Did you know that on average there are two or more personal bank accounts for most people in Australia?
So if you think about that, that’s a lot of transactional accounts, that’s a lot of offset accounts, that’s a lot of term deposit accounts and then lots of savings accounts. And some people have got multiple sub savings accounts for holiday funds, slush funds, weddings Christmas and emergency funds. And then when you can also combine that with, say share trading accounts and then some people who have businesses like me, we have lots of different business accounts. So it’s really hard to get a central view of where your money is,
Now Moorr has set about solving that problem. So what I’d like to introduce you to is our brand new feature in Moorr called the Cash Position Insight Chart!
Now what it does in terms of providing you is this:
You get all the different banking cards whether they are transactions offset accounts or not and it sums up all the balance of those to give you one single easy to understand source of truth when it comes to the balance of your cash position.
We’re excited with this brand new release and it’s available now inside the Moorr mobile app.
Why is it important to have such an understanding of your single source of truth cash position?
Well, there’s lots of reasons. So let me give you a couple of examples. Firstly, knowing how much cash you have available at any one time is really important, especially if it’s spread across multiple accounts. We mentioned earlier also about the importance of having an emergency fund as part of that.
It also helps with savings and tracking goals in terms of setting yourself those goals, because you can see the balance of your account growing incrementally over time. That’s a good sign.
But here’s the other thing that I really like, and what we’re all really interested here.
It’s more about trapping more of that surplus and then making that money work harder for you.
And one of the great ways in which you can do that is, of course, paid out the debt or pay down your debt quicker. Or you can also look to trap some of that surplus and start thinking about investing that money and getting a greater return on your overall investments.
So that is some of the reasons why you should look at this new release on Moorr.
But I also think in terms of the practicality here. So if you’ve got multiple banking apps, how do you get to see a single source or a sum up of the total value? A lot of the banking apps that I’ve seen out there, they definitely have the balances of each essential account, but they don’t sum them up into an overall summary. And if you do have business accounts attached to it, it’ll all bundle up together – which isn’t what you’re really looking for.
That is all solved in terms of using the cash position on Moorr. If you are an existing user of Moorr, why not go and check it out now? And if you’re brand new to Moorr, of course you can download the app straightaway on your iPhone or Android here.
And of course, you know, it’s really important to understand there are lots of other features and tools available in there as well, and I recommend you to also check out Jade, who’s a great product manager at our team, who’s done a demo video in terms of how to get the best out of the Cash Position Insight tool that we’ve just released.
And finally, when you’re thinking about Moorr, think about the four big pillars in terms of how we’re building out the Moorr platform.
This is obviously a great release in regards to what we call our Money Pillar. We will continue to keep adding new and rich insights into that money pillar. We’ve got a Property Pillar, so we’re big on property and managing property investments. So we’ll see more insights coming in and more features and tools being added to our Property Pillar. Of course, the other two pillars are Wealth and Lifestyle.
When you start to make sure your money’s working harder for you and you start building out that wealth, you can then also start to think about how that’s going to help with those lifestyle by design and all those personal goals that you’ve set.
So remember, Moorr is being built by people who are passionate about helping you achieve more. Why not check it out today?
