Like water through my fingers!

by misterhawkes on January 10, 2016

I sill have my first pay slip. £800!. I remember thinking how much money that was and all the things I was going to do with it. 15 years on and I now earn more than 5x this and yet I think we have about the same level of ‘comfort’ as I did then. Part of that is having a spouse running a small start up, two kids and one primary earner. But another part of it is how easy it is to spend money.

What used to be luxuries when I was a kid or even a when I had that first job at 19 is now seen as standard. TV subscriptions, Mobile Phones, Music Streaming, Coffee Shops, Wine and even sweets for the kids – all these little treats we give ourselves add up.
Recenlty my wfie and I have decided to get refocused on our spending. We don’t have uncontrollable debts, we don’t spend more than we earn but we don’t really KNOW what we our spend on.
I’ll be sharing over the coming weeks some of what we are doing with this but to start our jounrney we are using MoneyHub.
In business life I am a massive fan of Xero acocounting software. Bank feeds and cloud integration make life SO SO simple.
For a long time I have been looking for something like this for our personal finances. isn’t available in the UK and other tools like YNAB I have used it the past take a lot of data input time. Something I intentionally have not time for!
Moneyhub imports your spending history via Yodlee and allows you to very quicklee build a picture of where you spend your money. It took me 45 minutes to get it all up and running with all of our bank accounts, credit cards, loans and savings on there. It very quickly gave us our Net Worth and most importantly a spending anlaysis into whether we are spending more or less than last month in various areas.
This was a real eye opener.
We have also set some financial goals via Moneyhub which we will track over the coming months.
My wife was really concnered that I would start being a spend thrift – 2nd hand clothes and tin of beans for tea but for me the big thing we want to be intentional about with Money is being conscious of where we spend our money.
Am I happy we spend £150/m at coffee shops? I don’t know yet but knowing I spend that much makes it then a conscious choice to spend that and when I get grumbles about us not going out for dinner as a family we can talk abut reducing spending in other areas that are less important. Even simple things like switiching to Filter Coffee at Starbcuks from Latte’s saves £1.05 a time plus a refill comes free and less calories. Winner alround. Plus at £750 saving over the year it could be put to other uses.
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misterhawkesLike water through my fingers!