket Smith. For many it will be too powerful and overwhelming but it really doesn't need to be that complex. Having the power there in the platform is useful as your financial literacy and control matures.
daddibubba
New member
@mchava4 Agree. Started with the free (or close to free) plan, and just used it to track spending and review where our money was going. From there, we started to actually budget, and now we're forecasting way out, using it to plan large purchases and track savings goals and asset appreciation.
I genuinely believe Pocketsmith was a massive factor in us getting hold of our finances and now we're probably wealthier because of that.
I genuinely believe Pocketsmith was a massive factor in us getting hold of our finances and now we're probably wealthier because of that.
@almiva Remember that any budgeting app which automatically pulls transaction data from your bank to the app requires that you login to the app using your bank details, which is 100% against bank policy (for good reason, it is extremely risky).
You're literally giving your bank login details to a third party. Who knows what they will do with it or how safely they are storing that information. (Hint, probably not that safely).
Several people on this very thread are recommending apps which do this.
Just don't do it.
Look for an app or a spreadsheet which lets you download and paste a CSV downloaded from your bank.
Or, do what I do, and use an app which requires manual entry into the budget tracking app. I actually like this because it means that myself/my partner are both intimately aware of each and every transaction we make. I think that in itself is really good for our budgeting, and it really doesn't take a whole heap of time.
You're literally giving your bank login details to a third party. Who knows what they will do with it or how safely they are storing that information. (Hint, probably not that safely).
Several people on this very thread are recommending apps which do this.
Just don't do it.
Look for an app or a spreadsheet which lets you download and paste a CSV downloaded from your bank.
Or, do what I do, and use an app which requires manual entry into the budget tracking app. I actually like this because it means that myself/my partner are both intimately aware of each and every transaction we make. I think that in itself is really good for our budgeting, and it really doesn't take a whole heap of time.
@kakerot0 This isn’t true - banks supports API connections from some vetted partners using the industry PaymentsNZ open banking framework - more info here
https://www.apicentre.paymentsnz.co.nz/
I believe it’s Akahu that provides the link for pocketSmith
https://www.apicentre.paymentsnz.co.nz/
I believe it’s Akahu that provides the link for pocketSmith
@tmhna Sounds like PaymentNZ is in the works, preparing for open banking (which is not yet here). But do correct me if I'm missing something.
Using Akahu is 100% against bank terms and conditions. It requires providing them with bank login details and netcode. Big no-no.
Just because they have some bank logos on their website doesn't mean it's approved by the bank.
Using Akahu is 100% against bank terms and conditions. It requires providing them with bank login details and netcode. Big no-no.
Just because they have some bank logos on their website doesn't mean it's approved by the bank.
@button TLDR: may be technically against TGCs but I'd trust Pocketsmith anyway (but not poli)
I've gone down a bit of a rabbit hole with this this morning, though not enough to just email the bank and check
. I'm not a super techy person but I spend time around some pretty techy, security savvy people.
I checked with ANZ who seem to be one of the most conservative with third parties, and Westpac who have openly partnered with and invested in Akahu.
Akahu is the fintech company that allows the open banking access behind Pocketsmith (who don't themselves get to see your credentials).
https://learn.pocketsmith.com/article/1331-about-akahu-our-new-zealand-data-provider
Pocketsmith basically has access to the bank's APIs to allow it read only access. They seem to integrate somewhat with the bank's own app, depending on the bank, which indicates a degree of buy-in from the bank.
I think following the letter of the T&Cs, depending on your bank, it may still be against the conditions as you do have to disclose your login credentials. However, it seems to mostly come down to whether the bank is liable for any losses incurred as a result of that credential disclosure, and Pocketsmith/Akahu can't incur any losses. It does seem like for some providers there is storage of your login credentials, and while encrypted that certainly gives me a moment of pause. I can't immediately see which providers this is the case for.
That said, true open banking seems to be in the wings with the four major banks required to be ready this year
(I agree that poli is against the terms though as you are giving your credentials and the ability to move money - dangerous!)
I've gone down a bit of a rabbit hole with this this morning, though not enough to just email the bank and check
. I'm not a super techy person but I spend time around some pretty techy, security savvy people.I checked with ANZ who seem to be one of the most conservative with third parties, and Westpac who have openly partnered with and invested in Akahu.
Akahu is the fintech company that allows the open banking access behind Pocketsmith (who don't themselves get to see your credentials).
https://learn.pocketsmith.com/article/1331-about-akahu-our-new-zealand-data-provider
Pocketsmith basically has access to the bank's APIs to allow it read only access. They seem to integrate somewhat with the bank's own app, depending on the bank, which indicates a degree of buy-in from the bank.
I think following the letter of the T&Cs, depending on your bank, it may still be against the conditions as you do have to disclose your login credentials. However, it seems to mostly come down to whether the bank is liable for any losses incurred as a result of that credential disclosure, and Pocketsmith/Akahu can't incur any losses. It does seem like for some providers there is storage of your login credentials, and while encrypted that certainly gives me a moment of pause. I can't immediately see which providers this is the case for.
That said, true open banking seems to be in the wings with the four major banks required to be ready this year
(I agree that poli is against the terms though as you are giving your credentials and the ability to move money - dangerous!)
resjudicata
New member
anna345353
New member
@resjudicata Just out of interest, what sort of formulas are you using?
resjudicata
New member
@anna345353 Calculating % of my budget is going to where (savings, needs,wants) and then doing a payweek by payweek sheet which shows how much money I'm putting in different buckets per week against their targets. And then I record my actual progress to targets, and line up financial goals. It's just a budget really.
anna345353
New member
@resjudicata Ahh yeah, sounds pretty straightforward and similar to what I'm currently building
heavencitizen
New member
skankhunt42
New member
@heavencitizen Remember automatic transaction inputting requires giving them your bank acc login details and it breaks your banks terms of service.
@heavencitizen It doesn't link directly, but it's super easy to manually import transactions if you need.
Not saying this makes YNAB better - it's obviously more steps to export/import than linking to your accounts directly. Just pointing out that if you end up with YNAB for whatever reason, it's not hugely burdensome to manually import transactions.
Not saying this makes YNAB better - it's obviously more steps to export/import than linking to your accounts directly. Just pointing out that if you end up with YNAB for whatever reason, it's not hugely burdensome to manually import transactions.
