Remember when I told you that I spent years not even checking my bank statements? Well, these days, I not only check my statements, I also have online banking so I can check whenever I need to, I have alerts from my bank to let me keep track of payments etc and now, I have Bean!
I’d never heard of Bean until recently but I’m definitely a convert now that I’ve used it for a little while! It’s basically a nifty little piece of kit that you connect to your bank account and it will help save you money as well as keep track of the money you have.
Before I tell you about Bean, let me tell you a few facts about the things that Bean helps you with. First up, it helps you stop wasting money….
- Did you know that £448 million is wasted on unused subscriptions every year in the UK. This could be a larger payment for something like the gym or smaller ones for things like magazine subscriptions or even daft things like phone insurance for a phone you don’t have any more (I know, I’m hanging my head in shame at that one).
- 84% of UK consumers reported subscriptions for things they weren’t aware they had signed up for. This happened to me before with something that I’d signed up for as a free trial and cancelled within the cancellation period but apparently, my cancellation wasn’t received.
As well as helping you stop wasting money, it also saves money….
- Changing just one utility bill a year could save the average household around £200 a year so just imagine how much you could save if you were changing to the best deal for each of your utility bills each year.
- Only 25% of eligible contracts are switched each year – stop reading this for a minute and think about what you have that you haven’t switched (or investigated switching) in the past year. Gas, electricity, mobile contracts, home insurance, car insurance, internet, landline….
So, now you know the facts and figures about the things that Bean can help you with, let’s look at Bean itself and I’ll show you how it can save you money – the average Bean user saves £672 a year!!!
Bean is the answer to all of your financial prayers! It’s a personal finance tool that will link to your bank account and analyse your monthly payments and tells you about cheaper companies if there are options out there that will save you money.
It’s so clever though as you don’t need to faff about putting in all sorts of dates to tell it when your eligible to switch, it actually looks at how many payments you’ve made to each company so when I signed up to Bean, it was able to tell me that it was time for me to move from British Gas because I had paid them a monthly Direct Debit 11 times. How clever is that? It certainly was time to switch as the brilliant deal I got through moneysavingexpert.com last year was just coming to an end.
I had already done a comparison and found a deal elsewhere (not as good as the one I was on with British Gas but that’s another story) and had just done the switch myself but you do have the option to do a comparison to see what you can save and if you find a deal to change to, you can just click transfer and Bean will do the work for you.
I love how you can do a bit of a calculation to see how much you’ve spent on particular bills over the previous 12 months which I know I could work out myself but it would take me far longer than the half a second it takes to click on a button here and the result is much more visual. Even Mr Frugal had to agree that we spend a LOT on Virgin between the TV we rarely watch and the landline we never use – we basically have it for the superfast broadband that we need in our family! As it’s a new build, there’s only Virgin who supplies us so they have us over a barrel really but hey, that’s another story again! He is considering cancelling BT sports thanks to Bean making it so obvious how much we were spending although it’s unlikely that he will if I’m honest. 😉
I’m a worrier so before I signed up, I checked to see how secure it was and was pretty relieved to find out that Bean doesn’t hold your bank details, you’re literally just authorising them to see the transactions without giving them the info that you don’t want anyone else to have. They basically have read-only access so they can see the bits you need them to see to help you.
And, if you’re a suspicious worrier like me thinking it can’t be legit because it literally sounds too good to be true and that they must be dodgy (or mad) doing all this for nothing then I can tell you that they do make money from you. But, and this is the thing, they only make money if you choose to switch using them. Kind of like an affiliate sale, you don’t pay more and still save money but they get a payment, kind of like an introducers fee.
So what do you think?
It takes two minutes to link up your bank account (or any credit card account) and you’ll get alerts to help you save money AND prompts where you can save money! That’s got to be worth a try, hasn’t it?
I’d love you to let me know how much you save when you sign up so please do come back and let me know!
This post has been supported by Bean but all thoughts are my own.
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