Aussie adults spent approximately $145 billion last year on lifestyle costs alone, with six out of the top ten categories related to just two things—eating and drinking out1.
If this sounds familiar, the good news is online capabilities (available through My AMP) are giving people greater insights into their spending habits, while also letting them share this information with their adviser, should they want a money coaching experience that can help them take control of their cashflow and spending.
What AMP Money Manager can do
If you’re a registered user of My AMP, which you can access via desktop, phone or mobile app, you can access AMP Money Manager, which may help you to do a variety of things.
Through AMP Money Manager, you can:
- get a broader view of your finances, with the ability to see your bank, credit card, loan, super and investment accounts from over 200 financial institutions (including AMP) in the one place
- track your spending more easily through the ability to categorise your transactions, so you can label and see where you’re spending the most (food, entertainment, or travel for instance)
- access reports, so you can better visualise your spending habits through graphs and charts
- work toward your financial goals faster by getting a more detailed picture of where you’re at.
How functions could enhance your advice experience
Through AMP Money Manager, you have the ability to share this information with your adviser if you’re looking for an advice experience that’s more heavily focused on cashflow.
Greater visibility means your adviser can see where your money is going, where money might be saved and where strategies could be put in place.
Being able to see trends over time may also go a long way in helping you to identify where behaviours could be changed, and ongoing budget or cashflow reviews may be worth having.
To share account information with your adviser, you do need to be registered for My AMP and have added your account login credentials from what other financial institutions you want included.
You can also give your adviser different levels of access, so they can view balances only, balances and transactions only, or balances and transactions with the ability to categorise things on your behalf.
AMP Money Manager is available to those who have registered for My AMP. You can register for My AMP even if you don’t have an AMP account.
For more details speak to your adviser and in the meantime, if you’re looking at other potential solutions, you may want to check out:
- The AMP Bett3r Account, which enables you to track bills, set up savings goals and know what’s safe to spend
- Our online goals explorer tool which could help you map out and prioritise any short and long-term financial goals that may be important to you.
Is our use of social media driving us to engage in conspicuous consumption? <br>Research shows it does.