Your spend report is designed to give you a high level overview of your spending and can help you to identify potential areas for savings. Its more of a conversation starter to help you figure out where you might want to focus your efforts when managing your money.
To really dig into the details we recommend you go to your main Dashboard on web and read up on your Dashboard's widgets.
Here are a couple of questions you might want to ask yourself to help find savings when reflecting on your spend report
- Were there any surprising merchants you were spending a lot of money with?
- “I was shocked to see how much I actually spent at Starbucks over a year... nearly £1,700! - it gave me the wake up call I needed to cut back”
- Are there any merchants you’re visiting a lot that you think you could visit less?
- Is there a merchant you are shopping at frequently that you could save money at by visiting less regularly. Big ones here might be coffees (keep it for a weekly, rather than daily, treat) or groceries (doing a weekly shop could save you money rather than popping in daily to your local store)
- Are you overspending in your bills?
- If you don’t have time to shop around on your bills, you can often lose out on getting the best deals, with some estimating that the “loyalty tax” can cost people up to £900 per year. Obviously some bills, like rent, can vary significantly depending on where you live or what your family situation is. Why not check out our benchmark spend report to get a sense of how much people are spending across different categories.