Smart money app Plum has launched ‘Spend Tracker’ for smarter budgeting hoping to help its customers with their budgeting plans.
The new feature ‘Spend Tracker’ hopes to help customers with their budgeting plans through automatically categorising all outgoings and showing them as a percentage of overall spending.
This feature will enable customers to see where their money is going each month and compare with previous months, helping its customers identify where savings can be made.
Users of the app will find the new feature on the Spend tab along with other ‘intelligent insights’ designed to help people do more with their money. The app is always looking for new ways to help its customers, Plum announced a save-as-you-buy feature last year.
Plum has also launched a range of wealth-building products including Plum Interest, which is based on a money market fund offering a 5.15% variable interest rate.
Lia Papageorgiou, Product Manager at Plum, commented: “Our new Spend Tracker is the ideal budgeting partner as we head into 2024. Inflation, while 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 the Spend Tracker will be enormously helpful for anyone keen to remove the pain from budgeting.
“Coupled with our redesigned Spend tab, customers will be in a better position to understand their finances and make informed decisions about their spending and saving. This reflects Plum’s mission to maximise our customers’ wealth.”