MoneyHub Review – get an accurate analysis of your spending habits

I am always looking at ways to improve my spending habits and to save extra money so when I was offered the chance to review MoneyHub, I did what every cliché blogger does and I jumped at the chance.

What is MoneyHub

MoneyHub is for anyone who stops and wonders where their money is going every month. You connect all of your accounts and assets to get an overview of your finances. Your spending it split into different categories and you can begin to understand where your money goes every month. This knowledge can help you to manage your money better and make more informed decisions. It is available both on the desktop website and on smart phones and tablets, so it is accessible from everywhere.

How to use MoneyHub

You can get a 7 day free trial of MoneyHub Premium so that you can see whether it is something you would find useful. Once registered, simply connect all of your bank accounts. This part is really easy but it can take some time, especially having to approve access to accounts from different banks and companies. Once connected, MoneyHub will start to evaluate your spending.

This is where things start to get really interesting. It compares your spending to the same time the previous month and tells you whether you are spending more, less or the same as the previous month. This is a really great snapshot for seeing how things are going – of course if you are paying out for your annual car insurance, car tax and other big expenses, your spending will be up.

The spending is also divided into categories including bills, taxes (I am self-employed and I was pleased to see that this amount was categorised correctly!), cash, debt repayments, health and more.

It wasn’t perfect at categorising our spending though. We had transferred a large chunk of money into my husband’s bank account from our joint account, and because my husband’s name is McDonald (yea…), it classed that £1,000 as “entertainment” because McDonald’s is a restaurant. I can’t imagine that many people will run into that problem though!

You can also set yourself up some spending goals, drilling down to each category. It will then show you how much you spent this month compared to last month, and help you to set up realistic spending goals.

My thoughts

I love talking about money and looking at ways to make money so MoneyHub is something that is definitely for me! However, I really think that it would be a useful tool for others too. No matter how in depth you want to look at your spending – whether you are just looking to analyse your spending to understand where your money is going, or trying to cut back so that you can make a serious purchase such as a house, MoneyHub is an incredibly useful tool. After your 7-day free trial you can have access to the basic MoneyHub account, where you will need to manually add in your transactions, or for just £2.99 per month you can keep your premium membership. You also get 2 months free if you pay for a year in advance at just £29.90. If you are looking to make some serious changes to your spending then you will more than cover the cost of MoneyHub’s premium membership.