Australia’s leading digital bank UBank has unveiled Free2Spend in-app tool that simplifies Finance management. It adapts in real-time and gives users an idea on their spending and budgeting.
The UBank’s Free2Spend tool put finance on auto pilot. It asks users to set goals (save for wedding / investment / holiday / general savings etc.). Initially, you will have to input income and fixed expenses in the tool. Using these figures, this unique tool calculates to a daily spending amount.
It works in real-time to provide spending figures based on user’s saving goals. Just in case a user overspends or under-spends, the application will automatically adjust your figure accordingly for the rest of the month.
Here is an example which will give you a brief idea of how it works. if a user’s daily Free2Spend number is $68, and they purchase a coffee for $4, their Free2Spend number will reduce to $64. Similarly, if a large purchase of $100 is made, exceeding the Free2Spend number by $32, the app will automatically redistribute the $32 across the remaining days in the cycle. Thus reducing the customer’s daily Free2Spend number for the rest of the days in the cycle and keeping them on track towards their savings goal.
The Free2Spend is highly inspired by simplicity and functionality of fitness trackers. It aims to streamline budget management one day at a time.You can download Free2Spend on iOS (10+) running devices from App store starting today (via the UBank app)
Here is what Lee Hatton, UBank CEO had to say –
Australians have become confused by hundreds of numbers in their lives, from apps to bills to bank statements to even the money in their back pocket. Free2Spend will change that forever, designed to take the stress and guesswork out of personal finance. Our research showed almost 1 in 5 Australians still don’t have the tools to accurately monitor their expenses, and 22 per cent don’t feel like they have the time to invest in keeping track anyway. Thanks to this latest innovation from the team at UBank, Australia can now take back that control with utter simplicity.
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. If you go over or under that number, the tool automatically decreases or increases your daily spend for the rest of the month. By automating the saving process even more, our customers will be free to spend on the things they love,
When developing Free2Spend, we noticed that budgeting tools focus on the past and bring to light negative behavior, like over-spending or spending in certain categories, without providing easy tactics to help you readjust and recover,
At UBank, we’re less interested in what you spend your money on and are more focused on helping Australians achieve their financial goals. 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 take-away, 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.