2023 Money Challenge
It's time to get organised
How people keep track of their finances was a hot topic in the facebook group this week. It’s no surprise. In our health check at the beginning of the challenge over 70% of you said that you only ‘loosely’ keep an eye on your expenses and income or don’t actually have any idea where your money goes at all.
I can totally relate.
This year (like almost everyone), our expenses at home sky rocketed. So my husband and I decided last month that our previous method of ‘loosely tracking our $s’ was not going to cut it. We downloaded an app to track where our money was going. We linked it to our bank accounts, and it automatically categorised our income and expenses (with a little tweaking from us). After reviewing our expenditure broken down into different categories (like: cafes, groceries, automotive etc.) we worked out exactly where we wanted to make changes. We’ve stayed with the app and we’re now getting alerts each month when we start reaching our budgeted amounts in different spending categories (game changer!).
We’ll cover strategies and apps for saving and investing later in the challenge. But today is all about the organisational spaces/apps that can help us consolidate a picture of our finances in one space.
1. If you don’t know where your money goes each month check out this blog with a list of great apps and tools that you can use to get a consolidated view of your income and expenditure.
2. Feel like your money admin is out of control? Create a money space to keep all your money plans and financial documentation in one place. It could be a file on your laptop (make certain it’s backed up in the cloud), a google folder, Dropbox etc. We’ve even provided you a space in the Challenge Workbook to link everything to if it’s helpful (check the Financial Docs checklist in the Workbook -even if you don’t use it, it will give you an idea of what to include).
About Verve Money
Verve Money is an investing app that makes it easy to start ethically investing towards your goals and track your progress. Best of all, we want you to feel proud of your money knowing that 20% is invested in climate solutions