Smart money app Plum has added a new Spending Tracker to help customers with their budgeting plans.
Spend Tracker automatically categorizes all outgoings and displays them as a percentage of total expenses. By analyzing their spending, customers can see at a glance where their money is going each month and easily compare to the previous month’s spending to quickly identify where savings can be made.
The new feature is part of the app’s redesigned Expenses tab along with other smart insights designed to help people do more with their money. It includes the bill tracker that automatically detects regular payments and shows which ones have already been paid and which are due this month.
Plum Product Manager Lia Papageorgiou said:
“Our new Spend Tracker is the ideal budgeting partner as we head towards 2024. Inflation, although falling, is still high in the UK, driving up the cost of everyday consumer goods. So it’s important to make sure every penny counts. Being able to see a breakdown of your spending through Expense Tracker will be extremely helpful for anyone looking to take the pain out of budgeting.
Combined with the redesigned Expenses tab, customers will be better able to understand their finances and make informed decisions about their spending and savings. This reflects Plum’s mission to maximize the wealth of our customers.”
It’s been a busy year for product development at Plum, with the company launching a range of wealth-building products, including Plum Interest, which is based on a money market fund offering a variable rate of 5.15%. The company plans to expand its ISA offering with a highly competitive Cash ISA and Lifetime ISA later this year.