UK-based finance app Cheddar has launched its free spend tracker, a tool looking to offer users deeper insight into their spending habits and give them more control over their financial health.
Cheddar hopes that the new spend tracker feature will enable users to make better financial decisions, while simultaneously earning cashback. The fintech explained that the tool boasts 98 per cent precision in categorising transactions – offering users more tangible insights into their spending.
Cheddar explains that many existing apps often have poor categorisation accuracy with transactions falling into ‘general’ or ‘other’. These apps also sometimes charge for simple features, making financial management more cumbersome rather than easier.
Tariq Zaid, CEO and co-founder of Cheddar
“Understanding where your money goes is crucial in managing your finances effectively,” says Tariq Zaid, CEO and co-founder of Cheddar. “With our spend tracker, users can finally trust that their transactions are accurately categorised, providing a comprehensive view of their financial health.”
Born out of the need to provide practical, effective financial solutions for everyday people, Cheddar explained that, as it has grown, the difficulties facing people have become more widespread. In fact, it says a third of adults in the UK are currently living payday-to-payday.
Recognising that many apps aren’t proactive in helping users save money, Cheddar aims to bring savings opportunities to the start of the spending journey, enhancing financial control from the outset.
Powered by open banking technology, Cheddar enables users to easily link their bank accounts to its app, to access personalised cashback offers from over 100 brands.
It aims to tailor these offers to individual spending habits, ensuring maximum relevance and savings. However, cashback rewards were only the first phase of Cheddar’s mission to help everyone become financially better off. Spend tracking is the next step, bringing the first set of tools to help people manage their finances better and setting the foundation for many more innovative solutions to follow.
Enhancing financial clarity
Authorised and regulated by the Financial Conduct Authority, Cheddar holds Account Information and Payment initiation permissions, enhancing functionality for users and reducing costs by creating and owning the technology that powers the app, rather than paying third parties.
“Financial clarity is the first step towards financial freedom,” explains Luke Ladyman, COO and co-founder of Cheddar. “Our tool empowers users by giving them precise insights into their cash position and spending patterns helping them spend less on non-essentials and make informed decisions to establish and achieve their financial goals.”
Cheddar’s approach introduces users to a new form of financial planning, enabling them to allocate funds to upcoming purchases with a ‘prepaid’ format that helps maintain budgets and track spending.
A recent survey by KPMG revealed that 41 per cent of UK consumers felt less financially secure heading into 2024 compared to the previous year. Additionally, 58 per cent of respondents plan to cut back on non-essential spending to manage their finances better. Cheddar’s free spend tracker addresses this need, enabling users to effortlessly manage their money and plan for a secure financial future.
With Cheddar, users no longer need to wade through vague categories or manually adjust their spending records. This new feature is part of Cheddar’s ongoing commitment to innovation and excellence in personal finance management.
The post Cheddar Expands App With Free Spend Tracker, Offering Users Accurate Insight Into Spending Habits appeared first on The Fintech Times.
