Booster launches new automated budget building tool

Wednesday, April 10th 2019, 9:29AM

Booster has launched a new budgeting tool, which instantly provides a snapshot of spending and income by automatically collecting and collating live transactional data from a user’s different banking providers.

The budgeting tool, available free to all Booster members, automatically sorts spending into categories allowing the user to track their expenses against income and compare their expenses to previous months via an easy to follow graphical user interface.

“Many people tell us they find managing their money difficult and time-consuming. Even the best of us can be broken by it. We wanted to create a simple and pain-free way to help people understand what they’re spending, set goals and then keep track of them,” Booster managing director Allan Yeo says.

“Our tool automatically tells you how much you are spending on what. Often that’s the hardest part; nobody enjoys wading through statements and bills to create a budget. By using your payment data and automating it, what once took hours is now done in seconds. From there, you can identify the changes you want to make and most importantly track how you are going.

“Additional functionality will be continually added over the coming months to provide users with the ability to set personalised spending targets for each category, set ‘good months’ as an example to follow, and receive notifications when set spending limits are reached.

“We already provide our members with an app that gives them a snapshot of their total financial picture. It enables users to capture all their assets (cash, KiwiSaver, properties, savings and investments etc.) against their liabilities (rent, mortgages, debts, student loans etc.).

“It’s a simple net wealth calculation but for many people it’s the first time they’ve seen it that way. Once they do, it can be very motivating. Driving down debt and saving becomes even more rewarding when you can see the effect it has on your overall financial picture.

“The launch of the budgeting tool marks an important step for the Booster team. We are one of nine default KiwiSaver providers. We want to not only lift the savings of Kiwis but improve their overall financial resilience.

“At Booster, our philosophy is to help New Zealanders live with financial confidence. We want to put them at the centre and in control of their whole financial picture, helping them make the best possible decisions and live well no matter what stage of life they are at – from starting out to retirement,” says Yeo.

Tags: Booster