Smart money app Plum has added a new Spend Tracker to help customers with their budgeting plans.

The Spend Tracker automatically categorises all outgoings and shows them as a percentage of overall spending. By breaking their spending down, customers can see at a glance where their money is going each month and easily compare with the previous month’s spending, to identify quickly where savings can be made.

The new feature forms part of the app’s redesigned Spend tab along with other intelligent insights designed to help people do more with their money. It includes the bill tracker which automatically detects regular payments and shows which have already been paid, and which are still to come this month.

Plum’s Product Manager, Lia Papageorgiou, said:

“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.”

It’s been a busy year for product development at Plum, with the company having 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. The company plans to expand its ISA offering with a highly competitive Cash ISA and Lifetime ISA later this year.