I took up the Mums Mean Business challenge to see just where I could save some more money. One of the biggest challenges to over spending is paying with cards and losing track of just how many times you go contactless or pay by debit cards. As a student I was very organised and would draw out cash for the week. Once it was gone I was done! However life isn’t so simple now that I am a busy mum of three who seem to think my purse is a bottomless disposal of money. Likewise I pay more by cards than ever before and rarely have much cash in my handbag. It is just an example off how life has moved on as we become more digital in all areas of our lives.
The clever Moneyhub app links your accounts (it is all password protected) and it categorises your spending. There are categories like personal care, groceries and entertainment. The app knows where you have spent your money and tracks it for you. You can then set yourself saving goals. The shock for me was just how much I spend on groceries and this is above and beyond my husband doing our weekly shop. I will admit that I had spent another £200 – some of this was wine and even a bottle of gin but still that was more than I ever would have anticipated.
This is the first area that I am addressing and it will have a big impact on my spending. This could be put towards our holidays instead!
I love being able to check my balance so easily and see at a glance what I have available. As a freelancing whose money arrives at different times in the month it helps me keep track of when clients have paid too which I know I can be lax at keeping on top off. I just find having the app makes it so much easier especially as I use a few different accounts. One other feature of the app is that you can set yourself targets and I have set myself spending targets. When you spend you can categorise what you have spent it on which then decreases how much you have left for the rest of the month as this image illustrates. Again you can see my spends are largely on groceries! This month I have also spent quite a bit on clothes for the children as all need new summer clothes for the season. Dyl and Erin especially have outgrown so much from last year.
The app costs just £2.99 a month after your 7 day free trial. I absolutely would pay for this as I have been checking it at least twice a day. I have not felt this in control of my finances since I was a student! As I said, carrying cash is a great way for keeping track of your money but it is not always practical now, plus I pay for plenty online. Online shopping is a huge thing for many of us and whilst I use sites like Topcashback to save money on virtually all my purchases including saving myself over £50 my recent car insurance I can lose track of my spending. However now that I have the Moneyhub I am back in control!