Want to manage spending and save for a deposit?

Learn how Liz is doing just that

Want to manage spending and save for a deposit?

As living expenses rise and property prices soar, the average age of buying a first home in this country is now 36 years1.

For many of us, rising property costs means property ownership can seem an impossible goal.

But there are new tips and tricks available to help you reach your money goals more quickly.

Money Simple can help you track your spending, determine necessary and unnecessary spending and help you reach your saving goals more quickly.
Take Liz for example.

Liz is in her mid-20s, working as a marketing manager for a fintech company and embarking on her MBA.

She currently flat shares with a couple of friends and uses public transport to commute. She is saving for a car, which she wants to buy by the end of the year, and has a goal of purchasing her first home before the age of 30.

Liz is comfortable to borrow some of the funds to buy a car and her first home, she is keen to do so responsibly and not over-extend herself.

She is keen to know what she is spending each month, which will then allow her to plan and manage or adjust her expenses on a regular basis, while saving for her future.

Liz has a Credit Simple account to keep track of her credit score and has recently signed up to Money Simple.

Here is how she uses Money Simple to help keep track of her expenses:

  • Log in to Money Simple, Liz logs in to Credit Simple and signs up for Money Simple, selects the institutions where she banks and provides their credentials in a safe and secure setting, in less than 10 minutes.
  • Select accounts and timeframes, Liz selects the accounts she normally transacts with to help identify her spending patterns. The accounts are across different financial institutions. She also selects the timeframes she wants to look at.
  • Up-to-date information, In selecting her accounts, Liz was able to see the balance in her accounts as of that day.

She can see, across her accounts simultaneously, how much she has earned and spent over the set time period. She normally does not see this consolidated view, and has to view them account by account. This is an eye opener to her.

  1. Drilling down on spending, Liz drills down into the categories she has spent money on (across all her accounts). She had not realised she spent that much on eating out (17% or $121.17) and on groceries (25% or $175.70).
  2. Personalise the settings, Liz can change transaction categories as she wishes and set nicknames for any categories. This helps her relate more to her spending patterns and identify areas of spending to focus on.
  3. Download and expedite, Liz drills down further into the transactions and downloads them onto her computer.

Using this method, Liz set goals for herself to cut down on her spending by 25% across various categories.

Every week, Liz comes back to Money Simple to see her progress.

She was pleasantly surprised over time that she was able to achieve her goals, while also being more disciplined in her spending.

 

About Money Simple

Money Simple lets you see where your money goes, and identify strategies that can help you make your money work harder for you. Money Simple is streamlined and easy to understand, as well as safe and secure. Credit Simple and illion Open Data Solutions systems are independently tested and audited by external security experts. Data is encrypted using industry best practices.

To sign up to Money Simple or find out more about how Money Simple can help you with your finances, click here.


1 https://www.realestate.com.au/news/average-age-of-aussie-first-home-buyers-closer-to-40-than-20-research-reveals/

Credit Simple

Credit Simple gives all Australians free access to their credit score, as well as their detailed credit report. See how your credit score compares by age, gender and community and gain valuable insights into what it all means.

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