Cheddar announces the launch of its innovative free spending tracker, a groundbreaking tool that will redefine how you manage personal finances. An evolution of existing app offerings such as Snoop, Monzo, Plum and Emma, Cheddar offers unparalleled accuracy with over 98% precision in categorising transactions. This ensures users gain greater insight and control over their spending habits and spend less time making manual adjustments.
Cheddar was born out of a need to provide practical, effective financial solutions for everyday people. Founders Tariq Zaid and Luke Ladyman experienced the challenges of financial management firsthand in early adulthood and found existing solutions and education either inadequate or geared toward wealthier individuals. Both experienced significant financial difficulties in their early 20s that stemmed from inadequate financial education and advice, which led them to develop solutions that would help others avoid similar pitfalls. Together, they envisioned a tool that would make saving money easy and accessible to the masses, and Cheddar evolved from a simple peer-to-peer payments app into the robust rewards platform it is today.
As Cheddar continues to grow, data has highlighted the widespread difficulties people have in managing their finances, with a third of UK adults living paycheck to paycheck. Existing apps often have poor categorisation accuracy, with transactions falling into ‘general’ or ‘other’ categories, and charge fees for simple features, making financial management more of a hassle rather than easier. Additionally, they don’t proactively help users save. While some apps offer switching offers and transferring money to savings accounts, Cheddar aims to provide savings opportunities early in the spending process, improving financial control from the start.
“To manage your finances effectively, it is crucial to know where your money is going.” says Tariq, CEO and co-founder of Cheddar. “With our spending tracker, users can finally trust that their transactions are properly categorized, giving them a comprehensive view of their financial health.”
Cheddar is a revolutionary finance app that was recently awarded ‘Best Newcomer’ at the British Bank Awards 2024. Based on ‘Open Banking’ technology, Cheddar enables users to effortlessly save money by linking their bank accounts and also accessing personalised cashback offers from over 100 leading brands. These offers are tailored to individual spending habits, ensuring maximum relevance and savings. But cashback rewards were just the first phase of Cheddar’s mission to help everyone be better off financially. Spending tracking is the next step, providing the first tools to help people better manage their finances and laying the foundation for many more innovative solutions to come.
Unlike many other rewards and personal finance apps, Cheddar is directly authorised and regulated by the Financial Conduct Authority (FCA), providing a safe and reliable service. The app has both account information and payment initiation permissions, improving functionality for users and reducing costs by developing and owning the technology that powers the app rather than paying third parties. Cheddar isn’t just about earning cashback; it’s about changing your financial behaviour through innovative financial education tools and techniques.
“Financial clarity is the first step to financial freedom,” adds Luke, COO and co-founder of Cheddar.Our tool gives users accurate insights into their cash holdings and spending patterns, so they can spend less on non-essentials and make informed decisions to set and achieve their financial goals.”
Cheddar’s unique approach introduces users to a new form of financial planning where they can allocate funds for upcoming purchases in a “prepaid” format, helping them stick to budgets and keep track of spending. This proactive method is a completely new way to pay for purchases, saving money every time and encouraging healthier spending habits.
A recent survey by KPMG found that 41% of UK consumers felt less financially secure in 2024 compared to last year. In addition, more than half of respondents (58%) plan to cut back on non-essential spending to better manage their finances. This highlights the importance of having a clear overview of personal finances in order to make informed spending decisions. Cheddar’s free spending tracker addresses this need, allowing users to effortlessly manage their money and plan for a secure financial future.
Cheddar hopes that this spending tracking feature will soon enable users to make better financial decisions while earning cash back. The goal is for users to feel more in control of their finances because they have concrete insights into their spending. Ultimately, Cheddar wants to see its users achieve their financial goals after using the tool.
With Cheddar, users no longer have to wade through unclear 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.
