"A failure to plan is a plan for failure"
This maxim is never truer then when it comes to budgeting. A pre-requisite for reaching financial goals is understanding what you are spending and where you are spending it. Only then can you reduce your spending to reach your goals.
The only problem is, budgeting is hard - very very hard; nobody likes to spend less money. The truth is though that unless your family is going to win the Powerball it is important to take control of your comings and goings.
This is where Plenty comes in - our advice will tell you what you are currently spending per month and what you need to spend to reach your financial goals. If you feel that the spending targets are too difficult you can always adjust your goals and get a new plan (for free). There are lots of other online budgeting tools out there, the table below can help you understand how Plenty differs from these:
In every financial roadmap you get with Plenty we tell you the magical monthly number you need to spend to reach your goals. Getting to this number is no easy feat - we consider close to 350 inputs to get it to it. Ultimately your goals play a big role in this number - the more aggressive your goals are the less you will be able to spend.
This number is the start of your budgeting journey - from here you can use our multitude of budgeting tools to make sure that you stay on the right path.
By connecting your accounts (securely) to our platform, we can categorise and analyse your transaction data to get an idea of where you are spending your money.
We use this data to give you access to a variety of online budgeting tools that will give you greater clarity than ever on the who, what and when of your money.
These tools include daily, weekly or monthly reports on the categories you have been spending your money (i.e restaurants, entertainment, groceries etc). You can see a month by month breakdown of how spending across these categories changes. You can then compare this spending to your budget and income to make sure you are on track.
Our application gives you the ability to set a budget for each individual category giving you total clarity on where you are going to save your money to reach your goals.
Setting your budget is one thing - sticking it to it is a completely different ballgame.
To help you stay on track Plenty will send you monthly notifications for that extra leg up. These real time notifications will serve as reminders of the good, the bad and the ugly of your budgeting efforts.
If these tips aren't enough, you can pay to have digital meetings with an adviser for further hand holding.
As your income and spending habits change so should your budget - Plenty gives you the ability to update your financial roadmap and your budget wherever and whenever you like. These changes will mean you are always able to stay on top of your financial goals no matter what stage of life you are in.