App review: Yolt (4.5 stars)

App review: Yolt (4.5 stars)

Pros: Very easy to use, doesn't require lots of time, free, no adverts

Cons: Can't specify paydays, long sync

Natasha manages her finances using the Yolt app on her phone

Yolt is a new money management app that promises to make tracking your spending easier than ever. It allows you to view all your UK accounts and credit cards in one place and auto-categorises your spending, proving particularly insightful for those who insist Uber is essentially as cheap as using your Oyster.

Yolt is backed by ING, a Dutch bank, and aims to help you understand your spending patterns each month and thus (hopefully) save money. There are options to set budgets for each spending category, classify recurring bills and even input your payday to see your ‘true balance’- what you can afford to spend, accounting for upcoming debits like Spotify or Netflix.

The app is particularly helpful for students or the recently graduated who wonder just where their money goes. It’s slightly scary realising half your disposable income is spent eating out, or that you spend more on Uber each weekend than getting to work all week, but the harsh truth is useful.

You start off by giving the app your online banking details and picking a PIN, and then Yolt shows your top spending categories and merchants (Zara- I’m not surprised). You can add notes to transactions, which is helpful for PayPal payments so you know what they were, and the app also allows you to change a transaction’s classification if required.

However, it can take a long time to sync data from your online banking system- there’s no auto-update feature as yet. Yolt are also planning to add new features like energy price comparison and quick transfers to friends and family, another millennial-friendly feature that makes it easy to settle small debts.

The app is very user-friendly and there are no adverts, which was a big plus for me. The only major drawback I found was not being able to specify your payday properly, which slightly negates the ‘true balance’ feature, as the app doesn’t know exactly when your money’s coming in. But overall, Yolt is brilliant. It links to your existing accounts, minimising hassle, and it gives you genuine insights into your spending. Whether you act on them is another question.

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