Life

myprosperity: Helping me get my finances in order

Product talk by Nuffnang.

True story: my finances have been a bit way out of whack!

I confessed a few months ago about how much money I was spending on clothes. And sadly, had been putting those purchases on credit. Anyway, I had banned myself from shopping and it worked well. For a month or two.

I have continued to slip up every now and then. But it’s not just clothes or shoes I’m spending money on. Part of meeting new people and trying to build social networks has meant I have also been spending money on food, social outings and travel. So when Nuffnang offered myprosperity up for review, I jumped at the chance to see if it would help me manage my finances and work towards saving while allowing me to spend on essentials {like a holiday. Or my mortgage}.

The basic idea behind myprosperity is this:

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Image source: Here

It’s about having all your finances in one place, getting in control and well, saving. All of which appealed to me.

Having all my accounts, loans, credit cards in one place was great. I have about 3 bank accounts with one bank, two bank accounts {including my home loan account} with another and two credit cards. {Yes, and we wonder why I have trouble with money!} So which means, to keep track of my spending, I have to look at 3 different websites! It was quite easy to be able to add all the accounts as I’m with the major banks for my personal banking and my home loan. Once the accounts were all added, it basically shows you your cash flow. That is, the amount of money going in. And the amount going out. At one stage, mine didn’t look too good.

One of the other things you can do is find out your net worth through your assets. Which in my case is property. And you know what? It was a pleasant surprise. Come next week, it will be 4 years since I bought my place. And it has increased in value and given how much I’ve paid off so far, this website helped put a smile on my face. I also own my car which is a 2001 second hand model so well, it’s not worth much. But myprosperity gives you the option of entering the value of your car as well. What’s interesting is it also has sections for multiple insurances {in my case, health, car, contents, life, income protection…}.

Finally, there is a place to help plan towards savings goals. And that’s the bit I am going to have to start to fill out with more thought. The following picture gives you an example of what you can enter for a savings plan.

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 Like I said, I need to put some realistic thought into that one!

I must admit when I first signed up, I was a bit wary because I wasn’t sure I wanted my bank details linked up with a third party. However, myprosperity do have security similar to online banking and you don’t actually transfer funds through their website. After having a good look at their security and reading up about it, I relented and signed up. Given that it’s a free service also made me consider that if I didn’t like it, I wouldn’t lose out on anything and could just delete my details.

Only time will tell how helpful this is going to be. But at first glance, I love that I can see all my money in one place. It’s eased up so many things!!!

Now to get thinking on those savings goals {holidays, car, house, clothes…} 😀

How are you with finances? Are you good at saving?

Do share your savings secrets with me! 

***All opinions in this post are entirely my own. I was not paid in cash for my use of the product. You can read my Disclosure policy for more details***

Until next time,

Cheers!!!

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