A new online budgeting app, Squirrel, is helping thousands of Brits take control of their personal finances. Through an ultra-intuitive web app, soon to be available on iOS and Android, users can budget effortlessly, spend responsibly and save money with minimum fuss.
Squirrel users start by directing their monthly salary into a Barclays-powered Squirrel account that’s created in their name, and then set up their recurring commitments, e.g. rent or mortgage payments, utility bills, council tax and Sky TV.
Their monthly commitments are then deducted from their salary and are paid out on a ‘just in time’ basis, meaning no bills are ever missed because the necessary funds arrive just before they go out. At the same time, they allocate funds for any savings goals, whether saving for a new car, Christmas or a dream holiday.
After all costs and any savings have been allocated, Squirrel creates a spending amount for the month out of what’s left. ‘Squirrels’ then decide if they’d like their ‘spending money’ to be divided into weekly or monthly instalments. If weekly, their spending money is paid into their current accounts every Monday, preventing them blowing it all too early in the month.
Against a backdrop of rising inflation and low wage growth, it’s becoming even more important for Britons to manage and control their finances. But importantly Squirrel helps people save, too: currently, two in five working Brits have less than £100 in savings*, whereas the average Squirrel user currently has £650 ‘squirrelled away.’
Squirrel costs £3.99 per month, for which users get:
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