Unfortunately, sidestepping knowing exactly where your money goes is a sure fire way to miss finding simple ways you could be saving. Yes, it might be terrifying to face the reality of just how much you’re spending on takeaways each month, but the sooner you pull off that plaster the sooner you can get down to business.
If you want to start saving money or even just budgeting more effectively, we’re afraid you need to know where your money is already going. But fear not, the B app is here to help you get in control of you finances. It's packed with super smart money management tools to make becoming financially fit easier than you might think and if you want to know where your money is going – say hello to Tagging.
Tag is no longer just a game
We’re used to tagging our friends and family in photos on Facebook and Instagram. Not to mention being tagged and checking how we look in photos after a big event. So why shouldn’t tagging our finances be just as simple to do and check?
The B app makes it crystal clear for you to see how much of your money is being spent, when and what on. If you’re trying to save up for a special trip or a little treat you’ve had your eye on, you’ll be able to see the areas where you could start cutting back to help you stay within your budget.
Sounds fab, what do I need to do?
Well, we’ve got some good news for you. With the B app, you don’t need to do anything to get the benefits of Tagging. Yup, really!
When you spend on your B Credit or Debit card, the app cleverly automatically tags your transactions into one of our pre-set categories. We did our homework and created 21 tags to include common spends. These include ‘Eating Out’, ‘Holidays’, ‘Groceries’, ‘Keeping Fit’ and ‘Mortgage or Rent’. For example, the ‘Eating Out’ category could include your fancy date night dinner as well as your daily take out coffee.
We’re pretty confident our tagging categories have got you covered but just incase, we’ve created five additional tags for you to use and name whatever you choose.
Cool, but what does it look like?
When you log in to B’s app, you’ll be able to see all your ingoings and outgoings and the tag that’s been automatically associated with them. Sometimes your spending might be a mystery to us and we’ll leave it “Untagged.” Don’t worry though you can edit this to one of our preset categories or one of your own tags.
Tap in to the Spending section of the app and you can see how much you’ve spent under each Tagging category so far this month; and in comparison to the previous month. If your Eating Out tag total is just too much to stomach, take action and see where you could make savings.
Make your money work harder for you
We don’t expect you to see where your money goes and suddenly cut out all of your treats entirely because, well, you’re human. You can however try putting yourself on a stricter treats budget by using the B app Budget tool to keep track. Don’t forget, once you start to make savings, be sure to utilise Savings Pots so you can see your bank balance grow and watch as you get closer and closer to that big saving goal.
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