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Issue 195 February 2009
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Manage your money
Use the web and your PC to save cash
Money-saving
MASTERCLASS Follow Paul Townsend’s timely advice and use your PC and the internet to organise your finances and save money
T
he credit crunch has started to bite and if the financial experts are to be believed then this is only the beginning of the country’s financial troubles. So with even more difficult times ahead, it’s never been more important to keep a close eye on your regular income and outgoings. Doing away with unnecessary expenditure and shopping around for the best deal is the order of the day. Fortunately, you’re well equipped to manage your finances more effectively and make savings. There are plenty of ways your PC and the internet can help. For example, doing the weekly grocery shop online is a great way of ensuring you stick to a budget. You can keep an eye on the running total a lot easier than you can when you’re dropping things
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into the trolley as you walk around the supermarket. Despite the great savings to be had at the moment, the high street isn’t necessarily the cheapest place to shop. Everyone is discounting, so check out online prices first. Furthermore, don’t just go to the online version of your high-street favourites. You can save yourself money by purchasing from individuals or independent retailers who use eBay as their store front. You’ll find that “as new” or “nearly new” items can often be an attractive prospect. The fact that you’re buying online means you’ll still have to wait for delivery, but if you can be patient for a few days then the savings definitely make it worth it.
Online tools Today, all the high-street banks provide some sort of online banking service. You can view your statements,
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Price comparison websites are great way to find a bargain
pay bills and transfer money between accounts; all of this from the comfort of your own home, using your PC and the internet. However, that’s just the tip of the iceberg. If you want to keep a closer eye on what’s happening with your finances then download bank statements to your PC. You can do this using a spreadsheet program such
as Excel or Open.Office.org’s Calc (the latter was featured in the previous issue on page 76). Alternatively, import your data into financial management software and create a personalised budget. Read on for a great free program that you can try, along with more moneysaving tips and advice…
Manage your money
Use the web and your PC to save cash
Be your own financial adviser Keep tabs on your money and spending habits using AceMoney Lite
Although it’s possible to view bank statements online, they don’t provide you with an overall picture of your financial situation. For budgeting and analysis you’re going to need specialist software. This is where AceMoney Lite (www.
mechcad.net/products/ acemoney/index_lite. shtml) can help. Begin by importing your latest statement from your online bank account. You can then divide your expenditure up into pre-defined spending categories will enable you to
pinpoint where savings can be made. You’ll be able to see the difference between budget and actual values. Generate reports, such as pie charts to see how much you’ve spent in one particular area. such as food costs or travel
expenses. You can avoid getting charged for late payment of bills: the program will advise when they become due. Remember this type of program can help you organise your budgeting and expenditure but only if your figures are kept up to date.
STEP-BY-STEP Control your cash with AceMoney Lite
1
Getting started
3
Import transactions
The first task is to add a new account. Click Accounts >Add new. In Account Group select Bank Accounts and add the name of your bank. Only supply the Account Number if you need to for reference purposes.
Click File > Import and select the file of your downloaded transactions. Make sure your bank account is selected, then click OK. Your transactions will now appear.
2
Download transactions
4
Financial reporting
Log in to your bank account online and download details of your transactions. Choose the file format for information and then download it. AceMoney Lite will recognise OFC, OFX, QIF and QFX files.
Click Reports > “Spending by payees”. Select the Income Chart and Expense Chart tabs to see a visual breakdown of your income and outgoings.
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Manage your money
Use the web and your PC to save cash
Track your expenditure online Manage your money on the go with the help of Kublax 2
Set budgets
Select Budget to enter a specific amount for an area of spending. For example, this can include each of your utility bills, shopping and entertainment. The reporting feature will then show how well you’re sticking to your budgets.
1
Receive alerts
5
Placed into categories
You can configure Alerts to be triggered when certain criteria are met. For example, when your bank balance hits a certain level, when a deposit is made or if there’s a withdrawal for a specified amount.
3
The pie chart gives an at-a-glance view of your expenditure. The bar chart displays a summary for the last quarter detailing how much has been earned, spent and saved.
Kublax will take the raw data from your statement and then categorise it. Based on the name of the payee during the transaction it will determine how items are allocated. For example, here Sky and Amazon are automatically recognised.
4
Visual indicators
Sort your data
With the Transactions option selected, click the column headings to change the way the financial information is sorted. Filter transactions based on criteria such as date, name, category or amount.
Kublax (www.kublax. com) is a free online money management tool. It enables you to merge the data from all your different accounts and then utilise it in a single location. This can include your bank and building society accounts and your credit cards. Transaction details can be automatically retrieved from your accounts. Simply enter your online banking login details into Kublax. It then downloads the information from your accounts for use within the program. Don’t worry, the site is perfectly safe and secure. It uses the same levels of security and
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encryption as the high-street banks. However, if you’re unsure about entering your bank login details on another site you can download your statements and import the information manually. What’s great about setting up Kublax is that all the hard work is done for you. Once details of your account transactions have been added your incomings and outgoings are categorised automatically. With this information loaded you can set up budgets and track your actual spending against what you’ve targeted. The powerful reporting tools will help you see at a glance where your money is going.
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Essential Kublax tips
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The accuracy of Kublax reporting is reliant on you. Once transactions and accounts have been added make sure that category information is correct.
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Add an account for your credit card so that you can track all your spending and transactions on your current account.
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Pie Chart is the default view. Click the bar chart next to Chart mode to see a different representation of your financial data.
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Adjust the slider on the month-by-month option to view transaction details for a set period of time.
Use the Compare Me function to see a comparative chart of your finances compared to others in your area with a similar profile.
Manage your money
Use the web and your PC to save cash
Food
House/Car
Utilities Others
Your favourite supermarket may not always be the cheapest place to buy your groceries. With MySupermarket (www. mysupermarket.co.uk), you can compare up-tothe-minute prices from Tesco, Asda, Sainsbury’s and Ocado. Begin shopping with any of these four supermarkets and as you place items in your online trolley you’ll see an automatic product price comparison with the remaining three. At the end of your shop if it appears that one supermarket is cheaper than another then you can check out and order your groceries with them instead.
Look out for buyers’ guides on www. gocompare.com. From personal finance to all types of insurance the site is packed with details of what the different products can offer. Buzzwords and technical terms are also demystified. When you do see a price that catches your eye the guides will help you make sense of the different products on offer. If you’re looking to buy a new or used car then try www.newcarnet.co.uk. Here you’ll find details of vehicle economy (mpg), insurance groups and vehicle running costs on a per mile basis.
With energy costs remaining high despite the drop in oil prices it’s worth considering switching suppliers in an attempt to save money. When using price comparison sites enter the information from your existing bills. Enter details of your consumption if you can rather than a rough estimate of your annual spend. For gas and electricity comparisons try www.ukpower.co.uk. It’s also a good idea to check the prices directly with a new energy supplier first before signing up to make the switch.
Martin Lewis is the GMTV resident money expert and you’ve probably seen him on one or two other TV shows as well. His website at www. moneysavingexpert. com is a gold mine of information. It gives practical advice on how to save money on all aspects of every daily life. This includes details of how to cut energy bills, make cheaper phone calls as well as saving money on credit cards, loans and mortgages. ■
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