Cheddar announces the launch of its innovative free spend tracker, a groundbreaking tool set to redefine personal finance management. An evolution of existing app offerings such as Snoop, Monzo, Plum, and Emma, Cheddar delivers unparalleled 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.

Cheddar was born out of the need to provide practical, effective financial solutions for everyday people. Founders Tariq Zaid and Luke Ladyman experienced the challenges of navigating financial management firsthand during early adulthood, finding existing solutions and education either inadequate or geared towards wealthier individuals. Both faced significant financial difficulties in their early 20s, attributed to receiving poor financial education and advice, driving them to create solutions that would help others avoid similar pitfalls. Together, 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 often have poor categorisation accuracy with transactions falling into ‘general’ or ‘other’ and charge for simple features, making financial management more cumbersome rather than easier. Moreover, they aren’t proactive in helping users save money. While some apps offer switching deals and moving money to savings, Cheddar aims to bring savings opportunities to the start of the spending journey, enhancing financial control from the outset.

"Understanding where your money goes is crucial in managing your finances effectively," says Tariq, 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."

Cheddar is a revolutionary finance app that recently won “Best Newcomer” at the 2024 British Bank Awards. Powered by ‘open banking’ technology, Cheddar enables users to save money effortlessly by linking their bank accounts to also access personalised cashback offers from 100+ leading brands. These offers are precisely tailored 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.

Unlike many other reward and personal finance apps, 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 your financial behaviour through innovative financial education tools and techniques.

"Financial clarity is the first step towards financial freedom," adds Luke, 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 unique 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 recent 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.

Cheddar hopes that with this spend tracker feature, users will soon report making better financial decisions and earning cashback simultaneously. The goal is for users to feel more in control of their finances as they gain tangible insights into their spending. Ultimately, Cheddar wants to see its users hitting their financial goals after using the tool.

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.