London, London United Kingdom (PressExposure) October 13, 2006 -- Mymoneypots.com ( http://www.mymoneypots.com ) is launching to help people get a grip of their spending habits and enjoy what they have, rather than splurging what they can't afford and falling into the debt trap.
The free, password protected facility is primarily targeted at graduates and young professionals and is a money management tool to help them budget, plan and save.
Personal debt in the UK is rising and the burgeoning 'buy now, pay later' culture is leading to an even greater debt hangover for many vulnerable groups. Students, in particular, have to rely increasingly on borrowed funds to see them through their study years, creating the need for smart financial management.
Mymoneypots.com charts expenditure patterns to help people understand their spending habits and take control of their own finances. The budgeting tool breaks salary down into categories in which users can create their own mix of money pots. Categories and money pots can then be monitored to see how much is being spent or saved.
Every month an amount based on the user's budget is added to each pot. This gives users a realistic view of their available funds at any time and identifies areas of excess spending that could be reduced. Spending habits can be compared with the average of other site users, while each user's details are held in complete confidentiality.
Proper planning can reduce time spent worrying about money and mean fewer unpleasant surprises. Mymoneypots.com encourages saving for life's significant purchases and occasions. Christmas, weddings, summer holidays, education and home improvements can all be enjoyed with reduced financial stress if money is sitting in the pots ready to be spent.
James Archibald, managing director, says: "The UK is experiencing a spending binge - whether it's the cost of achieving a university degree or enjoying more luxuries than the pay cheque allows for, a huge number of people share the same headache."
James adds: "This is recognised by the government which this year committed an additional Â£45 million to provide more free face to face debt advice. Regular use of Mymoneypots.com can help people avoid reaching the point where they need advice on how to deal with severe debts. Life is expensive. Mymoneypots.com can help people stay in control."