Published on December 23, 2015 12:33 pm, by Jen Bakker
I like things to be simple. Budgeting with MoneyBrilliant is simple. It’s fun. It’s like a game. The aim of the game is to spend less than you earn and bank the difference. The less I spend, the more I bank. When I look at what I have in the bank, I can then make more medium to long term plans.
When I first signed up to the MoneyBrilliant service, I thought I knew what was causing me spending grief. I thought I was doing the best that I could each month. I paid my mortgages and rent first, transferred money to the savings account, paid my bills, shelled out money for the kid’s schooling and activities and spent what was left on eating and living. I pretty much spent what I earned and thought I was doing well.
I was surprised to learn that not all was what I thought in certain areas. Nothing like having your 7 day, 4 week and 3 month spending added, categorised and shown to you. It’s scary, a little in your face but surprisingly motivating. I got a true, honest and accurate reflection of what I’d been spending. The next step was to decide I might be able to cut back.
The 2 biggest money achievements in the six months since I signed up are my grocery spend and insurance premiums. With a little bit of research and trial and error I’ve been able to decrease my weekly grocery spend from an average of $450 to an average of $330. That’s an extra $480 per month that I can save! Insurance premiums were a little different. Just sitting there and having the house, car, and health insurances all showing as one (rather big) figure gave me the impetus to go online and compare companies, policies and prices. It wasn’t a quick job, but over 5 policies we managed to decrease our premiums by $1,250 per year.
So what I’ve learnt from categorising my transactions is exactly where my money is going. I now go online and ensure they’re categorised correctly, and check my spending at least once per week. Some pretty big wins for me and my family in the 6 months since we signed up to MoneyBrilliant, just the insurance premiums and grocery reduction leading to an extra $3,505 in our pocket.
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.