Liam is a former teacher who is now employed full time in IT. He's in his mid-30s and lives with his wife and their child.
Unlike his wife, Liam was not good with money. Learn how he used Moneyhub to track the little details that used to catch him out, develop consistent financial habits and use the knowledge of where his money goes to be free of money worries.
““Moneyhub alerted us to fraudulent transactions before they had shown on my banking provider’s feed.””
"Knowledge is power"
Reflecting on the chaotic turn life took during the pandemic. Despite all the spinning plates, money was something he maintained control over, with some thanks to Moneyhub.
“For me, it’s a tracking tool, I like the account aggregation. I do have accounts that can’t be connected but you have the option to manually add and update. I’ve had a few moments where Moneyhub alerted us to fraudulent transactions before they had shown on my banking provider's feed. I was like why am I buying pizzas for a part of the country I don’t even live in? Luckily, Moneyhub flagged that really early”
Prior to Moneyub, he admits he didn’t have the same approach he does now, “I would argue I was not good at managing money, my missus is. When I started using Moneyhub, I was like this is good, and just stuck with it… One app to rule them all is always handy.”
Moneyhub’s function to store historical account information has proved particularly useful, “The biggest thing for me beyond tracking is historical transactions… We are reviewing things at the moment, the little things sink ships right? All these streaming services build up.”
“I had a tax return this year and due to various circumstances, we had to work out what our child benefit had been. Using Moneyhub as a point of reference, it’s all in one place and searchable.”
When asked if his wife is also an advocate for Open Banking and Fintech, he admits that she “doesn’t lean into tech that hard.” He goes on to discuss the different platforms available and how he uses each one differently, admitting that he has a Monzo account but he does not use the analysis. “Moneyhub is good for doing what Moneyhub does. Monzo I use for banking.”
And, what is the current goal? “The classic, get rid of the mortgage”, he explains. Drilling down into this goal he goes on to explain the advice that he lives by that will help him reach this, “Understand what compounding means and try not to live on a month-to-month basis. Consistency over big efforts. It’s the psychology of never going over your means every month consistently. That’s the bigger win… I feel that knowledge is power.”
Thinking more short-term and explaining how he believes financial wellness is achieved now, he says, “It’s lack of worry. Hey, if stuff happens, I only have my health to worry about.”
He then perfectly demonstrates what financial wellness sounds like, in a theoretical conversation with his wife, “Do you wanna go on holiday? Do you wanna go large? No, ok but could have gone large if you wanted to.”
