Can tech help you achieve your financial goals in 2020?
21 Jan 2020
Congratulations… you’ve made it past ‘Blue Monday’, but have your New Years’ resolutions?
Over the new year, we asked 2000 of you what resolutions you were making for 2020, and over half (51%) said that one of your resolutions for 2020 was to save more, and more than four in ten (44%) said you wanted to spend less.
It’s pretty well researched that it takes a lot of work to make resolutions stick, and research in December last year by YouGov showed that just 24% of adults who made resolutions in 2019 kept them, and researchers from UCL have shared that it takes 66 days to form a habit – so you may need some help along the way.
With 47% of you saying you would use apps to manage your money, we’ve sifted through the solutions offered by the finalists in Open Up 2020 Challenge to help you identify how tech could give you a boost to make it easier to stick to and achieve your goals.
Whether you’re saving for a long-term goal or just your next holiday, more than 29% of you admitted you don’t have a rainy day fund. Saving can be hard, but read about what some of the Open Up 2020 Finalists offer which could help you reach your goals:
Plum is an artificial intelligence-powered assistant that analyses your bank account and automatically moves money into an eMoney account based on what it works out you can afford to save. Plum was created after its founders had a competition to see who could save more. One of them set a savings goal and the other created an algorithm to calculate how much they could afford to save each month. From the fact that Plum is now available to all of us, you can guess which managed to save more.
Moneybox helps you to save, offering a market-leading Cash Lifetime ISA (1.4% AER variable currently), or a 1.65% AER 95 Day notice Account and also offering you a ‘roundup’ service, connecting to your bank account and automatically rounding up all your purchases to the nearest pound and moving these pennies into the savings account you’ve chosen.
Whether you’re one of the 42% of people who need to get your finances back on track after Christmas, or you just really want to curb your expensive coffee-shop habit, the Open Up finalists may be able to help you take control of your spending:
Cleo is like a best friend who keeps an eye on your bank account but just happens to be an AI-powered chatbot. Expect lots of gifs and opportunity to be roasted and horrified by just how much you spend in your favourite cafe. Cleo offers a messaging-based interface to help you stay on top of what you’re spending where, and answers questions about how much you should spend at the pub if you want to stay on track with your budget.
Moneyhub helps you see all your accounts in one place. It can complete a spending analysis and help you to set spending budgets to reach your goals. It also offers tips on how to spend less and other nudges to boost your financial wellbeing.
If you travel a lot, Currensea is a card that helps you avoid expensive fees and benefit from better exchange rates without opening a new ‘travel-specific’ cash card or bank account.
Not in a position to save or spend?
If you’re struggling with expensive debt and paying off your overdraft or credit cards, you may also be interested in Updraft which helps you to understand which debts to pay off first or Tully which offers debt advice and solutions.
All of these organisations are finalists in the Open Up 2020 Challenge, selected by our independent panel of judges to help UK consumers take control of their money through open banking. Please check all the terms and conditions and make sure you’re comfortable with them before signing up.
We’d love to hear from you what else you’re doing to stay on track with your financial resolutions for 2020. If you’ve already fallen off the wagon like me, we’d also love to hear if any of these solutions give you a boost to achieve your goals.