As living expenses rise and property prices soar, the average age of buying a first home in Australia is now 36 years.
For many of us, rising property costs means property ownership can seem an impossible goal. But there are new tips and tricks available to help you reach your money goals more quickly.
MoneyHub’s Spend tracker can help you monitor your income and expenses, determine necessary and unnecessary spending and help you reach your saving goals more quickly.
Want to know more about how it works?
Take Liz for example*. Liz is in her mid-20s, working as a marketing manager for a fintech company and embarking on her MBA.
She currently shares an apartment with a couple of friends and uses public transport to commute. She is saving for a car, which she wants to buy by the end of the year, and has a long term goal of purchasing her first home before the age of 30.
Liz is comfortable borrowing some of the funds needed to buy a car and her first home, but she is keen to do so responsibly and not over-extend herself.
She wants to know what she is spending each month, which will then allow her to plan and manage or adjust her expenses on a regular basis, while saving for her future.
Liz recently signed up for MoneyHub and is using Spend Tracker to follow her spending and saving.
Here is how she uses Spend Tracker to help keep track of her expenses:
- Log in to Spend Tracker: Liz logs in to MoneyHub and signs up for Spend Tracker, selects the institutions where she banks and provides their credentials in a safe and secure setting, in less than 10 minutes.
- Select accounts and timeframes: Liz selects the accounts she normally transacts with to help identify her spending patterns. The accounts are across different financial institutions, allowing for a holistic view of her finances. She also selects the timeframes she wants to look at.
- Up-to-date information: In selecting her accounts, Liz was able to see the balance in her accounts as of that day.
She can see across her accounts simultaneously how much she has earned and spent over the set time period. She normally doesn’t see this consolidated view in her bank’s platform, and has to check them account by account, so this is an eye opener for her.
- Drilling down on spending: Liz drills down into the categories she has spent money on (across all her accounts). She had not realised she spent that much on eating out (17% or $121.17) and on groceries (25% or $175.70).
- Personalise the settings: Liz can change transaction categories as she wishes and set nicknames for any categories. This helps her relate more to her spending patterns and identify areas of spending to focus on.
- Download and expedite: Liz drills down further into the transactions and downloads them onto her computer.
Every week, Liz comes back to Spend Tracker to see her progress.
She is pleasantly surprised over time that she is able to achieve her goals, while also being more disciplined in her spending.
About Spend Tracker
MoneyHub’s Spend Tracker lets you see where your money goes and identify strategies that can help you make your money work harder for you. Spend Tracker is streamlined and easy to understand, as well as safe and secure. MoneyHub is independently tested and audited by external security experts. Data is encrypted using industry best practices.
To sign up to MoneyHub’s Spend Tracker or find out more about how Spend Tracker can help you with your finances, click here.
The information in this blog post is general in nature and does not constitute personal financial or professional advice. It is not intended to address the circumstances of any particular individual. We do not guarantee the accuracy and completeness of the information and you should not rely on it. Before making any decisions, it is important for you to consider your personal situation, make independent enquiries and seek appropriate tax, legal and other professional advice.
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