I would love it to tell me off when I book Business class on a domestic flight in the UK (which I did yesterday)!
Great discussion here over the weekend, and that’s exactly what we wanted our campaign to do!
One question we were wondering about in the office is… has Spending Insights on the Starling app changed the way you spend? If so, how? We’d be interested to know if you are comfortable sharing!
Well, no, because I do all meaningful spending on a Credit Card which gets paid off in full each month. Starling, and others, need to incorporate Credit Card spending or launch a Credit Card product for it to be useful to me, and many others I suspect.
Thanks so much for your post. Do send over your thoughts - would love to hear more!
I think it’s helpful for the people who previously could only “guess” where they spent their money - Often that guess is significantly lower than their actual spend (generalising).
I personally wouldn’t share the specific amounts of where I spend my money, because it brings with it a whole new level of conversation that would need to happen (and it would potentially form judgements which may not be entirely accurate).
I tell a friend that we spend around £2,000 per month on Amazon (every month - figures made up BTW…).
That £2,000 is “likely” to be taken as me spending on unnecessary items or luxuries (which is the gist of what people think, if we do have a similar conversation).
The reality is, I may buy food, clothes, and literally everything we would need for the house, from Amazon, and we don’t shop anywhere else (you can replace Amazon with any major supermarket as well).
So I find analysis like this useful for family conversations, but not for sharing with others.
As @admdly has already said, I also use an AMEX extensively for day to day spend (for those sweet sweet reward points), and they have a very basic “insights” part of their website if I need to see where money is going.
How about day to day spending. It’s certainly encouraged me to spend less on lunch each day!
As already mentioned joint spending goes on one credit card, personal spending on another. Both cashback cards and paid off at the end of month. That’s why I use money dashboard for my spending insights. It doesn’t encourage me to spend less because I am tight anyway