“To become different from what we are, we must have some awareness of what we are.”
Awareness is particularly important when it comes to personal finance. It is all too easy to bury your head in the sand and pay little attention to what is coming in and out of your bank account every month. Easy, but not, I’m afraid, sensible if you want to build a financially secure future.
Being aware of your expenditure is the first step towards taking control of your finances. After all, if you are not aware of something how can you even hope to manage it well.
Tracking your income and expenditure and making a budget for yourself is never going to be fun. But there are software and apps available now that make it a little less painful.
For the past 6 months or so, I’ve been using an app called MoneyHub. This app links to my bank accounts via online banking and collates all the data in one place. Whenever money enters or leaves any of my accounts the app tells me I’ve got a new transaction and lets me categorise this accordingly. Over time this builds up an accurate picture of my overall expenditure, which I can check and track easily on my phone or laptop.
The app also allows you to set budgets for different expenditure items and will warn you when you are approaching your limit for the month.
Just having this information easily visible makes you think a little more carefully about how you are spending your hard-earned cash. Sometimes that is all it takes for you to realise that you can, and maybe should, change your spending habits.
MoneyHub usually costs £0.99 per month, or £9.99 annually, but you can access it for free through the Financial Freedom Sooner website. Just click the link below, enter some basic contact information and I’ll send you a MoneyHub invite.