It is a budgeting service, which once you agree to it, takes all your transactions and loads it into what can be best described as an online version of an home finances accounting package...
It has only been available only a short time, which I signed up immediately upon it's availability, and have had little experience, but in that short time I am so impressed, I had to blog about it...
It is a massive reality check.
It does take some time, and requires much tinkering and patience, and to be honest is not perfect, but it certainly does make it's point, and is not only good for a reality check, but is also functional given that based on the budgets targets you set within, it will withhold money from your account for savings, should that be what you desire.
Some highlights of the features of this service;
- You can categorize your spending (All Spending/Home/Food/Fun/Travel/Other)...for the average person paying a mortgage, power, phone, rates etc etc...the largest majority of spending would surely be in the 'Home' category...for me, 95% of all spending is in 'Fun'...which is disturbing.
- It will group and total spending at any one venue/eftpos machine/ATM (which really highlights how much you spend at any one place)
- You can compare spending to other weeks or months
- It will tell you how much you earn (duh!), how much you have spent, how much you still have to spend ('necessary spending'), how much you will save, your spending money ('optional spending') and how you have for today...it does all the maths for you, it even shows it in a neat little graph.
- It can tell you how much you have spent in the last 12 months, your weekly average and weekly budget and how much you spent last week, as well as breaking that down by category...it will tell you how much you have earned on average each week.
Quite simply, I am impressed.
There is no denying your average accounting software can do all of this, but the difference being that #1 accounting software costs money - this Kiwibank service is free and #2 accounting software works externally, unless you go through the hassle of importing your bank transactions - this Kiwibank service is all integrated, so hence it is much more accurate and realistic, as well as user friendly...
If you are a Kiwibank customer, I recommend giving this service a try...but be patient, you must tinker and it will take time, but the end result I think will be well worth it.
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Comment by thefatmould, on 25-Dec-2009 20:58
How long did it take foryou to be offered to try it / how did you start using it?
Official website is: http://heaps.co.nz
P.S.I have signed up in the form on the home page!
Comment by alasta, on 25-Dec-2009 21:05
This sounds like a good idea but I guess it probably won't take Kiwisaver into account as it's deducted at source, and has generous subsidies that you need to factor into your financial goals.
Comment by chiefie, on 26-Dec-2009 11:10
ASB Bank has a similar accounting/money-spending tracking features in their FastNet Classic, which is called "My Money".
Comment by exportgoldman, on 26-Dec-2009 16:24
Looks good, am excited to try it!
Comment by Jo, on 29-Dec-2009 07:50
This is awesome, i have used it and man it si so good, blows the ASB one out of the water, good on ya Kiwibank for keeping everyone honest. Kiwi's can always do it better. Am so glad I left ASB.
Comment by kyhwana2, on 21-Jan-2010 19:56
Bah, still no news about this.. I signed up when you posted this..
Comment by Sadeed, on 29-Mar-2010 11:41
I just had the 'Heaps' option become available to me last week. I've started using it and so far I am indeed impressed, for an average person like me who knows next to nothing about financial accounting etc, Heaps is really easy to use and understand. As the author states, really have to be patient as you tweak and categorize your expenses. All I can say is..so far very good.
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