Wednesday, July 31, 2013

Product Talk by Nuffnang: myprosperity

myprosperity - a review

Anyone who knows me well in real life knows that I'm terrible with money. I'm always running out, spending too much and have never been able to get a grasp on how much I can allow myself to spend for fun ensuring all my bills are paid.

When the piggy just isn't enough!

When I got the email from Nuffnang about myprosperity I thought I'd give it a look. I love web based applications like this and I've already tried another budgeting web app so I thought it would be interesting to compare them.

Straight away I liked the look of myprosperity. For starters, it is for free. The other site I trialled charged a monthly subscription. I also love the look of myprosperity. Large font, clear and colourful web design and an interface that is really easy to get around. Even though the website is about finances it doesn't look scary. 

Signing up is easy and clearly secure. You can link up your bank accounts so that any transactions you make are fed directly through to myprosperity. But here's where I hit a stumbling block: I do all my banking with a small credit union and it wasn't included in one of the 200+ financial institutions already linked with the service. 

Fear not, I used "contact us" form and sent myprosperity an email asking if my little credit union could be added. Within 24 hours I had a response and was assured that their team would get right on the job. They were honest that it could take a couple of weeks, depending on my credit union.

So, I'm not fully linked up yet but I have been able to check out a few of the other features. Once my statements are coming through I'll be able to see exactly where all my cash goes and set up categories for my spending. I've got a feeling a lot will be on toys for Noo and clothes for me. And coffee. Probably a bit on chocolate too. Hopefully seeing that in detail on screen might help me to realise where I could be saving money and to maybe even set some goals to save some of it for bigger things, like a holiday school fees.

I don't have a credit card or a mortgage and I don't own my own car. But if you do, you can link up all those loans and assets too. Even if they are with different institutions. What assets I do have are some equities shares. To include these I just had to type in the stock code and the amount of shares I own under 'mywealth' and was surprised to see that it worked out the current price of each share and the total value of my portfolio. Very nice. Maybe I can go on that holiday? (Joking Dad, if you're reading this.)

My overall opinion is that this is a great, free, good looking, easy to use website that could make a difference to how I manage my finances. I'm really looking forward to my little credit union being added so I can use the full features that myprosperity has to offer.

How are you with budgeting? Big spender like me? Or responsible money manager?


Disclaimer: No cash has been paid to me for the publishing of this post. All opinions are my own in accordance with my disclosure policy.

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Gayle said...

I think you have an opportunity to create some wealth for you and your son. You are very lucky to have no mortgage or credit cards. You have shares for security. Forgo coffee, keep Ned's toys for special occasions. Watch what you can save in just a month (imagine doing it for a year?). Be excited by it and you'll find many places to save. It is an effort but well worth it. Good luck!

Psych Babbler said...

Credit cards are the's great that you don't have them! I've been terrible with them lately. Almost paid most of it off and then have to honestly ban myself from using them. Problem is, I know the numbers of one of them off the top of my head. Never a good sign! said...

Thanks Gayle. Yes, I am lucky in a lot of ways. I should stop taking that for granted and start using it to my advantage. V. said...

I banned myself from getting another one after the last trouble I got into with them. I'm still paying off a consolidation loan that will take years to pay off. I just use a debit card which I guess can be dangerous for online shopping when you know the number off by heart but at least I can only use the money that is actually in my account. V.

Lolcat said...

You were so paid for that review.

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