Published on October 21, 2015 7:48 am, by Jen Bakker
Step 3 – where does your money really go?
Before you can start to find ways to do things better, it’s important to understand exactly how much you earn and how much you spend.
In the recent past you’d do this by exporting your transactions from your bank account, manually categorising, write some fancy formulas and hey presto there you are.
Today we’re going to ask you to give the MoneyBrilliant service a go (if you haven’t already). You have the choice of a desktop app and an iPhone app (Android/Windows currently being developed). To sign up, you will need to go the MoneyBrilliant site or download the app and sign up. It’s pretty easy to do, and there is some great support via chat and email if you need assistance.
The first 30 days free on the Plus plan. At the end of that time you will have the option of continuing on that plan or dropping to the Basic (free) plan.
After signing up you will need to enter your online banking credentials; this enables your transactional data for the last 12 months to be streamed through. We tend to get lots of questions about security so I recommend that you read the FAQs and if you have any further questions send through an enquiry, we’re pretty open about what we do, and understand security is the number one priority.
Once you have linked your accounts, check out the dashboard view. Based on automatic categorisations it will give you a feel for your spending. I suggest taking the time to go through the categories and make sure they are correct. Mostly they will be, but some transactions will need re-categorisation just because they are not recognised the first time.
For today, all you need to do is check and play. Check your income and make sure it’s come through accurately. Check your categories and make sure they reflect the spending that you are doing. If they don’t, change them. See here if you need help to do this. If there’s anything that surprises you, pull our your piece of paper from Step 2 and jot it down. We will come back to this later.
For now, explore the site, and see what you can do. If you have an iPhone, download the app and check it out. Have some fun and when you’re ready come back for Step 4 – Goal setting.
Related Articles –
Be MoneyBrilliant – Money Coaching
Step 1 – Just think about it
Step 2 – Be honest about what you do
Step 4 – Dreams & goals
Step 5 – turning insights in to actions
Step 6 – getting rid of bad debt
Step 7 – review, commit & automate
Conspicuous Consumption – keeping up with the Jones’s
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.