UBank has released a real-time budgeting app that has been inspired by the simplicity and functionality of fitness trackers.
Free2Spend gives users a regularly updating number that tells them how much money they’re allowed to spend each day to keep on track with their finance goals.
New Free2Spend users begin by setting their goals, such as saving for a holiday or just saving in general.
Users then enter their income and fixed expenses, which allows Free2Spend to calculate a daily spending target.
That number is then updated if users spend more or less than their target.
For example, if a user’s daily number is $50 and they purchase a $4 coffee, their remaining daily spend is reduced to $46.
If a user ends up spending $75 during that day, the extra $25 is then redistributed across the remaining days in the monthly cycle, thereby reducing how much money they’re allowed to spend if they want to keep on track with their savings goal.
Free2Spend ‘changes with you and your life’
UBank chief executive Lee Hatton said Free2Spend is designed to take the stress and guesswork out of personal finance.
“Just like fitness trackers have kept people moving to the goal of 10,000 steps a day, Free2Spend does the same with your finances by consolidating your spending and saving goals into one number that changes with you and your life,” he said.
“By giving our customers one simple number, we’re helping them make in-the-moment decisions and change their spending habits for the better.
“If you’re having a busy month or want an extra few cheat days to splurge on takeaway, go for it. Free2Spend will adapt accordingly so you can have your takeaway and still be able to put money aside for your next holiday.”