Get to know your spending habits

By | December 17th 2019

One of the great things about Bó is that you can use it to discover exactly where your money’s going each month. That’s because we break your spending down for you by retailer and by category. 

Bó gives you an accurate picture of your day-to-day spending which can help you budget better and see clearly where you could cut back if you want to. 

Use Bó for a month and by the end of it, you’ll have a list of every transaction you make listed by retailer and category. This can provide you with a lot of info on your habits.

How it works

Tap on the ‘Retailers’ section of the Spending tab in-app and you’ll see everything you spent at a particular shop over the last month all in one place. You’ll see a monthly overall total and a total per retailer. 

So if you’re a regular at Greggs, you’ll see how much you spent on sausage rolls and tea or look at the running total next to the ASOS logo and you’ll see how much you spent on new clothes and accessories. 

Of course, you could keep your own record by keeping your receipts and logging everything manually yourself, but who has the time and energy for that?!  When you’re with Bó we do the hard work for you.

Tap on the Categories tab and you’ll see what you spent grouped together under 11 headings such as Eating Out, Transport, Groceries, Entertainment. This gives you an at-a-glance overview of what area of life you’re spending the most on. 

If any of your transactions aren’t categorised correctly, you can re-categorise them by clicking on the transaction in the ‘All spending’ view, and change the category in the top right-hand corner.

Is it what you expected or are you surprised?

Having a quick look at these screens can make you aware of how you’re really spending your money because everything is recorded and in one place.  (Of course, you could keep your own record by keeping your receipts and logging everything manually yourself, but who has the time and energy for that?!  When you’re with Bó we do the hard work for you.)

When you see everything logged and listed, it can help you notice where you might be overspending. It might also help you understand your priorities,  what you value spending on and make you aware of any blind spots if there are some figures that surprise you. 

(For me, the biggest shock came when I realised how much I was spending on lunch. You don’t think that just popping out for a quick sandwich, or grabbing breakfast on the run a couple of times a week, adds up. But it does. Once I realised how much money I was wasting I started doing things differently. Lunch, breakfast and snacks I now bring from home. It’s healthier, tastier, greener and cheaper! And it means I have more money left to do things I actually enjoy.) 

We want to help you spend less and save more

By using your Bó card, you’ll build up a full breakdown of what and where you’re spending your money.  And because we categorise your spending for you, you’ll always know where you are with your money and get to know your habits.

We’re launching our Money Diaries series soon where we talk to Bó customers about their spending habits.  So if you’ve taken a look at how you spend and are surprised by what you discovered. Don’t worry! You’re definitely not alone. 

Bó is part of National Westminster Bank Plc (“NatWest”), registered in England and Wales (Registered Number 929027). Registered Office: 250 Bishopsgate, London, EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NatWest is entered on the Financial Services Register and its Register number is 121878. The Financial Services Register can be accessed at www.fca.org.uk/register. NatWest's registered VAT number is GB 243852752.

Bó is protected by The Financial Services Compensation Scheme (FSCS). Read more here.

* If you have accounts with Bó and NatWest, the maximum you would be able to claim across all accounts combined is £85,000.

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