7 simple ways you can ramp up your savings routine with Yolt
Posted by Yolt on 09/05/19
Saving for the things that matter doesn't have to be hard work! That’s what our core features are all about. From spending charts to bill tracking, they all work towards one thing: making money clear and easy to understand, so you can take control and get to where you want in life!
In the two years since launch, we’ve added even more features to take that mission further. So, whether you’re a Yolt veteran or you’ve stumbled upon us for the first time, have a look through these top features to ramp up your saving routine and reach your goals that little bit faster...
1. Pay yourself first, then set up your Left to Spend tile and budgets
What you don’t spend by the end of the month can go right into your savings, right?...It's a nice idea, but it's much easier said than done! Instead, try to pay yourself first, and then use what's left to live on. You can do this in a few quick steps:
1. Once your accounts are set up in Yolt, take a look at all of your monthly outgoings. Take note of your necessities first, like housing, bills and any other monthly debits. Then take a look at all of your other regular spending categories, from Groceries to Eating Out and Transport to Leisure.
2. Considering your spending patterns and your monthly salary, where can you afford to dial back? From cutting back on takeaway lunches to reducing your shopping, where can you tighten up your spending to save? Tally that up to give yourself a realistic amount you could save each month. Remember: the money leftover has to cover all your monthly outgoings, so even though you might want to save as much as possible, keep it realistic.
3. Now that you have your monthly savings goal, make a plan to put that much money into your savings every time you're paid - you can even set up a direct debit to automate this for you. You can move that money into a savings account, your pension, investments, or another option that works for you. You can read more from savings expert, Maria Neveda, in our Finspiration blog here.
4. Last step! Now that you've set aside your savings, organise your spending for the month: you can set up your 'Left to Spend' tile in Yolt to keep you on track. Your 'Left to spend' should include your salary, minus the amount you've moved into savings and any upcoming bills and payments. You can set this up to start on whatever day you like. With that top figure in mind, you can divvy up your spending money according to different categories using your Yolt budgets.
2. Visualise your goals with a Savings tile
Now that you're setting aside all those savings, you want to keep an eye on them and bask in all those feel-good vibes when you see them on the rise. Our brand new Savings tile lets you do just that! Connect a savings account to Yolt and then link it up with your Savings tile. With this handy visual you can quickly see all of those savings you’ve been putting aside in step #1 (and watch them grow month on month!) right on your Yolt dashboard. Using multiple accounts for your savings? You can link as many as you like to your tile for one clear view.
3. Hook up your Marcus account to Yolt
Speaking of Savings accounts… You asked, and we delivered! We’re super excited to announce that we’ve added Marcus to the ever-growing list of accounts you can hook-up to Yolt (there are now over 80! You can get the full list here)! Marcus boasts a market-leading 1.5% interest rate on your savings, so sync them up with Yolt and add them to your Savings tile. Then you can watch your savings on the rise, right from your Yolt dashboard.
4. See your Monzo pots in Yolt
For all of the Monzo fans out there – and we know there are a lot of you – your feature requests have been answered! If you’re using Monzo Pots to build and keep track of different saving streams and goals, you can now see them in Yolt as part of your Monzo connection. Sync it up in Yolt and watch as your savings inch ever closer to that holiday away or your first house deposit right here at home.
5. Pay your friends and move money
At Yolt, we’re on a mission to end app juggling! We launched Yolt Pay (now in beta) to do just that. Not only can you see your various accounts and credit cards, together, in Yolt, but now you can also move money between accounts and pay your friends. We’re still in beta, and not all banks support transfers via Open Banking yet, but we wanted to make an early version available so we can test and build this new feature together. Find out which banks are supported already and how to get started here.
6. Compare, switch, and save on energy deals in-app
When was the last time you checked-in on your monthly energy bills? Have a quick look in Yolt - if they seem a bit eye-wateringly high, it might be time to shop around for better deals. Luckily, you can do that in Yolt, too! So, head to your Actions tab and tap on MoneySuperMarket to compare deals and see where you could save – you could be looking at a £331* saving just by switching things up.
*10% of customers that applied to switch via MoneySuperMarket could save at least £331, February 2019.
7. See your pensions and investments along with your bank accounts
If you’ve got long-term savings on the brain, we’ve hooked up with some great fintechs for a full view of your finances, right in Yolt.
Pensions: With PensionBee, you can combine your old pension pots into one simple pension plan – then you can sync it up in Yolt to see your retirement fund right alongside your other accounts and credit cards.
Investments: Meanwhile, Wealthify are on a mission to simplify investing. Just answer a few questions, like how much you’d like to invest and how cautious you’d like to be. With that info, Wealthify creates the plan and optimizes it for you, 365 days a year. You can hook up your Wealthify account with Yolt and see investments right in app!
*Remember with investing, capital is at risk.
Feeling inspired? We hope so! Whether you’re saving-up for your next mini-break or just want to set yourself up with an emergency fund, that’s what Yolt is all about: Putting you in the driving seat so you can reach your money goals that little bit faster!