Building a Solid Savings Plan with My Money Manager
13 Jun 2018
Posted in: Savings and Deposits
Are you making a conscious effort to save, but finding it hard to stick to a budget? Do you have a vague figure in your head when it comes to a monthly savings goal, but find it goes out the window after a week or two? Well, you’re certainly not alone. Given our busy lifestyles, most of us have a long list of financial commitments, and that’s not to mention surprise costs like dentist visits or wedding invites, which can really make a dent in our savings.
Fear not though, the secret to creating and sticking to a budget is to make a detailed plan – which is where AIB’s My Money Manager comes in. It’s an easy-to-use tool that helps you track incomings and outgoings, automatically splitting your spending into categories (bills, groceries etc). It’s too easy to lose track when you can’t see what you’re spending; having full sight of your habits will help you create budgets and hit those savings goals, both long and short-term. Read on for the lowdown on this handy tool and how it can help you manage your finances.
My Money Manager – What is It?
1. My Spending
This is the awkward part. My Spending shows you an analysis of your income and all your spending across categories through dynamic charting. So you can’t hide from those two takeaway coffees yesterday, the last minute holiday you booked recently, or that new top you just had to have… believe us, it will help in the long run to be faced with each and every penny spent.
2. My Budgets
Sometimes the importance of writing out a budget can be underestimated. This section allows you to build budgets for your own different categories of spending. It’s one thing having a rough idea in our heads of what we need (and want) to spend on a monthly basis but it never works out that way – listing everything will surprise you, make you much more aware, and instil discipline; even if it stops you buying that second takeaway coffee on a Friday morning, a little goes a long way.
3. My Savings Goals
The third section of My Money Manager allows you to personalise your own unique goals for saving and link them with your savings accounts. Very handy. Whether you’re only working towards a mortgage or you fancy a well-deserved little holiday before the end of the year, linking your goals with your savings account is the key to your dreams – and you’ll be there in no time.
4. My Categories Manager
How much better does it feel coming home to a clean room over a messy one? We think the same can be said for your bank account. My Categories Manager allows you to categorise your transactions, making it super handy to find something you might want to check and it just leaves your accounts neat and organised. This, additionally, will make it easier to see what you’re spending on and cut back on any unnecessary spending. Clean bank account, clean mind as they say.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.