UK-based cashback and payments app Cheddar has rolled out its free spend tracker, a tool set to augment personal finance management. Cheddar’s new tool delivers increased accuracy with over 98% precision in categorising transactions.

This ensures users gain better insights and control over their spending habits and spend less time on manual adjustments. Responding to a need for better financial management Cheddar was born out of the need to provide practical, effective financial solutions for everyday people. The app’s founders experienced the challenges of navigating financial management firsthand during early adulthood, finding existing solutions and education either inadequate or geared towards wealthier individuals.

Therefore, they envisioned a tool that would make saving money easy and accessible for the masses, with Cheddar evolving from a simple peer-to-peer payments app to the robust rewards platform it is today. As Cheddar has continued to grow, data has highlighted the widespread difficulty people face in managing their finances with a third of adults in the UK living payday-to-payday. Existing apps have poor categorisation accuracy or charge for simple features, making financial management more cumbersome.

Moreover, they 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. Boosting savings Powered by ‘Open Banking’ technology, Cheddar enables users to save money effortlessly by linking their bank accounts to also access personalised cashback offers.

These offers are tailored to individual spending habits, ensuring 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.

Cheddar is directly authorised and regulated by the Financial Conduct Authority (FCA), delivering a secure and reliable service. The app holds both 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. Cheddar isn't just about earning cashback; it's about transforming financial behaviour through innovative financial education tools and techniques.

Helping users set goals in their financial journey Cheddar’s approach introduces users to a new form of financial planning, allowing them to allocate funds to upcoming purchases with a ‘prepaid’ format that helps maintain budgets and track spending. This proactive method is an entirely new way to pay for purchases, save money every time, and encourage healthier spending behaviour. A survey by KPMG revealed that 41% of UK consumers felt less financially secure heading into 2024 compared to the previous year.

Additionally, more than half of the respondents (58%) plan to cut back on non-essential spending to manage their finances better. This highlights the importance of having a clear overview of personal finances to make informed spending decisions. Cheddar’s free spend tracker addresses this need, enabling users to effortlessly manage their money and plan for a secure financial future.

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