AD This is a paid post in collaboration with Moneyhub
Managing your money in 2023 might seem like an impossible feat in the face of the Cost of Living Crisis and a recession. But what about if you could not only survive the year financially, but thrive? Having true visibility of your finances is one thing that can accelerate your progress against your money goals. Clarity on your finances will help you stick to your financial new year’s resolutions once and for all. This is the year you could pay off any debt, track your spending, and create new money habits to gear yourself up for success and prosperity, and you can do it all with ease, with the help of Moneyhub. Let’s get into it!
Track your spending
If you need a money management overhaul, start by tracking your spending to get a big-picture overview on where your money goes each month. This removes any guesswork around what you’re spending on certain categories, and gives you the facts. Moneyhub connects all of your accounts with Open Banking so you can see absolutely everything in one place- even if you have multiple bank accounts. It’s super simple.
Rather than trawling through bank statements, use the Transactions page on Moneyhub to instantly see an overview of the total amount you’ve spent over the last month, and the categories you’ve spent your money on. Moneyhub will intuitively categorise your spending for you, and give you a spending analysis so you can compare your spending against previous months, and see which is your highest category of spending.
When you track your spending, you get transparency on your finances, and this means you can create a truly realistic budget. A budget helps you make a plan for your money- a plan for spending, saving, and paying off debts. You can tailor your budget specifically to your money goals, and use it as a tool to help you feel more in control of your money.
Pay off your debts
If you’re looking to pay off your debts once and for all? Use the intel from tracking your spending, and then create Spending Budgets, which can all be done within the Moneyhub app. You can set budgets for each category of spending (shopping, groceries, eating out), and this means that you can stay on track, and send more money to your debt repayments. Moneyhub will send you nudges that give you relevant tips on how to save or spend better to keep you on track with your goals.
And if you often end up feeling blindsided by your bills? Use the regular payments tracker on Moneyhub to see exactly what’s coming out of your account, so you don’t get surprised by payments and can anticipate them (and even save up for them!) ahead of time.
Set up money habits for the rest of the year
Great money habits are what lead you to achieve your money goals. It’s about consistency over time, and making your habits realistic and easy to maintain. Use the projects feature within the Moneyhub app to set out projects such as ‘Christmas’ or ‘Wedding’ so that you can plan for upcoming events or goals. You can stay super organized and gradually contribute to these ‘sinking funds’ so that you’re not scrambling nearer the time.
To keep up the consistency with your new money habits, use the Moneyhub dashboard to stay motivated- see your debt totals go down, and your savings go up. Is there anything more satisfying?
Moneyhub makes it easy to stay on top of your finances with minimal effort, so make 2023 your money year and download Moneyhub today!