Plum, the smart money app, has announced the launch of a new spend tracker designed to help consumers budget.

The new tracker automatically categorises all outgoings, showing them as a percentage of total spend.

Plum says that by breaking their spending down, customers can “see at a glance” where their money is going each month whilst being able to compare with the previous month.

The feature is part of the platform’s redesigned spend tab, which includes a bill tracker. The tracker automatically detects regular payments and shows those that have already been paid or transactions that are still to come.

"Being able to see a breakdown of your spending through the spend tracker will be enormously helpful for anyone keen to remove the pain from budgeting," said Plum's product manager, Lia Papageorgiou. “Coupled with our redesigned Spend tab, customers will be in a better position to understand their finances and make informed decisions about their spending and saving. This reflects Plum’s mission to maximise our customers’ wealth.”

Over the past year, Plum has also launched a range of wealth-building products, including Plum Interest.

---