4 Savings Hacks Enabled By Personal Finance
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
The Personal Finance feature in the True Potential Investor App is your ultimate savings hack, enabling you to live better with effortless tracking of your spending.
Personal Finance is smart, secure, and free. You get started by linking all your bank accounts, savings accounts and credit cards. This is a quick one-time-only process, utilising the latest encryption and security technology.
You’ll then see your recent transactions come to life, with the app categorising all your spending. You can then use the information how you best see fit. You are in control, with a clear picture of where your money is going.
Here’s some savings hacks to consider when using Personal Finance…
1. Cut out unnecessary spending
Whether it is a coffee shop latte in the morning, or a snack on the way home from work, we are all guilty of the occasional unnecessary spend. Personal Finance can help put that into perspective for you, highlighting how spending on a specific category can add up. Making a coffee at home each morning, instead of the coffee shop latte, could save you hundreds of pounds a year.
2. Utilise Smart alerts
To keep yourself on track with any budget goals, Personal Finance will feature Smart Alerts, in an update which is coming soon.
You set a budget, and as your transactions are coming in, we can track and send you Smart Alerts to let you know when you are close to reaching your budget. These messages can be received as in-app alerts, or text messages direct to your phone.
With this savings hack, you are always in the know on where you are at with your money.
3. Create your own categories
Maybe you want to save more in a particular area? With Personal Finance, you can create your own category, tailoring your saving experience towards where you know you could be doing better. This is unique to you. By being able to specify where you want to save, you are more likely to be motivated to succeed with your spending habits.
4. Make long term plans
One of the advantages of Personal Finance, is the highlighting of areas where you may be spending excessively.
Once you identify any areas of excess spending, you may want to think about what that money could do instead. By setting a goal, perhaps a big summer holiday, you will have the focus to save instead of spend. One Personal Finance user noted to us that by cutting down on what they spend at lunch, they were able to save £2,000 per a year – which they intend to put towards a holiday.
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