This morning I downloaded budgeting app Yolt. I’m really excited to share my Yolt review with you. Yolt is a money management app that keeps track of account activity. I’ve just added current accounts for now, so that I can monitor spending. Eventually I’ll add credit cards.
What is Yolt?
Yolt is a fabulous cash flow and budgeting app, that accesses your bank data (with your permission) and provides you with more in-depth analysis of your spending. You can track which companies you are giving the most of your money to (I’ve realised how much my gas and electric company get out of me!) and which categories you spend the most on (Bills – I’m looking at you)!
Is it safe?
Totally! Yolt is regulated by the same security standards as your banks. It’s own by ING bank and can also be found on the FCA register. You set an access code to view your account details. You’re also unable to transfer any money using Yolt, not can you see account numbers or other confidential information.
My Yolt Review
Setting up Yolt has been relatively simple for my current accounts. I bank with a well-known big bank and also a small newer bank. Both accounts were very easy to add.
Once you are set up you get a lovely clear dashboard. At the top are your daily insights. I love these! You basically get a small snippet of information about your bank accounts. Today, for example, I was notified that my salary has been paid and how much I received. As I get paid a variable salary (I get an hourly rate plus OTEs so it changes month to month), I love being able to see at a glance what has gone into my account.
Setting a budget
One of the real benefits of Yolt is that you can set a budget that links to your accounts. So unlike a stand-alone budget where you set out your spending plan, with Yolt you can see how you are fairing against it in real-time. It also tells you how much you have left to spend of your budget, so no need to get the calculator out!
Your spending history
This is a feature I really love. Yolt gives you a 3-month spending history for whichever categories you wish to monitor. It also gives you your average spend over the three months. This is both fun and scary! I spend a ridiculously large amount on bills each month which I know I need to cut back on. It prompted me to review my home insurance policy, and I’ve ended up getting a far better deal than I was currently paying for – saving me over £40 per month. I’m also monitoring my groceries spend. Especially as I’m trying to eat healthily on a budget.
Speaking of bills. The Track Bills feature is really useful. You can add renewal dates for all of your insurance and contract products. That way you can find alternatives when your contracts are due to expire/renew. I’m not the most organised person when it comes to contract renewals, often getting auto-renewed just because I totally forgot it was about to happen. With Yolt I can stop this from happening again.
Will I Keep Using Yolt?
Oh definitely! I’m really excited about using Yolt on a long-term basis. I think I’m going to find it so useful to track and monitor my spending habits, as well as make some changes to my budget.