I was lucky enough to trial the new MyProsperity budgeting website thanks to Product Talk by Nuffnang.
We all know how hard it can be to spread our hard earned money around to where it needs to be and keep track of loan and card repayments, direct debits and bills.
For a lot of people Budget is an evil word, much like diet, but a budget is a great way to keep track of your spending and saving and can show you where you need to cut back or pay extra to save money. And we all want to save money, right?
|My Prosperity overview|
The MyProsperity website is free (gotta love that) and is really simple to sign up to. According to their website the key features are
- Personalised suggestions to improve your financial situation
- Everything (all your assets & liabilities) in one place
- Link bank accounts, credit cards, loans & super
- Get a valuation on your home
- Get a valuation on your car
- Automatically updated data feeds to track networth
- Auto categorisation of bank transactions
- Easy to do tax returns – tax returns done in minutes
- No more spreadsheets – instant budget
- Set & track goals to get there quicker
- Ways to save money
- Upload documents (receipts, your will, contracts, etc)
- Build your financial A team by inviting guests
- Communicate with your team with notifications
- Cut out paperwork – forms completed for you
- Savings goal, automatically track progress
- Score / preferences – it’s all about you
- Tag, filter and create reports
- Insurance automatically categorised
I like that it securely links all of your accounts so that you can see everything in the one place. This is awesome if like me, you have your everyday banking at a different institution to your mortgage, and if you have credit cards with several different banks you can see all of them too. I did find that it had trouble linking all of my accounts though.
|My Prosperity categories|
As you can see above, there is a section to list your assets (mywealth) and when you add your vehicles, it shows the Red Book information and image for them, which is handy if you are considering selling or trading in the vehicle.
When you add your home, it shows you the last sale price, a current estimate based on recent sales in your area and (in my case) it showed the real estate photos from when we purchased the house.
You can also keep track of your insurance policies and wills (myprotection) and the cashflow (mycashflow) section itemises your spending for you, although I did notice some glitches in this section. These can easily be fixed by editing, but it’s a hassle and takes up time, which is one of the things we are trying to save on by having all our financial info in the one place.
My Prosperity also allows you to set goals for yourself (myplanner) and keep track of them like savings goals or setting yourself a deadline to pay off a loan or credit card early.
Personally I’m old school and prefer to “pen and paper it” with my budget, but as I am trying to embrace more technology (I even tweet now), I thought it was worth a try.
So for me here’s the pros and cons:
- It was easy to sign up to
- It has a lot of great features
- I could see at a glance what I owe and what the equity is in my mortgage
- I could see the value of my vehicles, as well as their resale and trade in prices
- I could see an estimate on the value of my home
- and I could see how much money had come in and gone out for the month and where exactly it was going
- Not all of my accounts would link up
- The categories for spending aren’t completely accurate (could just be a glitch with keywords)
- The editing feature takes a bit of time as does the back tracking to where you were prior to the edit
- Even though it’s quite simple, if you’re not familiar with budgeting programs, it can take a little bit to get a feel for it.