A survey of 2,000 people found that using digital tools to track everything from energy usage to petrol prices is the most important reason for using tracking tools.
Brits could slash nearly £2,000 annually by utilising these 10 digital tools to monitor everything from their energy consumption to fuel costs, new research reveals. A study of 2,000 adults discovered budgeting apps are the top money-savers, with 38% of people who monitor their spending using one, cutting an average of £240 yearly.
Smart metre displays are also proving popular, as 38% of households that monitor their finances use one, helping them trim around £174 from their annual bills. Meanwhile, 15% have created flight alerts to help secure bargain breaks and save an average of £206. Brits are even checking petrol prices, saving themselves around £155 annually.
Financial adviser and author Bola Sol has partnered with Smart Energy GB, which commissioned the study to demonstrate how monitoring your money can help you economise.
She said: “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 study discovered that a whopping 86% of people who utilise tools or apps to monitor their spending feel more in control of their finances.
Moreover, over half (55%) of these users stated that saving money has become the most crucial reason for using these tracking tools. In fact, 43% started tracking because they wanted to plan better for future financial goals.
Half of all those surveyed now favour receiving real-time updates about their money. Four in 10 of them said instant updates assist them in sticking to a budget, while the same number appreciate seeing exactly where their money goes at a glance.
A third (32%) believe it aids them in making quicker financial decisions, and 24% enjoy being able to analyse their spending by category.
Four in ten Britons utilise their smart meter display to monitor their energy consumption – and of these, 42% check it at least once a day. Consequently, 66% now believe the device has become a crucial component of their household budgeting approach.
Victoria Bacon, director at Smart Energy GB, said: “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.”
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
