Plum reinvents budgeting: Introducing the innovative Spend Tracker

Plum reinvents budgeting: Introducing the innovative Spend Tracker

Plum has launched its latest feature, the Spend Tracker, aiming to transform the way customers manage their finances.

Plum stands out in the FinTech industry for its dedication to empowering users with robust tools for financial management. The app is not just a platform for tracking finances; it is a comprehensive ecosystem designed to provide intelligent insights, enabling users to make informed decisions about their money.

The Spend Tracker itself is a testament to Plum’s commitment to innovation. This feature automatically categorises all outgoings, displaying them as a percentage of overall spending. Users can effortlessly track their monthly expenses, compare them with previous months, and pinpoint areas where savings can be made. The Spend Tracker is integrated into the app’s redesigned Spend tab, which also houses other insightful tools like the bill tracker. This tracker is adept at identifying regular payments, showing users which bills have been settled and which are pending, providing a clear overview of monthly expenditures.

Additionally, the new feature aligns perfectly with Plum’s mission, which is to maximise customer wealth. By offering a detailed breakdown of spending, the Spend Tracker empowers users to navigate their finances more effectively, fostering a culture of smart budgeting and proactive financial management.

This year has been particularly dynamic for Plum, marked by significant product development milestones. The company has introduced a suite of wealth-building products, including Plum Interest, featuring a money market fund with a competitive 5.15% variable interest rate. Plans are also underway to expand its Individual Savings Account (ISA) offerings with the introduction of a Cash ISA and a Lifetime ISA, promising highly competitive terms.

Plum’s Product Manager, Lia Papageorgiou, emphasised the importance of the new Spend Tracker, stating: “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.”

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