Where has all my money gone?

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One area of our overall health and wellbeing that is often overlooked is our financial health, not only how we individually handle the stresses of managing our money, but the actual process of budgeting and prioritising.

Do you look at your bank balance and wonder where all your money is going? Well Westpac has just launched it’s new smartphone CashNav app which lets you see how much money you are spending each month and what you’re spending that money on. This is perfect for anyone that needs help prioritising spending, you know for that dream holiday or car you have always wanted.

How is the CashNav app different from other bank apps? The CashNav app knows where you spend your money and categorises it for you, at the end of the first month on the app you can see a summary of where you are spending your money. It is the first app that automatically download transactions from bank accounts and categorise the items for you.

From the graph summary you can work out where you want to cut down on purchases, for example not spending as much money on food each week (guilty) and putting more money aside for savings or in my case, those big ticket baby items.

Each month you can compare your spending which can be a real eye opener! The app helps you see what you spend to get what you want.  Customers receive alerts after purchases along with a comparison of their spending in that category from the previous month.

One month on the app I could see everything I spent my money on and realised how much extra I could be saving. I was amazed by how much money I would spend on food each month, going out for expensive dinners, buying lunch at cafes and buying bottles of water, which, in the big scheme of things, is such a waste of money. I worked out that I could be saving an extra $500 a month, which equals $6000 a year, and that’s just on food.

Over the coming weeks, I will be sharing my tips and tools on how to cut down on spending in certain areas of your life such as food, exercise and travelling. These are three key areas in my life where I spend too much and I have been trying to find ways to save money on.

Stay tuned for my tips and visit the Westpac website for more info. Lx