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Mar 03

How to make every penny count

Reading Time: 3 mins

If you’re struggling to pay the bills, thinking about saving can feel scary. When making ends meet is tough, growing a nest egg can seem like a luxury. It doesn’t have to, though.

Enter Yolt! It’s the smart-thinking money app, built to help you make it through the month while stashing away whatever cash you can. Even if you’ve found saving a struggle, with the Yolt app, it should be a breeze. Best of all, it’s completely free on iOS (and coming soon to Android too).

Don’t get us wrong, even with a rainy-day fund, life’s tricky. After all, it never just rains – it chucks it down. Everything always happens at once: the fridge will be on the fritz, the car’s wheels fallen off and a school trip will still need covering…

If you’re focussed on making it through the month (or just started saving), what’s the answer? To make every penny work as hard as possible. How? Glad you asked:


Figure out your cost of living

Start by working out your “cost of living”. This is the absolute minimum you need to make it through the month. To figure this out, add together your essential outgoings, like:

  • Your rent / mortgage payments
  • Your energy bills (think gas, electric and water here)
  • Your utility bills (broadband, mobile phone and whatnot)
  • Your groceries

This sounds complicated – especially if you’ve got a few bank accounts, your energy bills come through the post, or you keep track of your money in Excel.

Not with Yolt. It’s got powerful (but easy) money management features baked-in. You can connect your bank accounts quickly (and securely) to see all your outgoings in one place. Then you can tot up your essential costs and voilà: your cost of living.


Look for savings

Next, you might fancy a financial clear-out. You may not think you’re frittering away funds, but you’d be surprised. With the app, you can see all your outgoings at a glance (and categorise them too). This’ll help you spot spending patterns and areas you could afford to cutback.

Yolt could even save you £286.50 a year.* How? By finding you a better energy deal. We all know we should change suppliers regularly, but it’s a faff. So it’ll even help you switch providers. Just pop in a few details, compare deals and change with a tap.

Now imagine what you could do with an extra £286.50 in your pocket.


Budget, budget, budget

After you’ve worked out your cost of living and pruned your outgoings, it’s time to set yourself a budget. This will help you divide up your remaining funds and keep you accountable for your outgoings. Budgeting is Yolt’s bread and butter. You can use the app to budget for just about anything. And it can let you know when it looks like you’re gonna blow your budgets too. Smart, right?


Make your spending smart

Now your finances are shipshape, it’s time to really make every penny work for you. With Yolt, you get a smart-thinking account. Think of it as a smartphone for your finances.

It’s a free, top-up account for your everyday spending. Its smart features should help you build up a little rainy-day fund – without you even realising you’re saving.

With your Yolt Card, you can put a few pennies aside every time you spend. It may not sound like a lot, but you’ll be amazed at how quickly those pennies turn into pounds, and those pounds into a rainy-day fund.

The Yolt Account’s not here to replace your bank account. You’re not locked in with Yolt. The app’s built to help you find the best deals (no matter who you bank with), spend smart and save money.

And that’s Yolt’s goal, to get you into the habit of saving, so you can build up a safety net. Because having a pot, no matter how big or small, could save you money in the long run.

*51% of customers that applied to switch via MoneySuperMarket could save at least £286.50, June 2020




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10 months ago

Useful article.

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