How I discovered I was £500 in credit on my bills

I was having a disagreement with Boyfriend the other day.

It all started because I have been taking part this month in the Great British Budget challenge and have been using Money Hub in the new YourWealth app to get my finances in order. If you are the sort of person that likes lists and charts then you’ll love Money Hub. You can test out all sorts of different scenarios to see the impact of certain financial decisions on your future wealth, as well as budgeting for the day to day stuff.

For example, based on my current earnings and level of spending it is projecting my net worth at retirement to be -£173,962.

*whistles casually*

Money Hub app Great British Budget

Less depressing though is the monthly budgeting tool, which allows you to set a budget for your regular expenses and then track your spending against each. Boyfriend scoffed when he looked at it, saying that £135 for our gas and electricity was way too much. I made a very self-important speech about him not understanding the true cost of things in today’s economic climate, and then snuck a look at my online utilities account to check.

Money Hub app Great British Budget

Screenshot from YourWealth app, available on iPad/iPhone and Android

My investigations proved fruitful – we’ve been overpaying on both bills for about a year, leaving us over £500 in credit.

Just don’t tell Boyfriend he was right and I was wrong. I will spend the money on gin and he’ll never know.*

It just goes to show though how worthwhile budgeting can be! How are you when it comes to managing your money?

*It’s exactly this attitude that means my estimated net worth at retirement is -£173,962

10 comments on “How I discovered I was £500 in credit on my bills

  1. YourWealth says:

    Glad you’re finding the Money Hub useful – that’s a great saving on your bills!

  2. Su Tyler says:

    We never used to budget and just lived from one week to the next. That was until a friend of mine asked why we couldn’t go out and I said ‘because the mortgage is due this week’. She explained how they budgeted their income and I sat down the same day and worked out our budget. We started setting aside a certain amount every week (paid weekly in those days…30+ years ago). After about 2 months we were no longer overdrawn and have never been ever since.
    I now fear how we’re going to cope when we retire … him in 7 years and me shortly after…
    Su Tyler recently posted…Week 7 #Project365 – 2014My Profile

    • Jo Middleton says:

      That’s a great story Su – shows what an amazing difference a spot of planning can make. Have you made time to think properly about retirement and work out what you’re income is going to be? There may be things you can do? The Money Hub site has lots of tools and calculators and what not.
      Jo Middleton recently posted…Are you overpaying on your bills?My Profile

  3. good grief that seems a lot of rent per month, more than my total monthly income. you can be pleasantly surprised even by changing your package for gas and electricity without even changing company. when we last did it we saved 25% of our annual costs, price comparison sites are a god send. Sadly here we have no choice, electric only in the village and our time clock is owned by the power company so we cant change.
    If you save your £40 a month till you retire you may be worth a bit more.
    Elaine Livingstone recently posted…Seasonal veg with eggs in the hole.My Profile

  4. Joanna says:

    I’ve been wondering if we are over paying on bills how did u find out?
    Joanna recently posted…Prevent Insect and Bug RepellentMy Profile

    • Jo Middleton says:

      I just went and checked my online statements and it turned out that the direct debit amount they had been setting was too high – we weren’t being overcharged, just paying too much towards it every month. Are you thinking you might be being charged too much? Maybe if you know your neighbours well you could ask them roughly what they pay to see if yours is consistent?
      Jo Middleton recently posted…A letter to Belle from Wendy at SnowbizzMy Profile

  5. Lee says:

    App sounds good, might give it a whirl as I love my lists!

  6. Jo Middleton says:

    If you are a list and chart fan Lee then it’s definitely worth a look!
    Jo Middleton recently posted…9 good(ish) reasons to give up runningMy Profile

  7. Ria says:

    Wow, such a great tool to use, thank you. I am glad to see there is someone out there who is as errrr, financially challenged as me ;) I am of the ostrich school of finances. So I hope this will help!

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