myprosperity.com.au

Wednesday, 24 July 2013


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When someone mentions 'finances' do you feel like this?

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If you had more savings, what would you do with them? New shoes perhaps? Or a new car? I wish I had more savings so that I can go to Japan at the end of the year and not have to worry about how much money I have!

Just the word 'finances' instills a sense of fear inside me. I am a student, so money is a constant struggle for me- I never have enough. My parents do not give any financial support, so I make do with 2 part time shifts as a receptionist whilst I study 5 days a week. Oh the life of a student! I constantly have to think about how much I have made and whether I have enough money to buy new clothes, makeup, textbooks, or whether I can afford to go out to eat. Not to mention we just bought a new car and I have to save for my trip to Nepal and Japan in December. I feel stressed thinking about it!

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I know!

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Introducing myprosperity! This is a website that:

• Is a simple and secure way to handle your finances.  And it's FREE.
• It securely links your bank accounts, credit cards, loans, super, shares, property, car &
more all in one place.
• Let's you see what is happening with your money by automatically organising your spending in categories.
• Let's you set goals / budgets and helps you stick to a designed plan.

Now that sounds like a good idea to me.

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The first step after signing up is to calculate your 'Prosperity Score'. Sign up + set up took me literally 5 minutes!

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They ask you to rate what is most financially important to you. In my case, being a student, I do not have any debt, nor do I want to retire or want to think about investing (Thank God, I don't need to worry about these things yet)

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You can then link your bank account for review. Don't worry, it's completely safe.

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I was quite excited I could fill in this step, as we got a car yesterday :).

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What do you mean it's only worth $1,900! Haha! Very impressed with the vehicle evaluation function. It's very useful and fast. I believe you can also evaluate your other assets, such as houses, but unfortunately I have none.

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These are the other wealth items that you can list to make for more precise control of your finances. I do have several Super accounts, but I have no idea where they are :S. Oh dear, another thing I need to get on top of.

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The Savings plan function is also very useful for me as it automatically calculates how much you need to save for your particular goals. For example, I want to have at least 7k before I go traveling in December which is in 6 months. It automatically calculated that I need to save $478 every month to reach this goal, taking into account my current situation. Better start saving and stop spending on Stylenanda clothes!

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This is what they mean by categorizing your expenses. Amazing! So now you can see exactly where your money is going. This month was an exception though as I was transferring around a lot of fundraising money for Nepal, so some numbers are irrelevant and blocked out.

Get in control of your finances for FREE with myprosperity. I will definitely be checking in every few weeks to check how far along I am to reaching my savings goal and to keep my spending in check!

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Feeling happy and in control now :) My spending last month was quite low. And saving $400 a month to reach my goal is definitely achievable!

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Kine


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