Brits might save practically £2,000 a yr with this 1 easy hack
Brits could save big by using these tools to track everything from their energy usage to petrol prices
Bola Sol tracks her savings using apps
Britons could slash nearly £2,000 a year by utilising these 10 digital resources to monitor everything from energy consumption to fuel costs, new research suggests. A survey of 2,000 adults found budgeting apps are the biggest money-savers, with 38% of people who keep tabs on spending using one, saving an average of £240 a year.
Smart meter displays are also gaining popularity, as 38% of households monitoring their finances utilise one, enabling them to trim approximately £174 from their yearly expenses. Regarding holidays, 15% have set up flight trackers to help them secure discounts and save an average of £206.
Fuel costs are also being scrutinised, with 15% of budget-conscious Britons checking prices before visiting petrol stations, saving themselves roughly £155 annually.
Financial adviser and author Bola Sol has partnered with Smart Energy GB, which commissioned the study to demonstrate how monitoring expenditure can generate savings.
She commented: “It’s one of the best ways to stay on top of your finances and find real savings.
“Checking your bank balance or a smart meter display has become as normal as checking the weather,” she added. “These small daily check-ins help build better habits and a healthier relationship with money.”
The research revealed that 86% of individuals who utilise tools or apps to monitor their expenditure feel more in command of their finances.
Furthermore, more than half (55%) of these users said that saving money has become the most important reason for using these tracking tools. In fact, 43% started monitoring they money because they wanted to plan better for future financial goals.
Half of all those polled now favour receiving real-time updates about their money. Four in 10 of them said instant updates help them stick to a budget, while the same number like seeing exactly where their money goes at a glance.
A third (32%) believe it helps them make quicker financial decisions, and 24% enjoy being able to analyse their spending by category. Four out of ten Brits are utilising their smart meter displays to keep an eye on their energy consumption, with 42% of these checking it daily.
Consequently, two-thirds now view the device as a crucial part of household budgeting.
Victoria Bacon, director at Smart Energy GB, added: “Making the most of tracking tools is a simple step for anyone looking to save money.
“Our research found that frequent and regular access to spending information, rather than a monthly statement, is important for many and smart meters give households exactly that.
“They come with a display that shows energy usage in pounds and pence and in near-real time. They’re installed at no extra cost and help contribute to savings on household energy bills.”
Here’s a rundown of the top money-saving tracking tools and devices:
- Budgeting apps – £241
- Self-created spreadsheets – £220.
- Flight price trackers – £206.
- Hotel price trackers – £195
- Subscription tracking apps – £189
- Utility tracking apps – £179
- Cashback platforms – £175
- Smart meters – £174
- Loyalty schemes – £166
- Petrol price trackers – £155
