Exclusive: Plum launches ‘Spend Tracker’ feature to make budgeting easier
The new feature for tiered members comes as part of a wider redesign of the app’s spend section
Smart money app Plum has released a new ‘Spend Tracker’ feature to help customers navigate the cost of living crisis with smarter budgeting.
The feature, available to Ultra and Premium members, automatically categorises a user’s outgoings and shows them as a percentage of overall spending.
Breaking down a customer’s spending over the previous two months so customers can compare their spending and easily spot possible savings, the new feature comes as part of the app’s redesigned ‘Spend’ tab.
“Our new Spend Tracker is the ideal budgeting partner as we head into 2024,” Plum product manager Lia Papageorgiou said.
“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.”
The spend tracker feature sits alongside a bill tracker which automatically detects recurring payments and shows what has been paid and what is left to pay.
“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,” Papageorgiou continued.
“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.”
The new savings feature follows the launch of a number of wealth-building products from the app, including the launch of ‘Plum Interest’ in September.
A busy period of product development is set to continue for Plum as it plans to expand its ISA offering with both a Cash ISA and a Lifetime ISA later this year.